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Michael Egorov is no stranger to token stimulation mechanisms. As the founder of Curve, he pioneered (VE) tokenomics to sap the growth of the Stablecoin-Amm. But his new protocol, yield base, is built for a different type of user: “People who want to earn something on mainly Bitcoin”, as Egorov told Blockworks.
In the core, the yield base is an attempt to eliminate LP -opposed loss by utilizing liquidity. Egorov explains: “If you use the liquidity with a factor of two and keep this leverage, the prices of liquidity that you give lock will disappear.” The result, he says, is LP positions that behave like Spot BTC exposure -without the usual disadvantage when the prices move violently.
The mechanism builds on the Curve liquidity pools, but with important upgrades. Egorov has prepared the system to automatically “re-switch” again, so that the 2x ratio is kept constant. “It is very important to keep this ratio whole, very accurate,” he said and noticed that “a special AMM will do it for you.”
That precision, he argues, is what the yield of yield distinguishes from liquid. ‘From what I understand [Fluid is] Do it rather manually, “he said.” They earn a lot from costs, but they lose more when this process of moving the reach takes place. “With the yield base, on the other hand, the re -balanced logic is automated and powered by arbitration, so that the capital value in BTC terms is stored.” You want your number of Bitcoin to go up smoothly instead of ever going. “
Of course there are new protocoltokens involved. And the Tokenomics design is no less ambitious. LPS must choose: earn real BTC-Perselige yield from trading costs, or apart from that income in exchange for emissions of the first native token of the protocol, $ YB. “We only distribute real income into liquidity providers who have not chosen to earn YB inflation,” said Egorov.
YB emissions changes that dynamic in slightly closer to mining than agriculture. “Each $ YB -Token has an intrinsic costs to be mined,” wrote researcher Vasily Sumanov in a recent X article. “Users buy $ YB efficiently from the protocol for a certain price (or bear certain costs to obtain them).”
The Token Utility follows a well -known curve model. YB can be locked in Veyb to send emissions and record BTC yield, so that some people already mention Curve Wars 2.0. “When it starts up a new project, it is actually good to have a new sign,” said Egorov – and it is expected that it is one for every chain implementation with “his own board to every chain.”
That decision, which will probably lift some eyebrows, is partially driven by a desire to remove any need for bridging, and partly because “having one token per chain can open good business opportunities to adapt to local ecosystems in non-eth chains,” Egorov said.
Although it is a standing protocol, Egorov insists that curve also benefits. “10% of the completely diluted YB tower distribution will go to Curve,” he said. In addition, Curve’s colland Stablecoin, CRVUSD, is central to architecture. “These YB -Tokens can be used to buy votes for CRVUSD -Liquidity … That is income for the DAO if you are voting stimuli as income.”
The Curve Dao Funds directly The company of Egorov, Swiss Stake AG. Aave -founder Stani Kulechov recently Receive pushback From holders of a token about his plans to launch a new protocol under comparable conditions.
Revenue base quietly collected $ 5 million in February and is not yet alive. It is first launched on Ethereum Mainstje. When? “As soon as I am sure the code is safe and ready,” said Egorov. “I want to see it perform in real life.”
