Honestly, AMM market making really isn’t that kind of job where you just “deposit and lie back collecting fees.” At least for me, I’ve gotten pretty timid. No matter how pretty the curve looks, the moment the price starts moving, your asset ratio on that side gets automatically adjusted—basically, you’re getting beaten from the opposite direction of high-sell/low-buy, and impermanent loss isn’t some “maybe.” It’s a big-probability visitor that will knock sooner or later.

When I watch pools these days, I first check whether volatility and trading are moving in the same direction: if volatility is high but trading doesn’t follow, the fees simply can’t make up for it. If volatility is high and trades are also large, maybe you can still withstand it—but it also depends on whether your range is too narrow. If it’s too narrow, it starts to look like “fixed-point demolition.” Also, I don’t dare fully trust those on-chain data tools/tags anymore—once latency hits, when an address changes its “skin,” a pool that looks rock-solid on the dashboard can, in the next second, get printed out like a liquidation waterfall… That’s why my current approach is very cautious: test with small amounts, set alarms, and be ready to withdraw anytime. Don’t tell yourself, “This time, it should be fine.”