Impermanent loss rounds to zero when looking at the CUB inflation bounties.

Definitely agree with that. I am also in that pool.

Less volatility in both directions; betting against the market.

Here is the part I (or you?) misunderstand. Less volatility on the upside I agree, because impermanent loss reduces the gains. But there is more volatility on the downside. Because as I said, impermanent loss is added on top of the capital loss.

If cub goes down 50%, you lose 50% of your cubs' value and you get an impermanent loss of around 5.5% compared to your busd cub holdings if you were not providing liquidity.