yieldbasis

Thanks for good news from the US (Bitcoin loves those, doesn't it), @yieldbasis v3 pools are all balanced now. APRs seems quite nice now, too

Yield Update: For the first time in months, @yieldbasis has open capacity greater than just a few thousand dollars. The cbBTC vault currently has the most open capacity. See how its been peforming over the last month below 🧵

The concentrated liquidity problem @newmichwill says is DeFi's core challenge: "Moving ticks in Uniswap v3/v4: lossy. Curve FX pools: also lossy, but managed." "@yieldbasis uses same pools, removes impermanent loss, requires automatically managed concentrated liquidity." "Solution: automatic market makers. Smart contracts. No market making firms needed."

ok since nobody else is going to say it, let me walk through what’s actually happening with $YB look at the chart. wick up, instant snap back down. It’s not weakness. It’s what accumulation looks like on a thin book. someone buys size, blows through the asks, price spikes, then the programmatic sells reload underneath and drag it right back. to most people it looks like chop. to anyone watching flow it looks like someone loading bags while keeping price pinned. and before you say “it’s just farm dumping” — the @valueverse_ai data killed that argument. 52.1M YB emitted total. 61M locked into veY. lockers have absorbed literally every token ever emitted, plus 8.9M more. throw in team/investor locks and you’re at 103M locked. that’s 10%+ of the entire 1B theoretical supply sitting in 4 year escrow. Plus, even with zero cost basis farmers would obviously want a higher price, so why keep it structurally down? emissions aren’t even free here btw. LPs give up their BTC trading fees to earn YB. every token has a cost. and since the fee switch in december, locking pays real BTC yield. so guess what the locked supply chart does. straight up and to the right. so run it forward. emissions decay on a fixed curve. locks keep compounding. sell pressure is getting fully absorbed while the float quietly disappears. all it takes is one catalyst bringing real volume and there’s nothing left on the ask side. price discovery on a float like this doesn’t trend, it gaps. dex rips first, then cex arb bots chase it and make it worse. not financial advice. but I know a coiled spring when I see one

Just like WBTC pool did, cbBTC pool at @yieldbasis also balanced out, opening up around 5% space available for deposits (which is around $2M). It also means that it will probably be earning fees better in the coming days

@yieldbasis supply insight: - Over 10% of the theoretical $YB supply is already locked (103M vs. 1B) - veYB has absorbed 100% of all emitted $YB Breakdown: - Emissions: 42.0M (LPs) + 10.1M (Curve licensing) = 52.1m - User locks (excluding team & investors): 61.0M YB - Net absorption: +8.9M YB (61.0M locked vs. 52.1M emitted) On top of that, another ~42M YB is locked by the team and investors.

smol window capacity is available again in the main pools yieldbasis.com/earn

Well ok, time to convert FUD to cash

proposal 50 passed +5m capacity is now open in @yieldbasis wETH pool ETH LPs can now access the updated single-sided v3 pool capacity is limited: yieldbasis.com/earn

proposal #50 is live once approved by governance: +5m ETH capacity will open in the v3 pool. veYB holders, your vote matters: yieldbasis.com/proposal/50 LPs, be ready. the window won't stay open for long.

Proposal to raise WETH @yieldbasis pool cap by a tiny bit ($5M). Very soon though, we will present a research and solution how to do unbounded raises of the pool caps in ways safe for crvUSD and the protocol. yieldbasis.com/proposal/50

New @yieldbasis milestone: - $4B of cumulative swaps - $35m of swap fees in underlying Curve pools - $4m admin fees (3.98m+1.9k pending to claim) Live stats👇

@EbisuEthan Many yield sources, but no @yieldbasis? WETH V3 is stable enought for the month since start.

Five months ago, the February market selloff and the launch of @yieldbasis revealed areas where the $crvUSD ecosystem could be improved. The peg wasn't breaking, it remained very close to $1 but temporary deviations of several basis points (tens of bps at the largest moves) and increased borrow rate volatility raised valid questions for borrowers and the community. Rather than accepting that behavior as "good enough," the @CurveFinance ecosystem responded. Over the following months, the Curve core team, @LlamaRisk, TokenLogic, ecosystem projects, contributors, and the DAO worked through a series of proposals that strengthened the protocol: • Higher $scrvUSD revenue allocation to reinforce structural demand for crvUSD • Emergency peg-defense capabilities delegated to eDAO • Additional PegKeeper infrastructure and liquidity incentives • Monetary policy updates designed to significantly reduce borrow rate volatility The charts below tell the story. Compared with February, today's $crvUSD peg is noticeably more stable and borrow rates are far more predictable, providing a much better experience for borrowers. Perhaps the most important takeaway is that these improvements were validated during one of the most volatile five-month periods the crypto market has experienced in recent years. Persistent declines in collateral assets created exactly the kind of stress environment needed to test every mechanism designed to protect the system. That stress wasn't wasted - it became a real-world testbed that helped refine the protocol and strengthen its resilience. Today, borrowers, crvUSD holders, and Curve users can have significantly greater confidence that the protocol and its governance process are prepared for similar market conditions in the future. This is what decentralized governance looks like when it works: identify weaknesses early, debate solutions openly, implement improvements, and emerge with a stronger and more resilient protocol.

