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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Ethereum’s Danny Ryan: The Definitive ETH 2.0 Update

Ethereum’s Danny Ryan: The Definitive ETH 2.0 Update

Host Tom Shaughnessy of Delphi Digital is joined by Ethereum's Danny Ryan, as he answers the community's most pressing questions on ETH 2.0, the technology, recent changes to the roadmap, and so much more. It was a pleasure to have Danny on for a look inside the Ethereum machine. Ethereum is at a pivotal juncture with ETH 2.0 on the horizon and new scaling technologies gaining momentum (optimistic rollups) et al.  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 Danny on Twitter @dannyryan - 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

11 Nov 201945min

Synthetix’s Kain Warwick: How Ethereum Will Absorb a Trillion Dollar Market

Synthetix’s Kain Warwick: How Ethereum Will Absorb a Trillion Dollar Market

Host Tom Shaughnessy of Delphi Digital is joined by Synthetix's founder Kain Warwick, and this episode it co-hosted by Delphi's Medio Demarco. On this episode we do a deep dive into Synthetix, the protocol that providers exposure to decentralized synthetic assets and is gaining massive momentum in the DeFi space. On this episode we cover the intricate details of the protocol, the synthetx.exchange, Mintr, their dashboard, and what's planned for the future.  Before launching Synthetix, Kain built the largest cryptocurrency payment platform in Australia, with tens of millions in transaction volume. 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 Kain on Twitter @kaiynne Follow Medio on Twitter @mediodelphi  - Resources: Institutional Clients can access Delphi's deep dive research report on Synthetix here.  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, DCR, 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. Co-Host Medio Demarco also owns tokens in SNX. - 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

6 Nov 20191h 5min

Amentum’s Steven McKie: Sustainable Crypto Fund Investing

Amentum’s Steven McKie: Sustainable Crypto Fund Investing

Host Tom Shaughnessy of Delphi Digital is joined by Steven McKie, the GP and MD at Amentum. In this episode we go through Steven's career, why he started Amentum, his process for selecting investments, what he looks for in founders and so much more. This episode is a deep dive into the minds of one of the earliest investors in the space, and how he built his fund.  Steven McKie is a crypto veteran of 7 years. Previously Head of Growth and Product Content at Purse, he expanded Purse’s operations with value-added partnerships in multiple regions globally and assisted in building out the bcoin developer team and support team. 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 Steven on Twitter @Steven_McKie  Resources: Amentum Website 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, DCR, 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

4 Nov 201952min

Anchorage’s Diogo Monica: An Advanced Custodian Engineered to Secure Trillions in Crypto

Anchorage’s Diogo Monica: An Advanced Custodian Engineered to Secure Trillions in Crypto

Host Tom Shaughnessy of Delphi Digital is joined by Diogo Monica to discuss Anchorage, a leading crypto custodian that is built to secure trillions in assets. Anchorage was founded on the belief that technical problems require technical solutions. To help financial institutions invest securely in digital assets, we are building the first crypto-native custodian.  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 Diogo on Twitter @diogomonica   Resources: Check out eToro to Create Your Perfect Crypto Portfolio Earn, Borrow & Pay on the Blockchain With Celsius Network - Use Promo Code Chain 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, DCR, 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 advertise on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io

30 Okt 201938min

Luke Gromen and Kevin Kelly: King Dollar and Macro Chaos

Luke Gromen and Kevin Kelly: King Dollar and Macro Chaos

Host Tom Shaughnessy of Delphi Digital is joined by Luke Gromen, the Founder of the unique macroeconomic research firm Forest for the Trees (FFTT) and Kevin Kelly, a co-founder of Delphi Digital.  On this episode we have an all encompassing episode covering the current macro landscape, the global sovereign debt bubble, the state of fiscal & monetary policy and its impact on the U.S. dollar, plus what this all means for Bitcoin. 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 Luke on Twitter @LukeGromen  Follow Kevin on Twitter @Kevin_Kelly_II   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, LEO, DCR, 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 advertise on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io

28 Okt 20191h 18min

Vitalik Buterin: ETH 2.0 Driven by Simplified Sharding, Optimistic Rollups and Native Cross Shard Communications

Vitalik Buterin: ETH 2.0 Driven by Simplified Sharding, Optimistic Rollups and Native Cross Shard Communications

Host Tom Shaughnessy of Delphi Digital (DelphiDigital.io) is joined by Vitalik Buterin, the co-founder of Ethereum to discuss his recent post titled: Eth2 shard chain simplification proposal. On this episode we discuss Vitalik's view on how simplified sharding, and optimistic rollups could drive 100k transactions per second in one year. We also discuss the benefits of native cross shard communication that is enabled by this new scheme. This was a very informative episode, and I think Vitalik for hopping on the podcast on such short notice, literally minutes after I read this post. In my personal opinion it's a pivotal time for Ethereum between ETH 2.0 gaining momentum, optimistic rollups and native cross shard communications.  To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these! To access the insights package of Delphi's leading crypto research, visit DelphiDigital.io on your device and sign up using coupon code CHAINREACTION Follow Tom on Twitter @Shaughnessy119 Follow Vitalik on Twitter @VitalikButerin   Resources: Check out eToro to Create Your Perfect Crypto Portfolio Vitalik's Post: Eth2 shard chain simplification proposal 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, DCR and STX. Lets Talk Bitcoin is a distribution partner for the chain reaction Podcast, and our current show is sponsored by eToro which is a paid show sponsor.   - Advertisers: To advertise on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io

24 Okt 201939min

Jake Brukhman: Network Lifecycle Investing

Jake Brukhman: Network Lifecycle Investing

Host Tom Shaughnessy of Delphi Digital (DelphiDigital.io) is joined by Jake Brukhman, the founder of Coinfund a crypto fund launched in 2015. On this episode we discuss Jake's investing thesis, what he's most interested in now, and his entire stance on Network Lifecycle Investing. If you're looking to learn from the best, this is the episode for you.  To help support the show, please hit the subscribe button on iTunes so we can keep bringing you episodes like these! To access the insights package of Delphi's leading crypto research, visit DelphiDigital.io on your device and sign up using coupon code CHAINREACTION Follow Tom on Twitter @Shaughnessy119 Follow Jake on Twitter @jbrukh    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, LEO, DCR and STX. Lets Talk Bitcoin is a distribution partner for the chain reaction Podcast, and our current show is sponsored by eToro which is a paid show sponsor.   - Advertisers: To advertise on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io

22 Okt 201941min

Katherine Wu: Breaking Down The EOS and Block One Settlement

Katherine Wu: Breaking Down The EOS and Block One Settlement

Host Tom Shaughnessy of Delphi Digital (DelphiDigital.io) is joined by Notation Capital's Katherine Wu for an awesome discussion on EOS and the Block One settlement. Katherine notated the entire massive document so we walk through what it means, the implications and so much more. This was a fun and insightful episode, one of my favorites.   To access the insights package of Delphi's leading crypto research, visit DelphiDigital.io on your device and sign up using coupon code CHAINREACTION Follow Tom on Twitter @Shaughnessy119 Follow Katherine on Twitter @katherineykwu   Resources: Katherine's Notations on the order and settlement letter Thank Katherine for her work and send a donation! Brians Tweet 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, DCR and STX.   - Advertisers: To advertise on this podcast, email Tom@DelphiDigital.io Potential Guests: If you're interested in appearing on the podcast, email Tom@DelphiDigital.io

11 Okt 201937min

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