Michael Egorov, founder of Curve Finance, has launched Yield Basis, a decentralized protocol built to provide sustainable bitcoin (BTC) yield while eliminating impermanent loss (IL), one of decentralized finance’s longest-running challenges.

Bitcoin holders have long faced limited opportunities for on-chain returns. Lending markets rarely offer more than a fraction of a percent, while automated market maker (AMM) pools have exposed users to IL — the risk of losing value when token prices diverge. Even in favorable conditions, yields rarely topped 1–2%.

Yield Basis tackles this by reengineering the AMM model. The protocol removes IL risk altogether, which Egorov says will enable deeper Bitcoin liquidity on-chain and more attractive yield opportunities for institutional and professional in

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