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)

Alpine’s Rocco and Jacob: Creative Token Destruction and Evolution

Alpine’s Rocco and Jacob: Creative Token Destruction and Evolution

Host Tom Shaughnessy of 51pct.io is joined by Gregory Rocco and Jacob Blish, two token designers and engineers as ConsenSys' Alpine Spoke. The conversation covers everything from the use cases and design of utility tokens, to designing for governance and positive incentives and even token doomsday scenarios. Sign up for 51pct.io using coupon code "Token" for 20% of for the next 24 hours. Topics covered include How the two design tokens for crypto projects How to decide which projects actually need a token The use cases of tokens (payments, voting, work, and representative) tokens. Why we don't need so many utility tokens, we can just use Ethereum. Convincing enterprises why shared infrastructure through token usage is the future, and convincing them how to use work tokens. Why Brave doesn't need its BAT token 0x Project and MakerDAO token dynamics The idea of futility tokens, and how projects that issued tokens that don't need them will pivot. designing tokens that offer real foundational governance How to design token governance the right way Doomsday scenarios; how changes to the base protocol of blockchains can negatively impact all of the decentralized applications and smart contracts built on top of it. We also detail Rocco's posts; The Death of Decentralization (the buzzword). How to design for decentralization Debating whether a project having a centralized leader is a good thing or a bad thing How to handle token voting.   ----more----   Follow Tom on Twitter @Shaughnessy119 Follow Rocco on Twitter @Obstropolos  Follow Jacob on Twitter @chaingenius ConsenSys' Website    ----more----  Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, MKR, ZRX, HYDRO, CVC, POLY and GLA. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. 51percent was not compensated by any party for this podcast episode. Tom has no investment stake in ConsenSys or PegaSys. ----more---- Sign Up For 51percent's Leading Crypto Research ----more----   Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io   ----more----

6 Dec 20181h 12min

PegaSys: Daniel and Faisal On The Future of Enterprise Ethereum

PegaSys: Daniel and Faisal On The Future of Enterprise Ethereum

Host Tom Shaughnessy of 51pct.io is joined by the PegaSys team, a spoke of ConsenSys focused on building Ethereum tech for the public-chain community and leading enterprises. The 50 person team is one of ConsenSys' largest teams. Tom is joined by Daniel Heyman a co-founder of PegaSys and Program Director and Faisal Khan whose role is Strategy and Business development at PegaSys. The conversation spans The use case for enterprise/private blockchains What PegaSys does, and its goals. The release of Pantheon Core and why this client is catered towards enterprises. The future release of Enterprise Alpha and what this means for the space. The interaction between private blockchains and the main Ethereum chain The use cases for private blockchains. The pain points the PegaSys team has faced and how the team overcame them The future of Ethereum with Serenity.   ----more----   Follow Tom on Twitter @Shaughnessy119 Follow PegaSys on Twitter @PegaSysEng   Follow Daniel on Twitter @HeymanDaniel Follow Faisal on Twitter @fkhan11  PegaSys Website   ----more----  Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, MKR, ZRX, HYDRO, CVC, POLY and GLA. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. 51percent was not compensated by any party for this podcast episode. Tom has no investment stake in ConsenSys or PegaSys. ----more---- Sign Up For 51percent's Leading Crypto Research ----more----   Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io   ----more----

4 Dec 201855min

Kevin Werbach: The Blockchain and the New Architecture of Trust

Kevin Werbach: The Blockchain and the New Architecture of Trust

Host Tom Shaughnessy of 51percent is joined by Kevin Werbach to discuss his newly released book, "The Blockchain and the New Architecture of Trust".    About Kevin: Kevin Werbach is Professor of Legal Studies and Business Ethics at the Wharton School of the University of Pennsylvania. Founder of the technology consulting firm Supernova Group, he has advised the FCC and Department of Commerce on communication policy. ----more----   Follow Tom on Twitter @Shaughnessy119 Follow Kevin on Twitter @kwerb Purchase Kevin's Book: The Blockchain and the New Architecture of Trust ----more----  Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, MKR, ZRX, HYDRO, CVC, POLY and GLA. Tom does not own tokens in EOS. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. 51percent was not compensated by any party for this podcast episode.  ----more---- Sign Up For 51percent's Leading Crypto Research ----more----   Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io   ----more----

30 Nov 20181h

Zak, Nate and Daniel: Three Months of Heavy Analysis Unearthed Serious Issues With EOS

Zak, Nate and Daniel: Three Months of Heavy Analysis Unearthed Serious Issues With EOS

Today on the podcast, the Whiteblock Team joins host Tom Shaughnessy of 51percent to discuss their widely circulated technical research report titled; "EOS: An Architectural, Performance, and Economic Analysis Paper". Tom is joined by Zak Cole the CTO of Whiteblock, Nate Blakely a systems developer at Whiteblock and Daniel Choi a blockchain developer at Whiteblock. Why the actual throughput or tx/s of EOS falls short of what is marketed or promised. EOS can only handle a few dozen tx/s not 5,000 to 10,000 tx/s. The issues with having 21 block producers, and the formation of cartels. The results of the team's three-month analysis of EOS, which comprised thousands of hours. The issues with voting on EOS and why fixing the constitution cant fix the current problems. The problems with Bandwidth and Log Storage (Disk), Computation and Computational Backlog (CPU) and Storage (RAM) on EOS. Could Block One act against EOS or is the fact that we have to trust that they wont against EOS the real issue? ----more----   51percent's Reports on Tezos and MakerDAO Follow Tom on Twitter @Shaughnessy119 EOS: An Architectural, Performance, and Economic Analysis Paper Follow Zak on Twitter @0xzak   Follow Nate on Linkedin Follow Daniel on Linkedin Follow Whiteblock on Twitter @whiteblockio ----more----  Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, MKR, ZRX, HYDRO, CVC, POLY and GLA. Tom does not own tokens in EOS. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. 51percent was not compensated by any party for this podcast episode.----more---- Sign Up For 51percent's Leading Crypto Research ----more----  Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io ----more----

