Recently, someone asked me again, "Is market making in AMM just easy money?" I’m too lazy to explain too much... Once the curve is set there, what you earn are the transaction fees, and what you lose is the price movement during that period. Impermanent loss, in simple terms, is "holding LP tokens while your position passively changes." When the market is volatile, fees may not even keep up.

And these days, after cross-chain bridge hacks and oracle errors happen, everyone collectively shifts into a "wait for confirmation" mode. Liquidity migrates very quickly—pools suddenly empty out, then get crowded again. Market making becomes more about following discipline than risking it all.

Right now, I’m just watching two charts: spread/trade volume and pool depth changes. If conditions aren’t right, I withdraw—no need to force it. I don’t need to be understood; anyway, I only take responsibility for my own curve and risks. That’s all for now.