Recently, I saw someone treat AMM as a savings account... Basically, the curve is just forcing you to buy low and sell high; when the price drifts, impermanent loss starts to eat up that small fee of yours. The "profit" shown in the pool is often just a change in token quantity, not that you actually have more money.

By the way, the income for miners/validators, MEV, and fairness in transaction ordering are also being criticized. I can understand: you slowly earn fees in the pool, while others jump ahead in transaction ordering; in the end, it's pretty obvious who bears the cost.

I no longer believe in the idea that "market making = passive income." Anyway, now I look at pools first for depth and volatility, then check if the contract permissions have any strange loopholes. I'd rather earn less than get caught off guard and take a hit.