Does market making just mean waiting to collect fees and lying back to win? Honestly, it's not that glamorous. The AMM curve is like automatically following the price, and the fees you earn can be slowly eaten away by impermanent loss, especially in a unidirectional market trend, where it's not surprising to see positions being "sold off/receiving a hit." Recently, there's been talk about certain regions increasing taxes, tightening or loosening compliance, and changes in deposit and withdrawal expectations, making volatility even more nerve-wracking. Market making becomes more like working for market sentiment. Anyway, I only dare to experiment with small amounts now, first understanding the actual trading volume, spreads, and routing in the pools, rather than just focusing on the APR number.