{"id":49262,"date":"2025-09-26T15:59:14","date_gmt":"2025-09-26T08:59:14","guid":{"rendered":"https:\/\/hbbgroup.net\/curve-finance-founder-michael-egorov-launches-bitcoin-yield-protocol\/"},"modified":"2025-09-26T15:59:14","modified_gmt":"2025-09-26T08:59:14","slug":"curve-finance-founder-michael-egorov-launches-bitcoin-yield-protocol","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/curve-finance-founder-michael-egorov-launches-bitcoin-yield-protocol\/","title":{"rendered":"Curve Finance Founder Michael Egorov Launches Bitcoin Yield Protocol"},"content":{"rendered":"<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<h2>Yield Basis aims to unlock sustainable Bitcoin yield on-chain, starting with capped liquidity pools.<\/h2>\n<p><span class> Sep 26, 2025, 8:33\u202fa.m. <\/span><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>Michael Egorov, founder of Curve Finance, has launched Yield Basis, a decentralized protocol built to provide sustainable <span data-submodule-name=\"price-chip\" data-submodule-version=\"1.0.0\" data-submodule-instance=\"default\"><a href=\"http:\/\/www.coindesk.com\/price\/bitcoin\"><span><span><span>BTC<\/span><span><svg fill=\"none\" height=\"24\" viewbox=\"0 0 24 24\" width=\"24\"><path d=\"M15.79 11.71L13.2 14.3C12.81 14.69 12.18 14.69 11.79 14.3L9.19995 11.71C8.56995 11.08 9.00995 10 9.89995 10H15.09C15.98 10 16.42 11.08 15.79 11.71Z\" fill=\"#BB020A\" \/><\/svg><\/span><span>$109,642.65<\/span><\/span><\/span><\/a><\/span> yield while eliminating impermanent loss (IL), one of decentralized finance\u2019s longest-running challenges.<\/p>\n<p>Bitcoin holders have long faced limited opportunities for on-chain returns. Lending markets rarely offer more than a fraction of a percent, while automated market maker (AMM) pools have exposed users to IL \u2014 the risk of losing value when token prices diverge. Even in favorable conditions, yields rarely topped 1\u20132%.<\/p>\n<p>Yield Basis tackles this by reengineering the AMM model. The protocol removes IL risk altogether, which Egorov says will enable deeper Bitcoin liquidity on-chain and more attractive yield opportunities for institutional and professional investors. To manage early growth, three pools launched with a $1 million deposit cap each.<\/p>\n<p>The system borrows from Curve\u2019s five years of infrastructure resilience, adopting a vote-escrow mechanism (veYB) for governance. Token holders must lock their YB to participate in governance and earn protocol fees, distributed in either Curve\u2019s crvUSD stablecoin or wrapped Bitcoin. Unlike many DeFi projects, token emissions aren\u2019t simply handed to liquidity providers; they are tied to position yield, a model Egorov calls \u201cvalue-protecting.\u201d<\/p>\n<p>Yield Basis secured $5 million in early 2025 funding and is the first project to debut on the joint Legion and Kraken launchpad, where the community can access its token sale. While Bitcoin is the initial focus, Egorov says the protocol\u2019s impermanent loss solution could extend to Ethereum, tokenized commodities or even stocks \u2014 potentially broadening the scope of yield-bearing assets on-chain.<\/p>\n<\/div>\n<div>\n<p><span class>AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to <\/span><a rel=\"noopener noreferrer\" href=\"http:\/\/www.coindesk.com\/ethics\">our standards<\/a>. <span class>For more information, see <\/span><a rel=\"noopener noreferrer\" href=\"http:\/\/www.coindesk.com\/coindesk-news\/2023\/04\/14\/how-coindesk-will-use-generative-ai-tools\">CoinDesk&#8217;s full AI Policy<\/a>.<\/p>\n<\/div>\n<div data-module-name=\"read-next\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>More For You<\/p>\n<div>\n<p>Stablecoin Market Could Reach $4 Trillion by 2030, Citi Says in Revised Forecast<\/p>\n<figure><img loading=\"lazy\" alt=\"Citibank\" width=\"1920\" height=\"1080\" decoding=\"async\" data-nimg=\"1\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F5756ed4ead5f74eeffaaf47c8addb8bf50be4146-1500x997.jpg%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<p>Bank tokens may ultimately surpass stablecoins in transaction volume, report said.<\/p>\n<div>\n<p>What to know: <\/p>\n<div>\n<ul>\n<li>Citi raises its 2030 stablecoin issuance forecast to a $1.9 trillion base case and a $4 trillion bull case.<\/li>\n<li>Stablecoins could support up to $200 trillion in transactions at scale.<\/li>\n<li>Bank tokens may overtake stablecoins as corporates seek regulatory safeguards.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.coindesk.com\/business\/2025\/09\/25\/stablecoin-market-could-reach-usd4-trillion-by-2030-citi-says-in-revised-forecast\">Read full story<svg width=\"21\" height=\"21\" viewbox=\"0 0 21 21\" fill=\"none\"><mask id=\"mask0_2473_9121\" style=\"mask-type:alpha\" maskunits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"21\" height=\"21\"><rect x=\"0.5\" y=\"0.500366\" width=\"20\" height=\"20\" fill=\"#D9D9D9\" \/><\/mask><g mask=\"url(#mask0_2473_9121)\"><path d=\"M12.0385 15.2119L11.1602 14.3081L14.3429 11.1254H4.25V9.8754H14.3429L11.1602 6.69269L12.0385 5.78894L16.75 10.5004L12.0385 15.2119Z\" fill=\"#262626\" \/><\/g><\/svg><\/a><\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Yield Basis aims to unlock sustainable Bitcoin yield on-chain, starting with capped liquidity pools. Sep 26, 2025, 8:33\u202fa.m. Michael Egorov, [&hellip;]<\/p>","protected":false},"author":5,"featured_media":49263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-49262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/49262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=49262"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/49262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/49263"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=49262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=49262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=49262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}