Michael Egorov: Yield Basis - Bringing Real Yield to Bitcoin

Michael Egorov: Yield Basis - Bringing Real Yield to Bitcoin

Join José Macedo and Yan Liberman as they host Michael Egorov, co-founder of Curve Finance and one of DeFi's original pioneers. Michael introduces Yield Basis — his ambitious new protocol that aims to solve one of DeFi's biggest problems: impermanent loss. Learn how this innovation could finally unlock natural, sustainable yield on Bitcoin at scale, creating the long-sought "holy grail" of yield-bearing Bitcoin without the downsides of traditional AMM strategies.


Curve Finance: www.curve.finance

Yield Basis: https://yieldbasis.com



🎯 Key Highlights


▸ Yield Basis: Eliminates impermanent loss for single-sided crypto exposure

▸ Impermanent loss problem: Why AMMs underperform buy-and-hold

▸ Michael's solution: 2x leverage counters square-root pricing

▸ Why Curve pools beat Uniswap v2

▸ Historical sims: 10-20% APR on Bitcoin

▸ Borrowing mechanism: Capital via crvUSD allocation

▸ Tokenomics: Choose real yield OR tokens

▸ Dynamic admin fees adjust with staking

▸ GTM: Target miners, funds, treasuries

▸ Multi-chain: Separate tokens vs. bridges

▸ Market size: $50-100B addressable

▸ Beyond Bitcoin: ETH and volatile assets

▸ Michael on DeFi vs. OG principles

▸ Challenge: Matching sims to reality

▸ Why this beats points and yield farming



💡 Subscribe for more crypto & AI insights! 🔔



🧠 Follow the Alpha


▸ Michael's Twitter: @newmichwill

▸ Curve Finance Twitter: @CurveFinance

▸ Yield Basis Twitter: @yieldbasis



🔗 Connect with Delphi


🌐 Portal: https://delphidigital.io/

🐦 Twitter: https://x.com/delphi_digital

💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/



🎧 Listen on


Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124

Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082

Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q



Timestamps


00:00 - Intro: Yield Basis and Michael Egorov

01:15 - Yield Basis: Single-sided LP without impermanent loss

02:00 - Impermanent loss with Bitcoin/USDT

07:30 - AMMs create "buy low, sell high"

09:00 - Solution: Leverage eliminates square-root pricing

13:00 - Curve beats Uniswap v2

15:30 - Historical sims: 10-20% APR

19:00 - Borrowing: Arbitrage and debt management

24:30 - Net returns after costs

25:15 - crvUSD as low-cost capital

27:15 - Separate protocol vs. Curve integration

28:00 - Tokenomics: Real yield OR tokens

32:45 - Points vs. transparent distribution

36:00 - Dynamic fees prevent zero-division

40:00 - GTM: Miners, funds, institutions

43:00 - Multi-chain: Instances vs. bridges

48:30 - BD with competing chains

50:30 - Curve vs. Yield Basis governance

52:00 - Modern vs. OG DeFi principles

55:30 - Treasury relationships vs. decentralization

56:30 - Challenge: Real-world performance

58:30 - Market: $50-100B addressable

1:02:00 - crvUSD scaling mechanics

1:06:15 - Market cap ceiling calculations

1:08:00 - Beyond Bitcoin: Gold, volatiles

1:08:45 - DeFi innovations: Pendle, Athena

1:11:30 - Hyperliquid bootstrap strategy

1:12:00 - Closing: Growth parallels



Disclaimer


This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

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Matic’s Sandeep Nailwal: Leveraging Plasma To Top Other Layer-2 Scaling Projects

Matic’s Sandeep Nailwal: Leveraging Plasma To Top Other Layer-2 Scaling Projects

Host Tom Shaughnessy of Delphi Digital is joined by Sandeep Nailwal, the co-founder and COO of Matic Network. On this episode we discuss how Matic is using Plasma and proof-of-stake based sidechains to scale Ethereum, how he thinks the landscape of dozens of layer-2 scaling projects will shake out, building on Matic, Bitcoin's lightning network and so much more. Matic Network's token recently crashed on FUD and while this episode was recorded before the news, its a deep dive into the project itself. The audio came out a little low on this episode, apologies on that. To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these! Follow Sandeep on Twitter  Follow Tom on Twitter  Resources: Check out eToro to Create Your Perfect Crypto Portfolio Matic's Website Delphi Digital's Research Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, XTZ, STX, SNX and RUNE. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. Delphi Digital is a customer of Digital Assets Data.  - Advertisers: To be a sponsor on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io  - Music Attribution: Cosmos by From The Dust | https://soundcloud.com/ftdmusic Music promoted by https://www.free-stock-music.com Creative Commons Attribution 3.0 Unported License https://creativecommons.org/licenses/by/3.0/deed.en_US

