Tonight, I was reviewing on-chain records and found an old address that was still lying in the pool half a year ago.

Later, after a market surge, it quietly withdrew...
Honestly, market making is not just "put it in and sleep."
That curve of the AMM looks smooth, but actually you're just helping the market automatically rebalance: when prices go up, your tokens are slowly converted into stablecoins; when prices fall, they switch back.
When you want to restore the original ratio, you realize that the missing part is the impermanent loss greeting you.

What's even more heartbreaking is that the fees may not cover the volatility, especially during sideways trading for a few days and then a sudden spike—your mindset gets completely drained.
Add to that the changing tax and compliance policies on deposits and withdrawals, people's expectations tighten, and on-chain liquidity shrinks just like that.
The "steady fees" in the pool become very mysterious...
Anyway, now I always ask myself before adding to a pool:
Am I trying to earn fees, or am I gambling on volatility?
If I can't figure it out, I put in less first.
That's how I do it for now.