crvUSD

Aragon

DeFi

Score

<ul>
 <li>YieldBasis, created by Curve founder Michael Egorov, removes impermanent loss with leveraged AMM, offering sustainable BTC yield and institutional-grade DeFi infrastructure.</li>
 <li>The protocol leverages BTC with crvUSD, auto-rebalances positions, and issues ybBTC, providing stable returns and Curve ecosystem synergy without value erosion.</li>
 <li>Backed by Curve DAO and Kraken launchpad, YieldBasis launches with strong adoption, promising 20% APR and reshaping BTC yield markets in 2025.</li>
</ul>
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YieldBasis (YB) is an innovative decentralized finance (DeFi) protocol. It aims to provide sustainable on-chain yield for holders of major assets such as Bitcoin (BTC), while fully removing impermanent loss (IL) for liquidity providers (LPs). The project was started by Michael Egorov, the founder of Curve Finance. It focuses on a new automated market maker (AMM) design that turns BTC into a “value-protected” yield asset.
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Unlike traditional AMMs, YieldBasis uses leverage and auto-rebalancing. This keeps LP value stable through price swings and lets LPs capture trading fees. In the 2025 DeFi recovery, many view YieldBasis as the “ETH staking moment” for BTC yield. Its recent launch and fundraising news have added confidence to the market.
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<h2 class="p1" id="recent-news-and-developments">RECENT NEWS AND DEVELOPMENTS</h2>
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In September 2025, YieldBasis arrived with a tight series of events. These moves marked its shift from testnet to mainnet and drew fast attention through ecosystem integrations. On September 24, the Curve DAO passed a proposal for a crvUSD credit line for YieldBasis by a wide margin.
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There was some debate on risk details, but the decision injected $60 million of liquidity. This cemented YieldBasis as a core part of the Curve ecosystem. The proposal said YieldBasis’s leverage model will route BTC back into Curve’s stablecoin pools, lift the value of CRV, and grow DAO revenue. The topic sparked heavy discussion on X. Many saw it as a milestone for Michael Egorov’s return to DeFi.
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Two days later, on September 26, the mainnet went live. It launched three pools first: WBTC, cbBTC, and tBTC. Each had a $1 million cap, for a total $3 million TVL potential. These pools aim to remove IL for BTC LPs. Users deposit BTC and receive ybBTC. They can earn on-chain yield with 2x leverage.
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Media outlets such as CoinDesk called it a “BTC DeFi milestone.” The reason: it brings Curve AMM expertise while avoiding value erosion from market volatility. On launch day, the contracts were audited and deployed on Aragon OSx. TVL climbed fast, and some pools neared their caps within hours. Backtests suggested about 20% APR potential. This fueled community excitement.
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On September 29, the presale started on Kraken and Legion Launchpad. The target raise was $5 million, with a $200 million FDV, and 100% TGE unlocking. As a first launch project, it combined Legion Score (priority for scores &gt; 350) and Kraken compliance. Users could join after KYC.
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<img loading="lazy" src="https://www.coinrank.io/wp-content/uploads/2025/09/1-13.png" alt="" width="2170" height="1366">
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The soft cap was $25 million. Tutorials flooded X, from invoice proofs to score tips. The community called it the start of a new “ICO season.” Kraken’s $15 billion valuation drew institutional interest. The presale opened at 2:00 p.m. UTC, with FCFS on October 1. A proposal to extend cbBTC on Base also went to a vote. The path to $100 million TVL looked clear. These events linked together and brought fresh momentum to YieldBasis, continuing the run from Hemi and Merlin into October.
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<h2 class="p1" id="project-background-and-team">PROJECT BACKGROUND AND TEAM</h2>
