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.
YB tokens deposited for gauge incentives; $55.5M unlock Apr 14-20.
contract
ethereum
Deposited 998K YB tokens (approximately $117K) on Votemarket for pyUSD/crvUSD, crvUSD/frxUSD, crvUSD/USDT, and crvUSD/USDC gauge incentives.
Has a scheduled token unlock valued at $55.5M occurring in the week of April 14-20, 2026.
Reached 0.1991 historical weighted average annualized USD distribution per veYB across completed epochs.
Previously sold tokens on Binance at a price of $0.1.
Listed on Aragon's OTF (Ownership Token Framework) dashboard for token ownership mechanism evaluation.
Suspended YB-PERP perpetual futures trading on Coinbase Advanced and Coinbase International Exchange with final settlement at $0.154973 USDC on March 16, 2026.
Ranked 7th in Santiment's yield farming projects by development activity for April 2026, maintaining the same position as the previous month.
Distributed $18,000 in crvUSD to sdYB holders during the week ending February 26, 2026, marking the third consecutive week of triple-digit APR.
Distributes 136% APR in crvUSD rewards to sdYB stakers via YB Liquid Locker on Stake DAO, with $16,000 crvUSD distributed for the week ending February 12, 2026, setting a new weekly distribution record.
Fees increased 6.7x during a recent market downturn while token price decreased 44%.
Trades below $0.2. Unlocks 10.5 million tokens on 2026-04-01 for developers and investors, with total unlocks reaching 200 million tokens by 2027-01-01.
Staking reaches over 80% of BTC, including over 60% of deposited BTC in liquidity pools; staker yields sit below 10%.
Predicts bad debt in crvUSD/YieldBasis positions due to crvUSD depeg concerns, citing unsustainable borrowing activity.
Plans initial deployment of crvUSD HybridVaults for WETH pool after multiple audits.
Requires 1 dollar of crvUSD to be minted for each 2.5 dollars of ybBTC minted to maintain staked supply for trade management.
Launched ETH pools enabling WETH trading pairs with dynamic fees ranging from 0.43% to 2.4% based on pool composition imbalance.
Processed a single WETH pool transaction of 122,387 crvUSD for 39.326 WETH, generating 0.171 WETH in fees.
Uses a vote-escrowed model (veYB) where YB token holders lock tokens to gain governance power and vote on emissions.
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.
Offers over 150,000 yYB in launch incentives for the Yearn Finance yYB vault.
Waives performance fees for the first 3 months.
Launched WETH HybridVaults with over 25 million capacity, enabling crvUSD deposits alongside crypto assets, staking crvUSD into scrvUSD for yield.
Requires a governance vote to approve a pool update that reduces arbitrage losses during rebalancing before adding an ETH pool. Votes propose changes to BTC pools price_scale adjustment mechanism to reduce arbitrage leak, increasing fee distribution to veYB holders and LP returns.
Reached a price ratio of 0.98+ (relative to its peg) on December 27, 2025, recovering from a previous discount.
Nominated for "Best New DeFi" award with ceremony scheduled for 2025-12-30.
Ranked in top 5 on Birdeye 24-hour trending list across all chains on December 26, 2025.
Added Bitcoin price graph overlay to the deposit growth UI interface.
Allocates a set percentage of total supply and all future emissions to CRV lockers via bribes.
Mentioned in curated AMM innovation list with Uniswap, Curve, Valantis, and features three pools ranking in top 10 deepest liquidity 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.
sdYB/YB liquidity pool goes live on Curve with CRV rewards streaming, while 1.94M sdYB minted with Stake DAO positioned as top veYB holder.
Rewards distribution starts for sdYB stakers at 89% APR with $18K distributed weekly in WBTC, while new Votemarket campaign launches and fee mechanism routes sdYB fees to veCRV vote purchases.
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 today as veYB locking activity accelerates ahead of the fee switch activation tomorrow.
Integrated with Stake DAO for sdYB Liquid Locker, offering veYB migration for voting power and crvUSD yield. Achieved $5M in deposits and 4.57M sdYB locked by 2026-03-01, becoming the third-largest veYB holder.
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.
Activated fee distribution model, enabling veYB holders to earn protocol fees and sdYB stakers to receive the majority of protocol fees.
The Yield Basis fee switch is set to be activated, enabling veYB holders to earn protocol fees. Stake DAO sdYB, as one of the largest veYB holders, positions sdYB holders among the top beneficiaries of this activation.
The Yield Basis fee switch is set to be activated, enabling veYB holders to earn protocol fees, with sdYB holders positioned as top beneficiaries as one of the largest veYB holders.
The sdYB/YB liquidity pool is now live, and a gauge vote to enable CRV rewards is currently ongoing.
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.
1.5M veYB now locked as sdYB, up from 1M reported on November 16, with a 100K veYB NFT migration contributing to this growth.
Total veYB locked as sdYB reaches 1.5 million, up from the 1M reported on November 16, with a 100K veYB NFT migration contributing to this growth.
1.5 million veYB now locked as $sdYB with a 100K veYB NFT migration contributing to the growth from the previous 1M milestone.
YB Liquid Locker achieves 1.5 million veYB locked as sdYB milestone today, including a 100K veYB NFT migration.
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.
Future sdYB liquidity provision announced for the YB Liquid Locker system.
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.
sdYB holders gain direct voting rights in gauge rounds with voting power automatically replicated on-chain as veYB votes every Tuesday, making them eligible for vote incentives and future veYB rewards through the Stake DAO app.
veYB holders can now migrate to sdYB in a single transaction on the Stake DAO app while preserving their voting power.
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.
First vote starts November 20 with bi-weekly voting cycles opening Thursday mornings and closing Tuesdays at 14:00 UTC, sdYB holders can delegate to Stake DAO for automated reward optimization.
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.
The veYB Votemarket launches with max-price protection and support for multi-week campaigns.
Votemarket for veYB launches with max-price protection and multi-week campaign support, SDT rewards double for early sdYB stakers, and sdYB becomes 4th largest veYB holder.
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.
Liquid Locker reaches 1M sdYB minted within one week of launch, locking 1M YB as veYB, with sdYB stakers already earning SDT incentives before fee switch activation.
1M sdYB have been minted, locking 1M YB as veYB, up from the 800K reported previously. Fee switch activation and first Votemarket rewards from veYB voting power are upcoming milestones.
1M sdYB minted in one week, locking 1M YB as veYB, with sdYB stakers earning SDT incentives and fee switch activation pending.
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.
Stake DAO has become the 4th largest veYB holder as sdYB mints grow fast since launch.
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.
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.
Nearly 800K YB locked (4.7% of total supply) in the Liquid Locker, with the first veYB fee distribution for sdYB approaching as the Yield Basis migration is ongoing.
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.