Turning crypto into productive assets using original Automatic Market Making without IL. Focusing on $BTC first. Dm is open. tg: https://xitter.cf/t.co/IgPnd4hfeq
Switzerland
Joined January 2025
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yieldbasis retweeted
The @yieldbasis WETH propAMM traded $28.9M in its first week, 6.8x the week before.
• $23M on day one
• 86 wallets traded
• The top 5 wallets did 47% of the volume
• Over $400K in swap fees
One busy day did most of the earning. Day one brought in over 90% of the week's fees.
Every swap on the pool, pulled using HyperSync: github.com/enviodev/hypersyn…
xitter.cf/yieldbasis/status/2117…
yieldbasis retweeted
Some thoughts on Yield Basis
1. propAMM changed the game for the project. It's evident that capital efficiency significantly improved.
2. Today WETH pool earns even when volatility is small or moderate.
3. WETH PPS (redemption, not only fundamental) skyrocketed:
-> 29 October: 1.0044 -> 1.0444 (+4% to the position or more than ETH yearly staking income, also it is 10x profits vs. all history of this pool before that since and of May)
-> 29 October - 4 November: 1.0444 -> 1.0476 (+7.2% to profit or 0.3% to overall position value within 6 days or theoretically ~18% APR)
4. Admin fees or what veYB holders capture are printing every day now
While I wrote this post, +$9k veYB fees. Not bad.
yieldbasis retweeted
Where does Bitcoin yield actually come from?
Michael Egorov (@newmichwill), founder of @CurveFinance and co-founder of @yieldbasis, on real yield from volatility, why Bitcoin before Ethereum, and whether quantum breaks the keys.
Full conversation below.
Supported by @krakenfx and @trycodex.
yieldbasis retweeted
Where does YieldBasis’s Bitcoin yield actually come from?
@newmichwill, founder of @CurveFinance and @yieldbasis, explains how trading activity generates yield and why quieter markets mean lower returns.
yieldbasis retweeted
👀
Michael Egorov (@newmichwill) returns to TOKEN2049 Singapore.
Founder of @CurveFinance and @yieldbasis. His latest project turns crypto volatility into yield: Yield Basis builds BTC and ETH liquidity while preserving spot-like exposure.
Tickets: token2049.com/singapore/tick…
yieldbasis retweeted
Another update to the @yieldbasis analytics page
you can now see various transactions across all YB pools
yieldbasis retweeted
Managing Chaos in Atoms and Markets: Michael Egorov on Physics, Liquidations, and Financial Engineering
Shoal Signal Ep. 19 with @newmichwill, founder of @CurveFinance and @yieldbasis, hosted by @zaddycoin
We cover how cooling atoms to 100 nanokelvins taught him to trust an invariant instead of a price, why he took impermanent loss on a trade on purpose, the half year he sat in liquidation on purpose to test Curve, and why nuclear fusion gets solved sooner than the field expects.
0:00 Photons look like giant cucumbers
0:58 What coherence time actually is
4:46 Bose-Einstein condensate and laser cooling
8:47 A qubit that held for seconds
11:36 From ideal atoms to ideal markets
13:50 The invariant is the only signal
15:08 Control systems in the lab and DeFi
16:42 Quantum finance and prices tunneling
18:49 A toy universe made of vortices
21:18 Why there is no antimatter around us
23:57 Crypto as the revolution in money
25:29 Cycles from Mt. Gox to meme coins
30:40 Where retail's next opportunity sits
33:36 The Web3 promise that never landed
35:28 Why crypto fits agents better than humans
39:09 Working only on impossible problems
40:00 Solving impermanent loss with Yield Basis
40:48 Reversible liquidation in Curve
42:26 Half a year in liquidation on purpose
45:42 Where the risk actually sits
49:45 Paying authors when AI trains on books
53:28 Energy as the next breakthrough
57:17 Two roads to fusion
1:03:33 Thorium and the economics of nuclear
1:08:13 Where the alpha is
1:10:21 Turning mercury into gold in San Francisco
yieldbasis retweeted
New @yieldbasis stats live on the analytics page
volumes and fees are now showing
yieldbasis retweeted
Fees in @yieldbasis do not reach veYB until the pool has paid itself back first.
Most holders never see that switch. It explains almost every "why am I earning nothing" question.
There is no payout in a YB pool. You get paid by one share becoming worth more. Fees push that up, rebalancing and BTC drawdowns push it back down.
Every pool keeps a running record of how far the staked side has slipped behind. While that number is above zero, all incoming profit goes into closing it and the DAO takes nothing.
What that means depending on where you are:
• In the pool, not staked. Nothing is being skimmed off you right now. Every cent the pool earns lands in your share value, including the part that will go to the DAO later.
• Staked. Same share value, plus YB emissions. The switch does not touch emissions either way.
• Locked into veYB. You are the one waiting. No fee income from that pool until the record hits zero.
