I started recording my motivations for every time I get itchy to make a market: whether I think "earning fees steadily" or actually betting on the price not to move too fast. To put it simply, the AMM curve is just automatically allowing you to buy low and sell high; when the market swings, your holdings are exchanged for more of that weaker coin, and impermanent loss is not mysticism — it's just going against the trend.

Recently, everyone has been watching staking unlocks, token unlock schedules, and daily anxiety over selling pressure. I think this is when people are most likely to get caught up: thinking that deep pools and high fees can help them withstand the pressure. But often, once the unlocks hit, fees are like band-aids, and impermanent loss feels like surgery. Market making isn't passive income; don’t just chase "revenue" blindly — first, think clearly about whether you're willing to hold those two tokens until the end of time.