To be honest, recently I've been watching everyone argue about extreme funding rates—whether it's about a potential reversal or continuing to squeeze the bubble—and it actually makes me want to remind myself: don't treat market making as a piggy bank. The AMM curve, simply put, is just you automatically replenishing positions on both sides. When the price moves, your position structure is forced to change. Earning some fees might not even be enough to fill the pit of impermanent loss, especially when volatility is high, which becomes very obvious.

I'm also not sure which market condition is best suited for a nomadic trader like me who switches chains and wallets everywhere. Anyway, I now prefer small positions and pools with less crazy volatility. The more intense the fee rate debate gets, the less I dare to treat LPs as "passive income." For now, just accept it—lose once and be honest about it.