yield basis16
$yb
MCAP36.93M
+1.55%

what's yield basis?

Yield Basis is an AMM-based DeFi protocol developed by Curve Finance founder Michael Egorov, designed to eliminate impermanent loss for liquidity providers in liquidity pools. It achieves this by using 2x leverage through crvUSD to optimize positions, allowing LPs to track underlying asset prices 1:1 while generating trading fees from Curve pools. Liquidity positions are tokenized into yield-bearing assets such as ybBTC and ybETH, which can be staked for additional YB token rewards. The protocol features a Rebalancing-AMM and VirtualPool architecture that enables arbitrageurs to maintain target leverage ratios automatically. Yield Basis aims to provide sustainable yields for BTC and ETH holders, backed by Curve DAO and Kraken.

Snapshot

Yield basis launched ETH pools; a recent WETH trade processed 122k crvUSD for 39 WETH, generating 0.17 WETH fees.

contract

ethereum

18H ago
MARKET ACTIVITY

Launched ETH pools enabling WETH trading pairs with dynamic fees ranging from 0.43% to 2.4% based on pool composition imbalance.

4D ago
OPINION SPECULATION

Recognized for introducing a new primitive with strong execution and doubling down on ve/gauges model.

6D ago
TOKEN ECONOMICS

Started distributing YB token incentives to the WETH pool contingent on a governance vote passing with 55% approval and subsequent gauge votes by veYB holders.

TOKEN ECONOMICS

Waives performance fees for the first 3 months.

TECH EVENT

Launched WETH vault.

2W ago
TECH EVENT

Requires a governance vote to approve a pool update that reduces arbitrage losses during rebalancing before adding an ETH pool.

ONCHAIN METRICS

Reached a price ratio of 0.98+ (relative to its peg) on December 27, 2025, recovering from a previous discount.

VISIBILITY EVENT

Nominated for "Best New DeFi" award with ceremony scheduled for 2025-12-30.

VISIBILITY EVENT

Ranked in top 5 on Birdeye 24-hour trending list across all chains on December 26, 2025.

3W ago
TECH EVENT

Added Bitcoin price graph overlay to the deposit growth UI interface.

TOKEN ECONOMICS

Allocates a set percentage of total supply and all future emissions to CRV lockers via bribes.

1M ago

All three pools rank in the top 10 deepest liquidity pools on Ethereum mainnet.

The Legion Prime sale attracted $200M in deposits within the first 24 hours, with ICO participants achieving approximately 5x returns at TGE.

YB Votemarket deploys, activating the voting rewards infrastructure previously indicated as upcoming.

The Legion Prime sale achieved 78x oversubscription rate.

Following governance approval, the additional $50M capacity is consumed within minutes, showing high demand for ybBTC assets.

Caps increased by $50M following a governance vote passage, with cbBTC as the best performing asset delivering 35% APY real yield.

The token achieved a 4x return from its launch price on the Legion x Kraken launchpad.

Fee switch activated after reaching $130M Bitcoin deposits, with 17 BTC (~$1.6M) in revenue now claimable by eligible users from leveraged Curve strategies.

Curve DAO approves expansion of crvUSD credit line from 300M to 1B, with the increase representing maximum capacity that scales gradually based on crvUSD liquidity and individual market governance votes.

Analysis shows the protocol can safely increase caps to $220M, representing a $70M increase from current levels, even accounting for extreme Bitcoin price movements.

$400k worth of BTC distributed to veYB holders this week, with distributions occurring every Thursday.

The token sale on Legion and Kraken was more than 70x oversubscribed.

Total sdYB minted reaches 1.94M and sdYB/YB liquidity pool launches on Curve with CRV rewards now streaming.

Rewards now stream to stakers with $18K distributed this week at 89% APR paid in WBTC. sdYB/YB campaign launches on Votemarket with a portion of sdYB fees buying veCRV votes for the sdYB/YB gauge.

Fee switch activated following $130M Bitcoin deposits from investors.

Governance vote launched to increase crvUSD allocation from 300M to 1B from Curve Finance.

