Just now I drew the AMM curve in my mind like a pixel slide: when the price surges, the coins in the pool get swept along the curve. You think you’re “collecting fees,” but in reality you’re using your position to get the trade done. Impermanent loss, put simply, is that you didn’t keep up with the market—then in the end, when you compare, leaving your tokens in the pool is actually worse than just holding them and not moving them… Market making is definitely not “easy money”; if your mindset isn’t stable, it can easily turn into: “My contribution to liquidity = my contribution to emotions.” Recently, watching Layer 2 projects volley back and forth about TPS/fees/subsidies also feels like this—data gets noisy and goes wild, but in the end it still comes down to where real trading and liquidity are actually headed. Anyway, I’m testing with a small position for now—first I’ll write down solid exit conditions; otherwise, once I get carried away, I’ll end up treating it like I’m handing out candy.