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YieldBasis targets a long-time DeFi pain point: IL for LPs in AMMs. IL causes LPs to lose value during price moves versus simple holding. Michael Egorov, founder of Curve Finance, helped set industry standards for stablecoin and liquidity pools. His AMM expertise carries over to YieldBasis. The project started in early 2025. It quickly won support from the Curve DAO and several funds, and it integrated with Coinbase’s cbBTC. The team is strong. Egorov leads development with engineering talent from Curve. The protocol is deployed on Ethereum and Base. In February 2025, YieldBasis raised $5 million at a $50 million token valuation from veteran DeFi investors. The official website (yieldbasis.com) and X account (@yieldbasis) are active. The message is “turn crypto assets into productive assets.” Recently, the protocol worked with Kraken and Legion to launch a new user channel through a launchpad.
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<h2 class="p1" id="technical-mechanism-analysis">TECHNICAL MECHANISM ANALYSIS</h2>
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The core innovation is its AMM design. Users deposit BTC, and the protocol issues ybBTC. ybBTC represents a right to a 2x leveraged BTC/crvUSD Curve LP position. The protocol borrows crvUSD to lever the LP position to 2x. An auto-rebalancing algorithm tracks the BTC price. It keeps the LP exposed 1:1 to BTC instead of price volatility risk. This leveraged, self-balancing AMM (LEVAMM) is different from Uniswap’s x*y=k. When price rises, the protocol borrows more crvUSD to buy more BTC. When price falls, it sells some assets to repay debt. This keeps debt at 50% of LP value at all times. The LP curve then moves with the asset price and avoids IL. Historical backtests showed about 20% APR in both bull and bear markets (based on real trading fees, not guaranteed). ybBTC can plug into money markets and DEXs on Ethereum and Base. The roadmap includes ETH and other tokenized assets. Governance uses a veYB model. Lock YB to earn voting power and fee share. This gives long-term holders control. The protocol passed audits and is deployed on Aragon OSx. This improves governance robustness. YieldBasis looks closer to institutional-grade infrastructure than an experimental protocol.
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<h2 class="p1" id="token-economics-and-sale-details">TOKEN ECONOMICS AND SALE DETAILS</h2>
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The total YB supply is 1 billion. The initial circulating supply is 87.91 million. The price is $0.20. The distribution favors the community. Forty percent goes to rewards and airdrops, and veYB holders capture fees. The sale has two phases. The presale (September 29) uses Legion Score (X/GitHub/on-chain activity). Users with scores &gt; 350 get priority. The soft cap is $25 million. The FCFS round (October 1) runs on Kraken and Legion. It is first-come, first-served. The cap is $10,000 USDC per person. Community feedback says a Kraken debut, as a U.S. compliant exchange, should draw institutions. Backtests show YB holders may earn 15–20% sustainable yield.
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<h2 class="p1" id="market-analysis-and-potential">MARKET ANALYSIS AND POTENTIAL</h2>
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In 2025, DeFi TVL is over $200 billion. Demand for BTC yield is rising. After BTC ETFs, holdings exceeded $50 billion. YieldBasis fills a gap. Traditional BTC LPs (such as WBTC/ETH pools) can see IL up to 20%. YB’s design targets zero IL. It competes with Pendle and Aave, but it is unique in its focus on BTC leverage. Potential drivers include Kraken’s user base (over 10 million) and Curve ecosystem synergy. TVL could reach $100 million within six months. High APR (20%+) attracts retail users. Institutions like compliance features. Community momentum is strong. Discussion on X is rising, and the Legion sale is seen as the start of a new “ICO season.”
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<h2 class="p1" id="conclusion">CONCLUSION</h2>
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YieldBasis is not a simple yield protocol. It is an upgrade to DeFi infrastructure. Through Egorov’s AMM design, it turns BTC from “digital gold” into “productive gold.” The recent mainnet launch, DAO support, and a Kraken debut show the project is entering a breakout phase. For investors who believe in BTC DeFi, joining the sale could be a low-bar way to start. But watch Legion Score and gas fees. In the future, YieldBasis may reshape a $100 billion BTC liquidity market. It is worth long-term tracking.
〈<a href="https://www.coinrank.io/crypto/yieldbasis-project-in-depth-research-report/" rel="noopener noreferrer nofollow">YieldBasis Project In-Depth Research Report</a>〉這篇文章最早發佈於《<a href="https://www.coinrank.io" rel="noopener noreferrer nofollow">CoinRank</a>》。

YieldBasis Project In-Depth Research Report

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