A Value-Add Score feature goes live, providing dynamic proof of contribution by tracking stake, hold, and LP activity across connected wallets through the Legion system.

Caps increased to $150M, affecting crvUSD supply in PegKeeper pools.

YB/sdYB Curve liquidity pool deployed on Convex Finance with 95% projected APR through boosted CRV emissions.

6M+ YB locked in a single day as veYB locks accelerate ahead of the fee switch activation.

Fee Switch activation through governance proposal distributes 17.13 BTC (~$1.578M) in captured fees to veYB holders and enhances utility across multiple DAOs including Curve DAO and crvUSD.

The fee switch is set to be activated, enabling veYB holders to earn protocol fees as a major protocol update.

Apollo Capital accumulates 149.7K YB, driving a 35% increase in Smart Money holdings and representing 97% of Smart Money supply changes over the past week, while exchanges experience outflows.

Smart money rotated into $YB this week, placing it among the top 5 tokens for smart money inflows alongside $MORPHO, $REKT, $SHFL, and $ONYC.

Yield Basis surpassed $1 billion in total trading volume since inception.

1.5 million veYB now locked as $sdYB with a 100K veYB NFT migration contributing to the growth from the previous 1M milestone.

Three new Curve pegkeeper incentive campaigns go live on Votemarket with $136K total across crvUSD pairs, allowing veCRV holders to earn YB and wFRAX. The first sdYB gauge vote completes successfully with tBTC gauge receiving the majority of allocations, and the next round introduces incentive campaigns on veYB Votemarket.

sdYB holders can now vote in Yield Basis gauge rounds with voting power replicated on-chain as veYB votes every Tuesday, and one-click migration is available for existing veYB lockers to access veYB native yield plus SDT rewards.

The Legion token sale achieved 78x oversubscription and delivered 11.5x all-time high ROI, attracting real users rather than mercenary volume.

Curve Finance proposes raising the Yield Basis credit line to 1 billion crvUSD, supporting up to $500M TVL, with the line to be drawn in stages rather than all at once.

Upcoming sdYB liquidity announced as a future development for the token.

Pangea analysis identifies increased volatility and peg deviation in crvUSD following Yield Basis launch without establishing causation.

Michael Egorov, founder of Curve, adds 61.1K YB (~$26.6K) to his position in the last 24 hours, now holding 122.1K YB total.

Smart money inflows reach $171.8K over the past week with a sharp 7-day spike versus the 30-day average, dominating among compared Ethereum projects including $SKY, $ZK, and $REKT.

sdYB holders can now vote in gauge rounds with voting power replicated on-chain as veYB votes each Tuesday, making them eligible for vote incentives and future veYB rewards.

Smart money buying volume reaches 1.8x above average levels.

The first Snapshot gauge vote for sdYB holders starts Thursday, November 20, with votes opening bi-weekly on Thursdays and closing Tuesdays at 14:00 UTC.

sdYB becomes the 4th largest veYB holder, SDT rewards double for early stakers, and veYB Votemarket launches with max-price protection and multi-week campaigns.

A single transaction of 58 cbBTC routes through the pools.

$YB trades 57% below its Token Generation Event (TGE) price, ranking among ten out of twelve Q3-Q4 token launches trading at a loss.

1M $sdYB tokens minted locking 1M $YB as $veYB within one week of launch. $sdYB stakers earn $SDT incentives with fee switch activation and Votemarket rewards from $veYB voting power upcoming.

Apollo Capital makes new entry with +399K YB as multiple smart money funds (ZBS, Sigil, Smart Traders) exit; overall net inflows continue with +87K whale accumulation despite the fund exits.

$YB ranks #1 among Ethereum tokens by Smart Money netflows with +$171.8K over the past 7 days, receiving 2.5x more inflows than the second-ranked token.

$83M in volume passed through YB pools over two days during BTC's drop below 100k, generating 1.27 BTC in admin fees with multiple liquidations routed through the pools.

Pools enable OG BTC mint markets to leverage in size through swapping on Curve.

