To be honest, market-making isn’t really a lay-and-earn hustle. When I run the data myself, I often just stare at the AMM curve. Impermanent loss is like a mirror ball—you see it more clearly, and you realize it reflects the greed and fear in your head. Lately, the group has been arguing about the compliance boundaries for privacy coins and mixers. Personally, I think anonymous market-making coins are even more outrageous impermanent loss-wise for retail users—once liquidity is pulled, the curve collapses directly. Anyway, every time before I add to a pool, I run the capital flow first to see whether big accounts are secretly moving their positions. Don’t just look at APY—that’s all an illusion.