Recently, I saw someone treat "AMM market making" as a piggy bank that just sits there collecting fees... To be honest, that curve has a temper; when the price deviates, your position is passively shifted to the weaker side. Impermanent loss isn't some mystical thing; it's basically you automatically chasing the market's ups and downs. Whether the fees can cover it really depends on the volatility and the range you choose—don't just focus on that small fee on the surface.

By the way, I want to complain that the interpretation of ETF capital flows + US stock risk appetite has been used as a universal remote control again. It sounds like an old song played over and over, but sometimes market noise isn't in the same rhythm... I'm now more like making a "backup": splitting the position into several parts, leaving some redundancy on-chain and in the market, so that a wave of volatility doesn't wipe out both my emotions and principal at once. Anyway, the more confident you are in market making, the easier it is to get educated.