Recently, I saw someone describe AMM market making as "lying down and collecting fees," which sounds a bit off to me... That curve thing, to put it simply, is just helping you automatically buy low and sell high. Once the market moves in a single direction, your position passively shifts to the weaker side, and impermanent loss occurs. The fees might not even cover that. Especially when there's high volatility and not enough trading activity, it's really not a free lunch. The "attention mining" model of social mining/fan tokens also feels similar—there's buzz, but in the end, it's clear who is taking the other side and who bears the volatility.

Now, I take an extra step in market making: first, I check the pool's contract and permissions (see if it can be upgraded, whether the admin can make arbitrary changes), then I use a separate wallet to provide LP. It's a bit more trouble but gives me peace of mind.