Recently, I saw someone linking ETF capital flows and U.S. stock market risk appetite to interpret crypto price movements—sounds lively, but I care more about what I’m actually doing in the pool... The AMM curve, to put it simply, is: when the price moves, your position is passively rebalanced; if it goes up, some is sold, if it goes down, you buy more and more, and in the end, you see "fees are pretty sweet," only to realize after reconciling that impermanent loss has eaten into your gains a bit. Forget it, to put it plainly: market making isn’t easy passive income; it’s exchanging volatility for fees, and if volatility doesn’t behave as you expect, it can be tough. I now prefer to choose pools with genuinely active trading and users who stick around, slowly with small amounts—don’t be fooled by the phrase “steady rent collection.”