Michael Egorov, founder of Curve Finance, launched the yield base, a decentralized protocol built to provide Yield while eliminating the impermanent loss (IL), one of the oldest challenges in decentralized finance.
Bitcoin holders have long faced limited opportunities for chain yields. Loan markets rarely offer more than one fraction of percent, while automated market pools (AMM) have exposed users to IL – the risk of losing value when the prices of tokens divergent. Even under favorable conditions, yields have rarely exceeded 1 to 2%.
The yield base addresses this in relegating the AMM model. The protocol completely removes the risk, which, according to Egorov, will allow deeper bitcoin liquidity on the chain and more attractive performance possibilities for institutional and professional investors. To manage early growth, three pools were launched with a deposit ceiling of $ 1 million each.
The system borrows from the five years of resilience of curve infrastructure, adopting a voting mechanism (VEYB) for governance. The chip holders must lock their YB to participate in governance and earn protocol costs, distributed in the stable Crvusd of curve or wrapped bitcoin. Unlike many DEFI projects, tokens emissions are not simply given to liquidity suppliers; They are linked to the position yield, a model that Egorov calls “value protection”.
The yield base obtained $ 5 million at the beginning of 2025 and is the first project to make its debut on the Legion joint and Kraken Launchpad, where the community can access its sale of token. Although Bitcoin is the initial objective, Egorov claims that the protocol’s impermanent loss solution could extend to Ethereum, tokenized or even stocks – potentially expanding the scope of performance bearer in mind.
