I just saw someone say "AMM staking funds just sit back and collect fees," and I almost laughed out loud... The shape of the curve determines what you ultimately earn. To put it simply, fees don't necessarily beat impermanent loss, especially when there's high volatility, and your position gets slowly "sold off/shot at" along the curve. Recently, new L1/L2s have started offering incentives to attract TVL, and it's not unreasonable for veteran users to complain that mining, arbitrage, and selling aren't without reason. Many pools are lively for a few days, and when the price jitters, market makers are the first to get educated. Anyway, I now pay more attention to on-chain transactions and volatility; even attractive fee rates don't make me reckless. You say "then choose a stable pool"... but it also depends on who the counterparty is. Don't forget, stability can also break down. To your comment "Market making is just guaranteed profit"—it's really not.