12 Joulu 20191h

Luke Martin: The Truth About Technical Analysis and The Bitcoin Thesis

Luke Martin: The Truth About Technical Analysis and The Bitcoin Thesis

Host Tom Shaughnessy of Delphi Digital is joined by Luke Martin, an analyst, trader and host of the Coinist podcast. Luke has gained a massive following for his keen ability to spot trends and opportunities early, especially in crypto. On this episode we dive into his story of leaving graduate school for crypto, the merits of technical analysis, the BTC thesis and so much more. Luke is an incredible guy, and this episode is worth the listen.  To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these! Follow Luke on Twitter Follow Tom on Twitter  Support The Show Visit Delta Exchange For A $10 Welcome Bonus! Resources: Coinist Podcast Delphi Digital's Research Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, XTZ, STX, SNX and RUNE. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. These sponsors and advertisements are not an endorsement by the host or Delphi Digital to use the sponsors products or services which may be risky. Products and services mentioned on advertisements may be risky, and are not suitable for all listeners. Sponsors and advertisements and for strictly informational and educational purposes and are not an endorsement.    Sponsor: To be a sponsor on this research podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io  - Music Attribution: Cosmos by From The Dust | https://soundcloud.com/ftdmusic Music promoted by https://www.free-stock-music.com Creative Commons Attribution 3.0 Unported License https://creativecommons.org/licenses/by/3.0/deed.en_US

10 Joulu 20191h 2min

Helium’s Amir Haleem: The Grand Vision of a Crypto Incentivized Mobile Network

Helium’s Amir Haleem: The Grand Vision of a Crypto Incentivized Mobile Network

Host Tom Shaughnessy of Delphi Digital is joined by Amir Haleem, the CEO & Co-Founder of Helium. On this episode we discuss how Helium is creating a crypto incentivized, decentralized telecommunications network.  The network is up to 1,600 nodes, and the company raised $15M from top tier funds.  Amir is the CEO & co-founder of Helium. Prior to Helium, Amir served a long career in the videogame industry as CTO at gaming startup Diversion, and member of the original team behind Battlefield 1942 at DICE in Stockholm, Sweden. Outside of work, Amir is a former world champion esports gamer, co-founder of the popular esports community esreality.com, and builds and races 90's Japanese sports cars. To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these! Follow Amir on Twitter  Follow Tom on Twitter  Resources: Check out eToro to Create Your Perfect Crypto Portfolio $50 Off A Helium Hotspot Helium Whitepaper Multicoin's Helium Post Delphi Digital's Research Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, XTZ, STX, SNX and RUNE. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. Delphi Digital is a customer of Digital Assets Data.  - Advertisers: To be a sponsor on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io  - Music Attribution: Cosmos by From The Dust | https://soundcloud.com/ftdmusic Music promoted by https://www.free-stock-music.com Creative Commons Attribution 3.0 Unported License https://creativecommons.org/licenses/by/3.0/deed.en_US

5 Joulu 201947min

GK8’s Lior Lamesh: The Rising Crypto Custodian Technology Provider Whose Clients Manage $1B+

GK8’s Lior Lamesh: The Rising Crypto Custodian Technology Provider Whose Clients Manage $1B+

Host Tom Shaughnessy of Delphi Digital is joined by Lior Lamesh, Co-Founder & CEO at GK8. Lior is a cyber security expert and on this episode we discuss GK8's crypto security offering that the company believes is the most secure on the market for enterprises, firms and funds.  The Upbit hack of $50M happened after we recorded this episode, although Lior shares some very relevant information on this topic. Lior also dives into the Binance Hack, and how this could have been prevented.  GK8 is a cybersecurity company that offers a high-security custodian technology for managing and safeguarding digital assets. The technology allows financial institutions to execute the entire digital assets management process, including sending transactions to the blockchain, without the need for an Internet connection. GK8's customers manage over $1 billion in digital assets To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these! Follow Lior on Twitter  GK8's Website Follow Tom on Twitter @Shaughnessy119 Resources: Check out eToro to Create Your Perfect Crypto Portfolio Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, XTZ, STX, SNX and RUNE. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. Delphi Digital is a customer of Digital Assets Data.  - Advertisers: To be a sponsor on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io  - Music Attribution: Cosmos by From The Dust | https://soundcloud.com/ftdmusic Music promoted by https://www.free-stock-music.com Creative Commons Attribution 3.0 Unported License https://creativecommons.org/licenses/by/3.0/deed.en_US

3 Joulu 201933min

bZx’s Kyle Kistner: Exploring The Protocol for Tokenized Margin Trading and Lending

bZx’s Kyle Kistner: Exploring The Protocol for Tokenized Margin Trading and Lending

