Why does bancor not open impermanent loss protection for all pools?

Bancor is not only a pioneer in AMM, but also a pioneer in providing impermanent loss protection, and has made outstanding contributions to the development of DEFI. Many farmers are very satisfied with the protection, but there is also a question, why does bancor not open impermanent loss protection for all pools?

To answer this question, first we need to carefully analyze the principle of impermanent loss protection of bancor. Let’s take ETH-BNT as an example to illustrate:

Assuming that the liquidity provider provides 1 ETH when the ETH:BNT exchange price is 1,000, Bancor will issue 1,000 BNT equivalent to 1 ETH, and then the system will combine 1 ETH and the issued 1,000 BNT into the pool. As can be seen from Figure 1 and Table 1 the impermanent loss increases with price increasing. The impermanent loss will reach 0.75 ETH or 12,000 BNT at the price of 4000. If you exit the market at this time, you will receive 12,000 compensated to impermanent loss by Bancor, which is equivalent to your holding 1 ETH remains unchanged while earning fees with single-sided liquidity. Here you will find that bancor compensates for your impermanent losses through platform gains or additional tokens, which is equivalent to disguised damage to the interests of other holders. Of course, this method would be used to increase the transaction volume of the platform and achieve a level that does not affect the generation. Based on this principle, bancor can only provide impermanent loss protection for a limited pool like some valued coins, because the shit coins are easily manipulated to get risk-free compensation for impermanent losses from bancor. So bancor only provide impermanent loss protection for specific pools?