A quick note on what keeps concentrated liquidity standing when the market gets hot.

A proprietary market maker runs on its own inventory. In calm conditions it quotes a tight spread and everything looks clean. But inventory has a ceiling - push volume or volatility past it and the PMM widens the spread, cuts quote size, or pulls the quote entirely. Exactly when liquidity is needed most.

Concentrated liquidity can't "leave" like that. The position sits on-chain and quotes by formula at all times - calm or storm, the same - and its depth is pooled from the whole ecosystem, not capped by a single operator's balance sheet.

Hence a simple split: quiet, small flow gravitates to the PMM; large and volatile flow leans to CLMM. Not because one is better - because they have different limits.