Today I checked my LP records again, and honestly, that AMM curve is like an automatic cashier: when the price fluctuates, it just keeps "helping you buy low and sell high." It sounds great, but the ratio of the two coins you hold is also quietly changing... When the price surges sharply, you end up holding less of the rising asset, and impermanent loss just pops up like that. I used to think market making = just sitting back and collecting fees, but now it feels more like running a pixelated street stall: the more customers, the more chaotic your inventory becomes when the purchase price changes. Plus, with recent rumors of increased taxes and tighter compliance in some areas, the expectations for deposits and withdrawals are tightening, making volatility more nerve-wracking, and LPs' mindsets are more easily pulled in different directions. Anyway, I’m now more selective about pools and no longer take the "steady" ones at face value. Just watching for now.