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.

Avsnitt(475)

Diane Dai: DODO The Proactive Market Maker 🐣

Diane Dai: DODO The Proactive Market Maker 🐣

Chain Reaction Host Tom Shaughnessy hosts Diane, the co-founder of DODO. They discuss DODO, the proactive market maker that's competing with Uniswap and others AMMs. DODO has $100M in its pools, but Diane explains why it's much more efficient vs peers. - Show Notes (1:31)    – (First Question) How Diane Dai started in Crypto (3:25)   – Dodo’s Elevator Pitch (4:01)   – Insights about Dodo’s Competitors (4:57)   – Dodo’s Status (5:55)   – Today’s Dodo Assets (7:21)   – Proactive Market Makers vs. Automated Market Makers (9:26)   – How Dodo provides contract-fillable liquidity (14:09)  – Handling Impermanent Loss (16:37)  – Dodo, a PMM algorithm beating Uniswap (19:25)  – The importance of Single Risk Exposure for Dodo (21:08)  – Dodo, a cute cause for the community (22:57)  – Dodo Token function (25:17)  – Thinking through competing for the community (27:45)  – The future of Dodo (29:52)  – The 3 keys focus of Dodo   Resources: Guest’s Twitter:  https://twitter.com/Diane_0320  Dodo’s  Website: https://app.dodoex.io/  Tom's Twitter: https://twitter.com/Shaughnessy119 Delphi Podcast Twitter: https://twitter.com/PodcastDelphi More Our Video interviews Can Be Viewed Here: https://youtu.be/fubeSokngY8 Access Delphi's Research Here: https://www.delphidigital.io/ 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. 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 sponsorships are for informational purposes only and are not a solicitation to use any product or service.

21 Okt 202031min

Eric Chen: Injective, The Decentralized Derivatives Exchange Protocol

Eric Chen: Injective, The Decentralized Derivatives Exchange Protocol

Chain Reaction Host Tom Shaughnessy hosts Eric Chen, the co-founder of Injective Protocol. The two discuss Eric's journey creating a fully decentralized derivatives exchange, competition, scaling and much more.  - Show Notes (1:57)    – (First Question) How Eric Chen got involved with Crypto (7:16)   – The need of Derivatives products/What does Injective Protocol offer (10:26)   – Contracts for Differences (CFD) (11:36)   – Institutional or Retail focus (13:37)   – What is Injective Protocol competing for (16:40)   – Injective Protocol status (17:20)   – The evolution of Injective Protocol products (20:45)   – Exploring the Injective Protocol architecture (21:29)   – Achieving Scalability (21:55)   – The use of Injective Protocol token (24:02)   – Insights about the process for token holders (25:18)   – The battle between CEFIs and DEFIs for derivatives (28:03)   – Why haven't we had an Injective before (29:56)   – What does decentralized derivative exchange have that Injective wants  (31:33)   – Insights about starting Injective as anonymous founders   Resources: Guest’s Twitter: https://twitter.com/ericinjective Guest’s Website: https://injectiveprotocol.com/ Tom's Twitter: https://twitter.com/Shaughnessy119 Delphi Podcast Twitter: https://twitter.com/PodcastDelphi More Our Video interviews Can Be Viewed Here: https://youtu.be/fubeSokngY8 Access Delphi's Research Here: https://www.delphidigital.io/ Kubera lets you monitor your crypto and traditional portfolios in a single place. Think Coinbase and Fidelity on the same dashboard. All major banks, brokerages, crypto exchanges and wallets supported. https://www.kubera.com/ 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. 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 sponsorships are for informational purposes only and are not a solicitation to use any product or service.

