If you use liquidity pools in DeFi, you surely know that impermanent loss is the imbalance of a pool that swaps our coins as their values diverge. If you provide 1 ETH liquidity (let's assume $2000), you will also need to provide 2000 USDT. This pair will need to remain balanced. A stablecoin should remain stable, but ETH can go up or down in price. This divergence can sell/buy the USDT to balance the pool. Obviously you will have a minimal loss which is the Impermanent Loss. This loss is always momentary, it becomes permanent when you withdraw from the pool.
With the arrival of Uni-V3 it is possible to create not only LP with an infinite range but also to select this range with two values: maximum and minimum (concentrated liquidity).
For example, if you have $1,000 in USDT and want to do a DCA (Dollar Cost Averaging) on wBTC (or ETH), with its price at $25,000, you could create an LP on Uni-V3 with the wBTC/USDT pair and insert all 1000$ in the form of USDT. After that you could set a maximum range of $23,000 e
minimum of $21,000.
If the price of wBTC drops from 25,000 to 21,000, your LP will gradually start converting the $1,000 USDT into wbTC.

Let's explain better:
At $23,000 you would be with 100% USDT and 0% wBTC
At $22,000 you would be with 50% USDT and 50% wBTC
At $21000 you would be with 0% USDT and 100% wBTC

Now, in addition to having accumulated wBTC throughout its descent, you would have also earned fees when the price remained in the $23,000-21,000 range, acting as LP.
Therefore, protocols such as Uni-V3 could be exploited both to enter and to exit a position, mediating the price and reducing the commissions by repaying them with the fees generated by the protocol itself.
You have to consider that the operation does not always reach the target because it depends on the price (similar to a limit order).
When there are high trading volumes (also due to an airdrop) it is very convenient to create an LP on Uni-V3 with that sum, set an exit range (at a higher price than that of the claim) to give liquidity and earn fee and, at the same time, dumping the tokens little by little and not at a fixed/instantaneous price (because LP varies slowly, as the price varies).

If you receive 1100 X (token) when its price is $1, you will have $1100 of TVL. If you believe that its value can go up to $1.5, you can lock this token X with USDT (on Uni-V3), with a maximum range of $1.5 and a minimum of $1.3. If the price of X goes up to $1.4,
I would end up with half of my LP in the form of X and half in the form of USDT, having liquidated a little X at a time throughout its ascent.
Throughout this phase, I obviously make money from the trading volumes of these trades and sell my X tokens at the same time.
Strategies can also go the other way around, thus accumulating X if I think its value will go down and then go back up.
Or you can pair this token with one of high volumes, if you are on the Ethereum blockchain, obviously with ETH (X50% and ETH50%). In this case, you will have a limited impermanent loss and a lot of gain from the fees.

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