YIELD BASIS: DEFI'S ‘BITCOIN BLACK HOLE'

Summary from the TLDR Crypto newsletter

Yield Basis, a new protocol from Curve founder Michael Egorov, uses a leverage mechanism with automated AMM rebalancing to eliminate LP impermanent loss to ensure that liquidity providers' BTC-denominated holdings never shrink during market moves. Liquidity providers choose between earning real BTC trading fees or receiving emissions of the YB token, which can be locked for governance and yield capture, effectively turning emissions into mining with intrinsic cost. Egorov plans chain-specific deployments, each with its own YB token, to avoid bridging and align with local ecosystems. Yield Basis aims to launch on the Ethereum mainnet once audited.