Yield Basis: Disrupting Defi & Bitcoin Yield

Epicenter - Learn about Crypto, Blockchain, Ethereum, Bitcoin and Distributed Technologies

Epicenter Media Ltd.에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Epicenter Media Ltd. 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

1M ago 1:00:05

MP3•에피소드 홈

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 Future Developments

Links Mentioned

Sponsors

Gnosis: Building decentralized infrastructure since 2015. With Gnosis Pay, the first Decentralized Payment Network. Start leveraging its power at gnosis.io

This episode is hosted by Brian Fabian Crain.

667 에피소드