# Yield Basis: Disrupting Defi & Bitcoin Yield

Page: https://stenobird.com/podcast/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755/yield-basis-disrupting-defi-bitcoin-yield
Text version: https://stenobird.com/podcast/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755/yield-basis-disrupting-defi-bitcoin-yield.md
Podcast: [Epicenter - Learn about Crypto, Blockchain, Ethereum, Bitcoin and Distributed Technologies](https://stenobird.com/podcast/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755)
Published: 2025-11-05T18:40:10+00:00
Episode link: https://podcasters.spotify.com/pod/show/epicenterpodcast/episodes/Yield-Basis-Disrupting-Defi--Bitcoin-Yield-e3ai3i7
Audio file: https://anchor.fm/s/10901e500/podcast/play/110742535/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-10-5%2F410669374-44100-2-dd36364f8d5bd.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755/episodes/yield-basis-disrupting-defi-bitcoin-yield
Duration seconds: 3605

## Resource

Brian Fabian Crain and Michael Egorov , Curve Finance founder, discuss Curve's origins: solving inefficient DAI/USDC swaps after MakerDAO borrows by creating a DeFi AMM for stablecoins and LSTs. It hit 1M TVL with a bonding curve concentrating liquidity at 1:1, more effective for pegged assets than Uniswap. Features grew to include BTC wrappers, stETH pairs, and crvUSD (a CDP stablecoin with reversible liquidations & a peg-keeper). Governance uses veCRV: Locking CRV grants voting power proportional to lock duration, a mechanism now refined in Yield Basis . Yield Basis solves impermanent loss in volatile pools (e.g., BTC/crvUSD). Users deposit BTC; the protocol borrows crvUSD, pairs it at 2x leverage (50% debt/equity), and uses LP tokens as collateral. This gives 1:1 asset tracking, while fees accrue from auto-rebalancing arbitrage. Simulations show 20%+ APY (may decline as BTC volatility drops) under a $50B TVL cap. It complements Curve by directing veCRV incentives to crvUSD pools, enhancing liquidity, fees, and DAO revenues. Key considerations: manual migrations, deterring forks, and dev support to scale. Topics Discussed 00:00 Introduction to Curve Finance and YieldBases 02:24 Understanding Curve's Unique Mechanisms 07:58 The Concept of veTokenomics 15:27 Lessons Learned from Building Curve 22:20 Exploring YieldBasis and Its Innovations 29:47 Understanding Yield Basis and Collateralization 32:25 Navigating Market Volatility and Liquidation Events 35:32 Metrics and Performance Insights of Yield Basis 38:35 Scaling Yield Basis: Future Directions 40:33 Yield Expectations and Market Dynamics 43:12 Potential Growth and Liquidity Challenges 46:18 Expanding to Other Chains and Governance Tokens 49:35 The Symbiotic Relationship with Curve 54:31 Upcoming Milestones and F…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755/episodes/yield-basis-disrupting-defi-bitcoin-yield/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755/yield-basis-disrupting-defi-bitcoin-yield.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.