Release: @yieldbasis Protocol Financials Live accounting for revenues & expenses: - LP gains (v1/v2/v3), realized/unrealized + veYB fees - $YB Emissions (Rewards, Curve Licensing) Link: in comment Live protocol accounting.

5 Key Takeaways from our conversation with Michael Egorov (@newmichwill) Co-founder of @yieldbasis and @CurveFinance #1 - YieldBasis earns from BTC volatility. “YieldBasis earns yield on Bitcoin from Bitcoin volatility.” Michael’s point is that the fee engine is market movement. Deposited BTC is paired with CurveUSD, the vault market-makes between the two, and volatility creates the trading activity that generates fees. A common way market participants earn yield, but with less exposure to impermanent loss. #2 - The goal is to keep BTC exposure linear. “You kind of negate this square root.” Standard AMMs are structurally bad for long-term BTC holders because LP value follows a square-root path. YieldBasis uses constant leverage so the vault’s fundamental value tracks BTC more directly, with trading fees on top. #3 - The remaining impairment is volatility-driven. “If volatility is high, then the value can go down a little bit... and then recover back.” YieldBasis reduces price-dependent impermanent loss, but redemption value can still dip below NAV during sharp volatility. That matters for anyone who needs instant liquidity or is borrowing against the position. #4 - YieldBasis has two yield paths “you’re just choosing, do I want to earn fees or do I want to earn YB tokens?” Michael’s point is that depositors are not locked into one yield stream. Holding ybBTC earns trading fees from the AMM. Choosing the token path earns YB emissions instead. The system also self-balances. If more users chase YB emissions, fee yield becomes more attractive elsewhere in the system. If more users choose fees, emissions can fall. Michael described it as a market-set equilibrium. #5 - Capacity depends on CurveUSD stability currently. “The reason for the cap is stability of Curve's stable coin.” YieldBasis has been capacity-constrained since launch because BTC volatility can affect the CurveUSD side of the system. Higher caps require stronger CurveUSD supply sinks. Recently launched Hybrid vaults are one path around that constraint by pairing BTC exposure with CurveUSD deposits. Full conversation here: youtu.be/VBPr1jCqt1c

@yieldbasis generated $2.3m profits ($BTC, $WETH) for LPs who already exited their positions. The "Protocol Financials" section at $YB Hub coming out today

The market definitely isn’t pricing in the amount of fees @yieldbasis is going to collect and pay its token holders in the future. YieldBasis allows all these tokenized stocks to generate yield. Can you imagine? Earning 10% while holding SpaceX. YIELD IN SPACEX!!! With no impermanent loss. Which means you don’t lose out on the growth of the stock for being a liquidity provider. People have not realized what this means lol. You get a growth stock AND yield. It’s not magic either. YieldBasis just takes advantage of what permissionless DeFi gives you. The ability for arbitragers to make money due to skew of assets from external sources. YieldBasis is a product that lets you capture profit from an arbitrager when you have a good volatility profile on a mature asset. YieldBasis does NOT need users to swap through it to work. Bots will rebalance it because there is money to be made. Thats it. V3 is performing beautifully in production. It’s still in “warm-up” mode and some V2 LPs still need to move over, but it’s doing exactly what it supposed to. This means YieldBasis just needs to launch more assets and its revenue will 50x It compounds too. As more liquidity sits in the underlying YB pools, routes become more efficient as people trade between assets. This creates even more fees. The price is going to sharply reverse when the market understands what is built here.

Im looking at gov tokens with revShare This is @yieldbasis Read the docs, or watch this video youtu.be/SC0tVRbbOFM?si… They can't keep the BTC and ETH out of these. ....FILLED ....FILLED ....FILLED The chart below shows the revenue to veYB holders (you can use @yearnfi or @stakedao if you like) The spikes are in times of bull/bear combat. If you think there will be crabby times with a lot of volume on the ETH/BTC/USD charts, $YB captures this. team is also @CurveFinance with their track record, controlled risk adjusted growth, adaptations to outcomes, and commitment to DAO governance.