Recently, I've seen a bunch of people anxiously watching the "Unlock Calendar," worrying about whether to run early.

Honestly, many people treat market making as a safe haven similar to "lying back and collecting fees," but in reality, the AMM curve essentially means you're selling volatility: when the price moves, your position is passively shifted from the rising side to the falling side, and impermanent loss isn't mystical; it's just the curve helping you continuously add positions in the opposite direction.

Whether the fees can cover it depends on how fierce the volatility is, how dense the trading is, and how narrow the range you've set.
If an unlocking event truly triggers a one-sided move, LPs often end up "earning some fees but losing on the position structure," which can make the mindset even more explosive.
Now, I prefer to first clarify the expected volatility before deciding whether to market make or just not intervene—don't treat the curve as a safe deposit box.