On impermanent loss and portfolio rebalancing strategies for LPs

Hey everyone, been diving deeper into DeFi over the past few months, mostly through some simpler staking and single-asset farming, but I'm trying to get my head around providing liquidity to AMMs more seriously. The impermanent loss aspect is what's still tripping me up a bit. I understand the concept on paper – divergence in price leading to a loss relative to HODLing – but applying it to actual portfolio management feels trickier.

For those of you actively providing liquidity across different pairs, especially in volatile markets, how do you manage your exposure to IL? Are you predominantly sticking to stablecoin-to-stablecoin pairs, or do you have a specific rebalancing strategy for more volatile pools? I've seen some folks mention dynamic rebalancing based on pre-set thresholds, but it feels like that could incur significant gas fees if not done right. Curious about practical approaches to mitigate this risk while still participating.