Last night, I looked at the transaction data of several pools, and the more I looked, the more I felt that "market making = lying back and collecting fees" is pretty mysterious. AMM curves, in simple terms, are you automatically adjusting positions for the market—selling passively when prices go up, buying back passively when prices go down. When the market moves in a single direction, impermanent loss starts to bite, and if the fees don't cover it, it's all in vain.

Recently, that mainstream public chain is planning an upgrade/hard fork, and everyone in the group is guessing whether projects will migrate. I'm more concerned about whether liquidity will thin out in the few hours before and after the upgrade, and whether the market makers will get more excited... If the pool depth isn't enough, and the curve slips, LPs are really just using their principal to give others "better prices." My own simple approach: only do the half of the assets I am willing to hold long-term, don't chase high APR, and when necessary, use protective tools or limit orders—at least don't be giving away free exits.