19 Okt 202034min

Tor Bair: Secret Contracts Go Way Beyond Privacy Coins

Tor Bair: Secret Contracts Go Way Beyond Privacy Coins

Chain Reaction Host Tom Shaughnessy hosts Tor Bair, the Founder of Secret Foundation. The two discuss building private applications using secret contracts at scale, why this goes well beyond privacy coins and privacy as a human right. Thank you to our sponsor Crypto.com for making this happen! Visit bit.ly/cryptodelphi for more information! - Show Notes (2:00)    – (First Question) – What is Secret Network (3:22)   – Transactional Privacy vs. Programmable Privacy/Private Smart Contracts (6:39)   – Understanding Programmable Privacy (8:31)    – Why have not DEFI applications taken advantage of privacy coins  (12:26)   – The importance of privacy in Traditional Companies and DEFIs (14:36)   – Features of a business model for private social applications (18:28)   – Privacy, a human right that should be by default (22:05)   – Will Ethereum become a Secret Network competitor (25:05)   – There is no perfect privacy (27:50)   – What have Tor Blair done differently in Secret Network (33:52)   – Insights about projects running with anonymous founders  (36:37)   – Primary functions of Secret coin (39:14)   – Secret Network is not a secret anymore   Resources: Guest’s Twitter: https://twitter.com/TorBair Secret’s Website: https://scrt.network/ Tom's Twitter: https://twitter.com/Shaughnessy119 Delphi Podcast Twitter: https://twitter.com/PodcastDelphi More Our Video interviews Can Be Viewed Here: https://youtu.be/fubeSokngY8 Access Delphi's Research Here: https://www.delphidigital.io/ Kubera lets you monitor your crypto and traditional portfolios in a single place. Think Coinbase and Fidelity on the same dashboard. All major banks, brokerages, crypto exchanges and wallets supported. https://www.kubera.com/ 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. 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 sponsorships are for informational purposes only and are not a solicitation to use any product or service.

12 Okt 202041min

SBF: Arbitrage, A Quant Fund, And Serum’s Ascent

SBF: Arbitrage, A Quant Fund, And Serum’s Ascent

Chain Reaction Host Tom Shaughnessy hosts SBF, the CEO of FTX and Alameda Research. The two cover SBF's journey in creating Alameda Research, engaging in arbitrage, and why @ProjectSerum on @solana goes way beyond being a DEX 🚀 Thank you to our sponsor Crypto.com for making this happen! Visit bit.ly/cryptodelphi for more information!   Show Notes (2:58)    – (First Question) - When did SBF get involved in Crypto (3:36)   – Alameda, a non-traditional internal Quant Fund (6:40)   – Where does Alameda’s alpha come from (11:26)   – Moving fast in a limited information environment (17:48)   – The future of launches with figureheads (21:56)   – Future of Alameda (24:13)   – The thinking behind Serum (30:17)   – Serum and Scaling (32:40)   – Creating killer apps without a community (35:07)   – Goal for Serum/Serum core purposes (39:44)   – Serum much more than a DEX. (42:34)   – Composability, one of the most important things in DEFI  (43:59)   – Ethereum vs Serum (45:06)   – Serum launchment on a short period of time (47:20)   – Making Money or Building (49:00)   – SBF biggest competitor   Resources: Guest’s Twitter:  https://twitter.com/SBF_Alameda Serum’s Website: https://projectserum.com/ FTX’s Website: https://ftx.com/en Alameda’s Website: https://www.alameda-research.com/ Tom's Twitter: https://twitter.com/Shaughnessy119 Delphi Podcast Twitter: https://twitter.com/PodcastDelphi More Our Video interviews Can Be Viewed Here: https://youtu.be/fubeSokngY8 Access Delphi's Research Here: https://www.delphidigital.io/ Kubera lets you monitor your crypto and traditional portfolios in a single place. Think Coinbase and Fidelity on the same dashboard. All major banks, brokerages, crypto exchanges and wallets supported. https://www.kubera.com/ 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. 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 sponsorships are for informational purposes only and are not a solicitation to use any product or service.

7 Okt 202050min

Richard Kim: Running the World’s Largest Gaming & Interactive Media Fund - Metaverse Musings Ep 06

Richard Kim: Running the World’s Largest Gaming & Interactive Media Fund - Metaverse Musings Ep 06

Host Piers Kicks sits down for Episode 06 of Metaverse Musings with Richard Kim, who is a general partner at Galaxy Interactive alongside Sam Englebardt. Across their sector focus, the fund has been the most active in the world over the last 12 months. Richard shared deep insights that are clearly the product of his unique positioning across the gaming landscape. It’s refreshing to see such strong conviction in the role that digital assets play in the metaverse from a large player with roots in both the traditional finance and video game industries.  Thank you to our sponsor Crypto.com for making this happen! Visit bit.ly/cryptodelphi for more information! – Resources: Galaxy Interactive: https://galaxyinteractive.io/ Richard’s Twitter: https://twitter.com/galaxyRTK Piers’ Twitter: https://twitter.com/pierskicks Delphi Podcast Twitter:   Matthew Ball’s essay on MILEs: https://www.matthewball.vc/all/cloudmiles  SignalFire Creator Economy Map: https://www.signalfire.com/blog/creator-economy/    Our Video interviews Can Be Viewed Here: https://youtu.be/fubeSokngY8 Access Delphi’s Research Here: https://www.delphidigital.io/   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. 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 sponsorships are for informational purposes only and are not a solicitation to use any product or service.

