Michael Egorov’s Yield Basis: A DeFi Hero’s Quest to Conquer Impermanent Loss!

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Move over, superheroes! Michael Egorov, the brilliant mind behind Curve Finance, has donned his cape once again for a new mission: Yield Basis. This time, he’s tackling the kryptonite of decentralized finance – impermanent loss! 💸

The Block reports that Yield Basis has already raised a whopping $5 million, with a token valuation of $50 million! This Bitcoin and Ether token holder’s dream aims to bring yield from market-making while minimizing those pesky impermanent loss risks. 📈

This oversubscribed funding round, 15 times bigger than the original goal, raised the $5 million in just two weeks! And guess what? The tokens will be vested for six months, followed by two years of linear vesting. 🚀

Egorov, the defi crusader, shared his thoughts with crypto.news last July, saying, “I strongly disagree that innovation is not happening in defi. It does! The market just does not recognize it enough […]” Fast forward to today, and he’s proving it with Yield Basis! 💡

A novel method to liquidity provision!

Egorov confirmed the fundraise and Yield Basis details to The Block. The platform’s currently in the “test-in-production” phase, with audits and testing underway. But don’t worry, the full-scale launch is just around the corner, promising to reduce impermanent loss with innovative tweaks to automated market makers! 🎛️

The token distribution plan? 30% for community incentives, 25% for the team, and the rest for development reserves and collaborations. And here’s the cherry on top: Curve technology licensing might support liquidity pools, especially for crvUSD, Curve Finance’s stablecoin! 🍒

Before this launch, TON Foundation partnered with Curve Finance for yield-bearing token exchanges and optimized swap processes. Looks like Egorov’s on a roll! 🎢

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2025-02-18 22:23