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.

Jaksot(475)

Harmony’s Nick White: Mainnet Launch Is The First Step Towards Full Proof-of-Stake and Sharding

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