Recently, some people are treating AMM as a savings account like Yu'e Bao... Basically, that curve is just forcing you to buy low and sell high; when prices fluctuate, impermanent loss just appears on its own. Market making isn't about lying back and collecting fees; it's more like selling volatility, earning from "how often others trade," while losing from "markets moving too fast." These days, with cross-chain bridge hacks and oracle price spikes happening instantly, everyone is shouting "wait for confirmation," but that's actually more deadly for LPs: by the time confirmation comes back, you've already been passively repositioned. Anyway, I now look at pools not just for APY, but first for volatility, depth, and the possibility of abnormal prices—better to earn a little less than become a liquidity target. That's all for now; I’ll go pull out the historical deviations and fee contributions of a few pools for another review.