Just spent a long time looking for a charger, and casually saw someone say "AMM market making earns passive income," I really... To put it simply, you're betting against the market with a single curve. When the price moves, the assets in your pool are passively rebalanced, and sometimes the fees earned aren't even enough to cover impermanent loss, especially in high volatility and low trading volume situations, it ends up being "small change collected, big losses paid." Recently, comparing RWA, U.S. Treasury yields, and on-chain yield products all in one pot is quite funny: at least they clearly state where the interest comes from, while many of your so-called "returns" are actually risk without proper pricing. Anyway, I now look at pools mainly for volatility and trading volume, not for promotional words.