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.financeYield 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 onSpotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43QTimestamps00:00 - Intro: Yield Basis and Michael Egorov01:15 - Yield Basis: Single-sided LP without impermanent loss02:00 - Impermanent loss with Bitcoin/USDT07:30 - AMMs create "buy low, sell high"09:00 - Solution: Leverage eliminates square-root pricing13:00 - Curve beats Uniswap v215:30 - Historical sims: 10-20% APR19:00 - Borrowing: Arbitrage and debt management24:30 - Net returns after costs25:15 - crvUSD as low-cost capital27:15 - Separate protocol vs. Curve integration28:00 - Tokenomics: Real yield OR tokens32:45 - Points vs. transparent distribution36:00 - Dynamic fees prevent zero-division40:00 - GTM: Miners, funds, institutions43:00 - Multi-chain: Instances vs. bridges48:30 - BD with competing chains50:30 - Curve vs. Yield Basis governance52:00 - Modern vs. OG DeFi principles55:30 - Treasury relationships vs. decentralization56:30 - Challenge: Real-world performance58:30 - Market: $50-100B addressable1:02:00 - crvUSD scaling mechanics1:06:15 - Market cap ceiling calculations1:08:00 - Beyond Bitcoin: Gold, volatiles1:08:45 - DeFi innovations: Pendle, Athena1:11:30 - Hyperliquid bootstrap strategy1:12:00 - Closing: Growth parallelsDisclaimerThis 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 Delp