Recently, I've seen many people treat AMM market making as "just put it in and collect fees," and I find it a bit speechless... The curve is right there, once the price deviates, your position is passively moved toward the weaker side. Impermanent loss, to put it simply, is "earning fees but losing on the direction."

I usually first calculate a range: expected volatility × time, then compare whether the fees can cover it. If it can't, I prefer not to do it.
By the way, lately, the staking unlocks and token unlock schedules are being brought up every day, adding to selling pressure anxiety, amplifying volatility, and making IL more likely to eat up all the fees.
Anyway, I treat market making only as a capital efficiency tool, not as a source of profit fantasies. If parameters are off, I withdraw.