ETH side only
Every position is quoted against ETH and the bench never takes the token side of a trade on purpose. It is a fee business, not a bet on which coin goes up.
Strategy
What the bench actually does.
The whole job is holding the right liquidity in the right place and collecting what trades through it.
Concentrated, not spread thin
Liquidity sits in a narrow band around the working price, where the swaps actually happen, so the same ETH earns more fees than it would spread across the whole curve.
A handful of pools
The bench works a small set of pools it can watch properly. No long tail, no pool nobody trades, no position left to drift for weeks.
Moved on rules, not moods
Positions are re-cut when price leaves the band, on a written rule. Nobody wakes up and decides to chase something.
Concentrated liquidity earns more per ETH while price stays inside the band, and earns nothing while it sits outside. That trade-off is the business. Anyone telling you it is free money is selling something.