5 Okt 20201h 14min

Charlie Silver: A Serial Entrepreneur’s Goal To Give Users Control Over Their Data

Charlie Silver: A Serial Entrepreneur’s Goal To Give Users Control Over Their Data

Chain Reaction Host Tom Shaughnessy hosts Charlie Silver, CEO of Permission.io. The two discuss Charlie's career as an entrepreneur (Large sale of RealAge to Hearst, Oil Franchise to Jiffy Lube) and now Permission to give users control over their data. Thank you to our sponsor Crypto.com for making this happen! Visit bit.ly/cryptodelphi for more information!   Resources: Guest’s Website: https://permission.io/ Guest’s Twitter: https://twitter.com/PermissionCEO Tom's Twitter: https://twitter.com/Shaughnessy119 Delphi Podcast Twitter: https://twitter.com/PodcastDelphi More Our Video interviews Can Be Viewed Here: https://youtu.be/fubeSokngY8 Access Delphi's Research Here: https://www.delphidigital.io/ Kubera lets you monitor your crypto and traditional portfolios in a single place. Think Coinbase and Fidelity on the same dashboard. All major banks, brokerages, crypto exchanges and wallets supported. https://www.kubera.com/   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. 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 sponsorships are for informational purposes only and are not a solicitation to use any product or service.

1 Okt 202031min

Andre Cronje: From A Mystical Launch to The Yearn Empire

Andre Cronje: From A Mystical Launch to The Yearn Empire

Chain Reaction Host Tom Shaughnessy hosts Andre Cronje of Yearn Finance. The two discuss the mystical birth of Yearn Finance, Andre’s views on a myriad of interesting topics (fair launches, governance, decentralization, token economics) and much more.    Thank you to our sponsor Crypto.com for making this happen! Visit bit.ly/cryptodelphi for more information!   - Resources: Andre’s Twitter: https://twitter.com/AndreCronjeTech Yearn’s Website: https://yearn.finance/ Tom's Twitter: https://twitter.com/Shaughnessy119 Delphi Podcast Twitter: https://twitter.com/PodcastDelphi More Our Video interviews Can Be Viewed Here: https://youtu.be/fubeSokngY8 Access Delphi's Research Here: https://www.delphidigital.io/ 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. 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 sponsorships are for informational purposes only and are not a solicitation to use any product or service.

28 Sep 202058min

Thorchain’s Cross-Chain Liquidity Pools Will Revolutionize Value Transfer

Thorchain’s Cross-Chain Liquidity Pools Will Revolutionize Value Transfer

Chain Reaction Hosts Tom Shaughnessy and Yan Liberman are joined by Chad Barraford of Thorchain. The three discuss the genesis of Thorchain, why cross-chain liquidity pools will revolutionize value transfer, and why RUNE's token econ makes sense long term vs quick yield farming plays. Delphi’s RUNE Report: https://www.delphidigital.io/reports/thorchain/ Thank you to our sponsor Crypto.com for making this happen! Visit bit.ly/cryptodelphi for more information! - Resources: Guest’s Twitter: https://twitter.com/CBarraford Thorchain’s Website: https://thorchain.org/ Network status: https://defi.delphidigital.io/thorchain/chaosnet/network Tom's Twitter: https://twitter.com/Shaughnessy119 Delphi Podcast Twitter: https://twitter.com/PodcastDelphi   More Our Video interviews Can Be Viewed Here: https://youtu.be/fubeSokngY8 Access Delphi's Research Here: https://www.delphidigital.io/ Kubera lets you monitor your crypto and traditional portfolios in a single place. Think Coinbase and Fidelity on the same dashboard. All major banks, brokerages, crypto exchanges and wallets supported. https://www.kubera.com/   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. 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 sponsorships are for informational purposes only and are not a solicitation to use any product or service.

23 Sep 202056min

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