Recently, I saw someone say, "Just throw NFT fragments into the pool and wait to collect the fees," and I rolled my eyes at the AMM curve... When the curve bends and the price runs, impermanent loss comes to collect rent. You think you're market-making, but you're actually turning your position into a bunch of harder-to-sell leftovers, and royalties can even be bypassed, making liquidity even thinner and more painful. By the way, I want to criticize the on-chain data tool's tagging system—don't trust it too much: it updates slowly and can be deliberately washed, so when you see "smart money" moving in and out, you're actually just chasing shadows. Anyway, now I always calculate slippage and check depth before putting assets into pools; if the fees can't cover the volatility, I just skip it. That's all for now.