Host Tom Shaughnessy of Delphi Digital is joined by Kyle Kistner, co-founder of bZx Protocol.  For the podcast, we try our best to locate early stage projects in the space. We noticed bZx's total value locked on DeFi pulse grew from $1M in September to near $3.5M in late November. While small in absolute numbers, the increase is notable, and with the launch of Fulcrum and Torque, we believed having the team on the podcast would be worthwhile for our listeners.  BZX is a decentralized protocol that enables lending and borrowing for margin trading. The protocol can be easily integrated into new and existing exchanges or accessed through the bZx portal. On this episode we also discuss the products built on the bZx Protocol including Fulcrum (DeFi margin lending and trading) and Torque (indefinite-term loans with fixed interest rates). To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these! Follow Kyle on Twitter  BZX's Site BZX's Medium Follow Tom on Twitter @Shaughnessy119 Resources: Check out eToro to Create Your Perfect Crypto Portfolio Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, STX and SNX. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. Delphi Digital is a customer of Digital Assets Data.  - Advertisers: To be a sponsor on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io  - Music Attribution: Cosmos by From The Dust | https://soundcloud.com/ftdmusic Music promoted by https://www.free-stock-music.com Creative Commons Attribution 3.0 Unported License https://creativecommons.org/licenses/by/3.0/deed.en_US

27 Marras 201939min

Invictus’ Matthew Finlayson: Tokenized Funds and Financial Inclusion

Invictus’ Matthew Finlayson: Tokenized Funds and Financial Inclusion

Host Tom Shaughnessy of Delphi Digital is joined by Matthew Finlayson, Head of Product and a co-founder of Invictus Capital. On this episode we discuss how Invictus Capital is democratizing access to investment opportunities through its blockchain-based asset management platform. The platform already supports 4 tokenized funds (ERC-20 tokens), with two more planned (emerging markets solar fund and a real estate fund).   To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these! Follow Matthew on Linkedin Here Invictus' Twitter Follow Tom on Twitter @Shaughnessy119 Resources: Check out eToro to Create Your Perfect Crypto Portfolio Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, STX and SNX. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. Delphi Digital is a customer of Digital Assets Data.  - Advertisers: To be a sponsor on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io

25 Marras 201934min

Digital Assets Data’s Mike Alfred: Enterprise Grade Crypto Data and Running 100 Mile Ultramarathons

Digital Assets Data’s Mike Alfred: Enterprise Grade Crypto Data and Running 100 Mile Ultramarathons

Host Tom Shaughnessy of Delphi Digital is joined by Mike Alfred, the CEO and Co-Founder of Digital Assets Data. On this episode we discuss Mike's journey from a successful exit of BrightScope to founding Digital Assets Data and how he runs 100 mile marathons. We also dive into what separates Digital Assets Data from other data providers, and the answers are compelling.  Digital Assets Data is a fintech and data company building enterprise-grade software and data feeds for crypto hedge funds and other market participants. As the cryptoasset ecosystem grows, asset managers will need higher quality information and more sophisticated tools to track and manage investments, conduct due diligence, and make trading decisions. To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these!  Follow Tom on Twitter @Shaughnessy119 Follow Mike on Twitter @mikealfred Resources: Check out eToro to Create Your Perfect Crypto Portfolio Earn, Borrow & Pay on the Blockchain With Celsius Network - Use Promo Code Chain If you are not a U.S. citizen, ​Visit RealT.co to sign up! Browse the marketplace to view the properties that are tokenized on Ethereum. Digital Assets Data Website - Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, XTZ, LEO, STX and SNX. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode. Delphi Digital is a customer of Digital Assets Data.  - Advertisers: To be a sponsor on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io

20 Marras 201941min

Messari’s Ryan Selkis: Bringing Radical Transparency To Crypto

Messari’s Ryan Selkis: Bringing Radical Transparency To Crypto

Host Tom Shaughnessy of Delphi Digital is joined by Ryan Selkis, the founder of Messari Crypto, which provides research, news, metrics and live data for crypto. This podcast was recorded one week ago, and since then Messari closed a $4M round. We dive into Ryan's past, his time in the space, the state of information and transparency in crypto, how Messari is bringing real transparency and data tools to users and so much more.  Prior to founding Messari, Ryan was an entrepreneur-in-residence at ConsenSys , and on the founding teams of Digital Currency Group, where he managed the firm’s seed investing activity, and CoinDesk, where he led the company’s restructuring & annual Consensus conferences. He has been an investor & prolific writer in the crypto industry since 2013. To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these!  Follow Tom on Twitter @Shaughnessy119 Follow Ryan on Twitter @twobitidiot  - Resources: Check out eToro to Create Your Perfect Crypto Portfolio Earn, Borrow & Pay on the Blockchain With Celsius Network - Use Promo Code Chain If you are not a U.S. citizen, ​Visit RealT.co to sign up! Browse the marketplace to view the properties that are tokenized on Ethereum. - Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Tom owns tokens in ETH, BTC, XTZ, LEO, STX and SNX. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle and/or the end of the episode.  - Advertisers: To be a sponsor on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io

14 Marras 201944min