Bancor's BNT/DAPP Liquidity Pool

Analyze the BNT/DAPP single sided liquidity pool on Bancor. Is there impermanent loss risk? Have liquidity providers suffered from impermanent loss? Be sure to look at both Bancor v2, v2.1, and v3 and to generate outputs that provide per user insight on a per version basis. Your work will help Dapp DAO as they consider new paths forward.