I'm just someone who occasionally fiddles on the chain, but recently I was educated once again by the curve of AMM: market making really isn't about lying back and collecting fees. When the price drifts off, the asset ratio in your pool passively deforms, fees seem to be rising, impermanent loss quietly erodes profits, especially in pools with high volatility and little real trading volume support, it’s easy to turn into “looks busy but actually losing money.” I’ve now set strict rules for myself: small positions for testing, gradual entry and exit, don’t get greedy and increase positions just because of a few fees. Honestly, the market is like a mirror; the more you rush to break even, the more it does the opposite… Recently, I’ve seen blockchain games with inflation and studio wash trading crashing the economy, which is quite similar: surface looks lively, but the underlying is empty. When the coin price spirals, the people in the pool get wiped out first. Anyway, I’ll take it slow—staying alive is more important.