SDT rewards for early sdYB stakers are renewed and doubled, while Stake DAO becomes the 4th largest veYB holder.

$SDT rewards for $sdYB stakers have been refilled at double the previous amount. Upcoming sdYB liquidity is announced as a future benefit for sdYB holders.

The token achieved a 4x return for presale buyers in the Legion sale, which was the last project to launch via Legion on Cookie Launchpad.

A liquidation was routed through the platform.

2M ago

Pool migration encounters capacity constraints as Bitcoin price increase causes pools to take more debt, filling available space in old and new pools combined, requiring large holders to withdraw without migrating to enable continued migration for other users.

800K $YB tokens (4.7% of total supply) are now locked in the Liquid Locker, and the first $veYB fee distribution for $sdYB holders is approaching.

Platform launches new VirtualPool contract markets for WBTC, cbBTC, and tBTC tokens, requesting arbitrage traders to connect bots.

System made profit during Bitcoin's recent drop to 100k and pools are now perfectly balanced.

Bybit lists Yield Basis with $573M FDV during Oct 11-31 listing period.

October generated ~$500K profit for YB stakers to be paid when fee switch activates, with fee switch and TVL cap increase to $500M as next roadmap items following migration completion, and team/investor unlocks starting April 1st.

Stake DAO governance passes SDGP-60, approving allocation of up to 500K $SDT to launch $sdYB and support early deposits and liquidity bootstrapping for the sdYB rollout.

The sdYB Liquid Locker has officially launched and is now live, allowing users to deposit YB tokens to receive sdYB tokens that unlock full veYB benefits and SDT rewards.

Migration to new pools announced to fix volatility-related valuation errors for staked LPs, with new design reducing value variance by approximately 10x and improving profit calculations and admin fee splits.

SDT rewards are now live and added to the sdYB locker for early depositors following the governance approval, with launch incentives available through sdYB gauge staking.

New $sdYB Liquid Locker goes live on Stake DAO, enabling $YB deposits to unlock $veYB benefits and $SDT rewards through liquid staking infrastructure.

CRV/CVX earned approximately $600k in vote incentives and pegkeeper fees from operations, representing 60% of total fees, with TVL at $150M.

A cap increase to $500M TVL is in preparation, triggering automatic fee splits (50% for pool rebalancing, rest to veYB holders and LPs), while a $1B allocation undergoes DAO review. BTC vaults reach capacity with $2M in accumulated fees and 80%+ staking rate at 25% APR.

$YB extra rewards complete full integration into Stake DAO yield infrastructure, enabling retroactive claims for past rewards and instant distribution for future rewards.

Governance votes on 500K SDT allocation for sdYB launch via SDGP-60, Votemarket veYB launches soon, and ~$100K in YB incentives are live for veCRV voters.

Daily trading volume exceeds $30M and cumulative platform volume reaches close to $400M.

TVL across the four crvUSD pools on Curve Finance surpasses $140M following the activation of YB incentives.

A dedicated Votemarket platform for $veYB comes soon with comprehensive features for vote incentivization including price protections, multi-week campaigns, access controls, and analytics tools.

Stake DAO announces the sdYB Liquid Locker with governance proposal SDGP-61 allocating up to 500,000 $SDT tokens to bootstrap its launch and incentives, expanding Stake DAO's integration in the veYB ecosystem.

YB tokens deposited to incentivize the pyUSD/crvUSD Curve pool, providing continuity after this pool was excluded from Convex and StakeDAO vote incentives this round.

Fee sharing mechanism for token holders remains inactive despite the platform accumulating $2M in pending fees. (ID: 1983249277624418662)

$YB airdrop distributed to all $afCVX holders and afCVX LP participants with no claim required, as Asymmetry automatically forwarded 100% of the allocation to holders.

YieldBasis ranks #15 on AltRank™ for combined social energy and market performance today.

$185,000 in YB incentives are now deposited and live on VoteMarket, Votium, and StakeDAO platforms to incentivize crvUSD/USDC, crvUSD/USDT, and crvUSD/frxUSD pools for veCRV and vlCVX voters.