DeFi Returns Without Impermanent Loss with YieldBasis Co-Founder Michael Egorov

About this episode

In this episode, Jacob Brown interviews Michael Egorov about YieldBasis and its approach to generating yield from Bitcoin volatility while avoiding impermanent loss.

Subscribe to the BitcoinYield newsletter: https://www.bitcoinyield.com/#newsletter In this episode of BitcoinYield, Jacob Brown sits down with Michael Egorov, co-founder of Curve and YieldBasis, to break down how YieldBasis turns BTC volatility into yield while preserving spot exposure. The conversation covers why traditional AMMs create impermanent loss for Bitcoin holders, how YieldBasis uses constant leverage to offset that square-root value drag, and what changes in YieldBasis V3. They also discuss CurveUSD loan mechanics, vault capacity caps, YB token emissions, real yield vaults, redemption-value deviations during volatility spikes, and Michael’s security-first view on DeFi front ends. No yield discussed here should be treated as guaranteed. YieldBasis vault returns depend on market volatility, trading activity, token emissions, stablecoin mechanics, smart contracts, and protocol execution. Timestamps: 00:00 - Introduction 01:05 - Volatility Yield with Spot Exposure 07:15 - Math behind Constant-Leverage AMMs 12:01 - Volatility-Dependent Deviations 14:35 - BTC-CurveUSD Loan Mechanics 21:13 - Fee Distribution and VEYB Lockers 32:07 - YieldBasis V3 34:28 - Supercomputer…

People in this episode

Host: Jacob Brown

Guest: Michael Egorov

Topics covered

• DeFi
• yield generation
• Bitcoin volatility
• impermanent loss
• constant leverage
• CurveUSD mechanics
• DeFi security

Keywords

• YieldBasis
• Bitcoin
• DeFi
• impermanent loss
• Curve
• volatility
• AMMs
• yield generation
• smart contracts
• security

Mentioned in this episode

Organizations: YieldBasis, Curve, CurveUSD, BitcoinYield

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