Last night, I added a few more comparisons of AMM curves in the table, and the more I calculated, the more I feel that the phrase "market making = passive income" is actually a bit harmful... As prices fluctuate back and forth, the fees look quite attractive, but impermanent loss is no joke, especially in pools with high volatility and low trading volume. When I check the net value later, it might even be worse than just holding the coins.

Recently, everyone has been talking about rate cut expectations and the US dollar index, with risk assets fluctuating wildly along with them. I was already jittery, and seeing the positions in the pools being passively adjusted back and forth, I really had the urge to just exit and uninstall the app. But I held back and first filled out the columns for "expected volatility / fee coverage ratio / coin holding comparison"... Basically, market making is about earning fees through volatility, not waking up to an extra paycheck after a good sleep. That’s all for now; I won’t add any more positions today.