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

<p>Subscribe to the BitcoinYield newsletter: https://www.bitcoinyield.com/#newsletter </p><p><br></p><p>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.</p><p><br></p><p>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.</p><p><br></p><p>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.</p><p><br></p><p>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.</p><p><br></p><p>Timestamps:</p><p>00:00 - Introduction</p><p>01:05 - Volatility Yield with Spot Exposure</p><p>07:15 - Math behind Constant-Leverage AMMs</p><p>12:01 - Volatility-Dependent Deviations</p><p>14:35 - BTC-CurveUSD Loan Mechanics</p><p>21:13 - Fee Distribution and VEYB Lockers</p><p>32:07 - YieldBasis V3</p><p>34:28 - Supercomputer Modeling of Pool Parameters</p><p>40:32 - Vault Capacity Caps and CurveUSD Stability</p><p>42:56 - Hybrid Vaults for Capped Capacity</p><p>54:47 - DeFi Security and Front-End Risk</p><p><br></p><p>Disclaimer: This episode is for educational purposes only and is not financial, investment, tax, or legal advice. Bitcoin yield strategies involve smart contract, stablecoin, liquidity, market, governance, and principal-loss risk. Do your own due diligence before deploying capital.</p>