One pool right now, as an example: it is 0.16% short. What is holding it is that the pool's money is bunched 13.2% behind where BTC trades, and it walks back in small steps paid out of the same profit. Your 0.16% closes only after that bill is paid.
Once it closes, 48.8% of everything after starts flowing to the DAO side. That share climbs with how much of the pool is staked (67.6% today) and never drops under 10%.
Nothing for you to do. Fees outrun the bill, the switch flips.
ALT Two charts. Top: pool liquidity concentrated at 67,715 dollars while BTC trades at 76,655, a 13.2 percent gap. Bottom: share value 0.16 percent below whole, admin fee off until it is repaid.
yieldbasis retweeted
It's always this feeling when observing @yieldbasis pools while the market move is really furious. Very interesting for us, researchers!
yieldbasis retweeted
For those that deposited in the deprecated WETH pool and have been waiting for TRD to come down, now would be a good time to migrate
yieldbasis retweeted
Still time to vote here for improving @yieldbasis performance, although quorum is in. Quorum of the corresponding vote at @CurveFinance is already 80%
more yield for @WrappedBTC
following the @CurveFinance upgrade, proposal #54 updates @yieldbasis WBTC pool parameters to improve liquidity handling and significantly increase trading APR.
other btc pools are next.
vote:
yieldbasis.com/proposal/54
yieldbasis retweeted
Resubmitting this vote. Vote for this one instead please (minor technical fix)
curve.finance/dao/ethereum/p…
Voting in @CurveFinance parameters for a WBTC @yieldbasis pool (vote in YB DAO follow).
This vote can allow average APR to get up by factor of 2 while keeping the pegs even more safe (will be applied to all other pools also)
curve.finance/dao/ethereum/p…
yieldbasis retweeted
Today wBTC earns 3.3% in @yieldbasis outperforming best market option by 11x
Also today: @newmichwill drops x2 APR improvement proposal
Voting in @CurveFinance parameters for a WBTC @yieldbasis pool (vote in YB DAO follow).
This vote can allow average APR to get up by factor of 2 while keeping the pegs even more safe (will be applied to all other pools also)
curve.finance/dao/ethereum/p…
yieldbasis retweeted
Voting in @CurveFinance parameters for a WBTC @yieldbasis pool (vote in YB DAO follow).
This vote can allow average APR to get up by factor of 2 while keeping the pegs even more safe (will be applied to all other pools also)
curve.finance/dao/ethereum/p…
yieldbasis retweeted
ethereum:0x01791f726b4103694969820be083196cc7c045ff is my highest conviction investment.
@yieldbasis is a next-gen DeFi protocol that’s allows individual LPs and vault curators to earn high apy on BTC and ETH.
It uses an automated leveraged strategy on top of the next-gen Curve FxSwap pools to earn trading fees with no impermanent loss.
This allows vault curators to provide better yield for BTC and ETH without worrying about managing liquidity rebalancing with lending platforms.
Vaults are one of the fastest growing domains, but their yield is capped by borrowing demand. This will bring billions of TVL to YieldBasis pools.
YB earns a share of all those fees and can drive incentives to specific pools. What happens when vault curators compete on the collaterals?
Yield Wars (Curve Wars 2.0)
Both FXswap and YieldBasis will be formally verified. This will create the only immutable, formally verified, way vaults can provide deterministic, auto compounding APY with low maintenance.
YieldBasis is going to eat these passive flows and create the deepest secondary liquidity market in crypto.
ethereum:0x01791f726b4103694969820be083196cc7c045ff will probably get to $5-6 easily.
yieldbasis retweeted
In @YieldBasis, depositors choose the yield path: trading fees or YB emissions.
It's a free market choice.
When more capital chases one path, the other side rebalances. Market forces push the two advertised rates toward each other.
yieldbasis retweeted
Yield Basis is a more genius idea than most people realize.
I was going through a post by @Diphunter18 on crvUSD where he shared more on how it generates its demand.
Being in the industry and building Pharos, I get to see the models of almost every stablecoin and the reality is that most founders focus on building demand through how much is minted and who is integrating it. The more interesting question is what makes someone want to borrow in the first place.
With @llamalend, users can open crvUSD positions without actually selling their collateral. They unlock liquidity from it while keeping their underlying exposure.
@yieldbasis opens up that opportunity for BTC holders. With BTC down roughly 50% from its highs, OGs and maxis do not want to let go of their positions. Users provide BTC liquidity and use borrowed crvUSD to increase their position size.
That single strategy simultaneously creates borrowing demand, expands crvUSD supply, and deepens liquidity in the pool. Every user running that loop is doing three things for the ecosystem at the same time.
I checked yieldbasis/earn and not surprisingly, WETH and cbBTC have already reached full capacity. Opportunities are still available (just) with tBTC.
Simple yet rigidly brilliant strategies like these are genuinely what makes me so pro Curve ecosystem, as I have written about many times before.
