Michael Egorov, the founder of Curve Finance, has just introduced Yield Basis, a new DeFi protocol focused on providing sustainable yields for Bitcoin without incurring impermanent loss – the biggest challenge of traditional AMMs.
While Bitcoin lending markets often only provide very low yields, AMM exposes users to the risk of losing value as token prices fluctuate. Yield Basis addresses this issue with a new AMM model, allowing for deeper liquidity provision and creating more attractive yields for institutional and professional investors.
Michael EgorovIn the early stages, the protocol deploys 3 pools with a maximum deposit limit of 1 million USD per pool to manage growth. Yield Basis applies a veYB governance mechanism, where token holders must lock YB to participate in governance and receive protocol fees, paid in crvUSD or wrapped Bitcoin. Unlike many other DeFi projects, Yield Basis's distribution model is linked to position yield, helping to protect value for liquidity providers.
The project raised 5 million USD in early 2025 and is the first project to launch on the joint launchpad of Legion and Kraken. Although starting with Bitcoin, Egorov stated that this impermanent loss elimination model could be extended to Ethereum, tokenized commodity assets, or even stocks, thereby expanding the range of yield-generating assets on-chain.
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