27 Nov 20181h 4min

Scott Andersen: A Former Prosecutors Take On The Legality of Crypto, ICO’s Returning Funds, and SEC Enforcement Actions

Scott Andersen: A Former Prosecutors Take On The Legality of Crypto, ICO’s Returning Funds, and SEC Enforcement Actions

On this episode host Tom Shaughnessy is joined by Scott Andersen, a principal at Finlawyer.com and a former prosecutor at FINRA. In this episode the two discuss everything legal ranging from ICOs to the future of the space   The legality of ICOs Etherdetla, Paragon and Airfox enforcement actions The legality of security tokens and exchanges Will all ICOs have to return investor money How the SEC is positioning in the space The BAKKT Delay ETF timing and impact Much, much more.   ----more----   51percent's Reports on Tezos and MakerDAO Follow Tom on Twitter @Shaughnessy119 Scott's Company Website Scott's 2016 Post       ----more----  Sign Up For 51percent's Leading Crypto Research Using Coupon Code "Thanksgiving" 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, MKR, ZRX, HYDRO, CVC, POLY and GLA. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. 51percent was not compensated by any party for this podcast episode.----more---- Sign Up For 51percent's Leading Crypto Research - Using Coupon Code "Thanksgiving" ----more----  Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io ----more----

21 Nov 20181h 8min

Eric Olszewski and José Macedo: Ethereum’s Fat Protocol Thesis and Why Crypto Hasn’t Bottomed

Eric Olszewski and José Macedo: Ethereum’s Fat Protocol Thesis and Why Crypto Hasn’t Bottomed

Eric Olszewskii and Jose Macedo join host Tom Shaughnessy to discuss Ethereum’s fat protocol thesis following Jose’s post on the topic. We also go into depth on everything Ethereum with Serenity, scalability, store of values, future use cases and why ETH prices haven’t yet bottomed. Our conversation also dives into Ethereum's competition, ranging from Bitcoin, NEO, EOS, Litecoin and Tezos.   ----more----   51percent's Reports on Tezos and MakerDAO Follow Tom on Twitter @Shaughnessy119 Follow Eric on Twitter @hrdwrknvrstps  Follow Jose on Twitter @ZeMariaMacedo  Jose's Post on Ethereum's Fat Protocol Thesis AmaZix Company Website     ----more----  Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, MKR, ZRX, HYDRO, CVC, POLY and GLA. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. 51percent was not compensated by any party for this podcast episode.----more---- Sign Up For 51percent's Leading Crypto Research  ----more----  Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io ----more----

19 Nov 20181h 24min

John Quinn: How StorJ Is Battling Cloud Competitors (AWS/Azure) and Decentralized Peers (Filecoin, Sia, Maidsafe)

John Quinn: How StorJ Is Battling Cloud Competitors (AWS/Azure) and Decentralized Peers (Filecoin, Sia, Maidsafe)

John Quinn, the Co-founder and Chief Revenue Officer at StorJ joins host Tom Shaughnessy to discuss the decentralized storage provider.  ----more---- Decentralized (StorJ, Sia, Filecoin, Maidsafe) vs Centralized storage providers (AWS, Azure) How StorJ is more focused on competing with centralized cloud providers over its decentralized peers. What's new in the comprehensive StorJ Version 3.0 White Paper (90+ pages). How the StorJ platform works, metrics so far (100 petabytes stored globally). StorJ's token dynamics. Why decentralized storage is needed since mass data can not be stored on-chain. What the future holds for decentralized storage and StorJ StorJ's timeline (2Q18 full launch for V3) Why uptime for nodes on StorJ is more important than bandwidth speed or storage capacity.  ----more---- Follow StorJ on Twitter @storjproject  Follow John on Twitter @StorjQ StorJ V3 Whitepaper StorJ Blog on Security and Encryption Follow Tom on Twitter @Shaughnessy119   ----more----  Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, MKR, ZRX, HYDRO, CVC, POLY and GLA and has no stake in StorJ. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. 51percent a----more---- Sign Up For 51percent's Leading Crypto Research  ----more----  Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io ----more----

12 Nov 201858min

Alexander and Illia: Discussing Ethereum’s Serenity and The Near Protocol

Alexander and Illia: Discussing Ethereum’s Serenity and The Near Protocol

Following Alexander's post comparing the differences between Ethereum's Serenity with Near Protocol, we decided to dive into the platform with the founders (Alexander Skidanov and Illia Polosukhin). The Near Protocol is a new project, and one of our goals is to find these projects first and educate our listeners on them.  We discuss Ethereum’s plan forSerenity (Sharding and Casper), why the Near team believes this release is not a 2020 event but likely 5 years or more away and why the Near Protocol can win first. We are all well aware of the wide array of Ethereum competitors that have come and gone, and the competition from other public chains like Tezos, EOS, etc. Although, having these conversations are invaluable since 1) you learn the criticisms of the major platforms from outside teams, 2) You could potentially find the next big idea and 3) you keep an open mind on other ways to build these projects. ----more---- Follow Alexander on Twitter @AlexSkidanov Follow Illia on Twitter @ilblackdragon Follow Tom on Twitter @Shaughnessy119 Near Protocol Website Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH and has no stake in the Near Protocol. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. No party compensated Tom Shaughnessy or 51percent Crypto Research for this podcast.  ----more---- Sign Up For 51percent's Leading Crypto Research  ----more----  Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io ----more----

9 Nov 201850min

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