If you deposited on Bancor 3 or migrated from the previous version or protected funds at risk from other protocols, you cannot lose your impermanent loss protection. Once deposited, you are protected from day one, subject to a 7 day cooldown period and 0.25% withdrawal fee. The cooldown is necessary to prevent abuse, and financial exploits. Once withdrawal is initiated, the user can confirm and complete withdrawal any time after the 7th day. During the 7 days, there will be no rewards nor trading fees generated (the user's withdrawal value does not change). The user will have an option to cancel; the cooldown can be reversed. If the user reverses the cooldown - it is the same as never starting it. All trading fees and rewards are returned.