Recently, I saw someone compare AMM to a piggy bank, basically tying two tokens together along a curve for automatic quoting. The small fee you earn is actually a bet against "price fluctuations causing changes in your position." When the price moves, one side of your pool gets swapped out, leaving the other side behind. In the end, it might even be better to just hold everything as it is from the start. This is impermanent loss—gentle in name, but not very gentle in experience... So, market making isn't really passive income; it's more like "collecting tolls + bearing volatility risk."

Some people also complain about miner/validator earnings, MEV, and unfair ordering. I can understand that: you put your assets in the pool, and someone jumps the queue to take the best trade, leaving you with the slippage and losses slowly coming back to you. Anyway, when I look at pools now, I first consider volatility and trading activity, then think about whether I can handle it. The less you fantasize, the better. Forget about diving into deeper ZK/DA stuff—it's starting to sound more like a lecture.