The Rollup Curve's Co-Founder: This Is How We Unlock Bitcoin's Yield with Michael Egorov
Oct 2, 2025
In this engaging discussion, Michael Egorov, co-founder of Curve and founder of Yield Basis, delves into innovative approaches to unlock Bitcoin's yield. He shares insights on the significant demand for Yield Basis, addressing impermanent loss in DeFi, and the surge in Curve USD's potential adoption. Michael explains modified ve-tokenomics that differentiate real yield from token rewards, and highlights the symbiotic relationship between Yield Basis and stablecoin growth. Get ready to explore the future of crypto liquidity!
AI Snips
Chapters
Transcript
Episode notes
Oversubscribed Launch, Small Start Saved The Day
- Michael described the YieldBasis launch as wildly oversubscribed but operationally stressful during deposits.
- He said starting small helped catch issues like delayed deposits and UI race conditions before scaling up.
Separate Real Yield From Token Rewards
- YieldBasis removes impermanent loss to earn fees from Bitcoin volatility while enabling real yield separate from token rewards.
- Michael split participation so users choose either token rewards or real yield, preventing farming+dumping dynamics.
Time Locks Remove Supply Faster Than Buybacks
- Time-weighted locking (ve-model) accelerates token removal from circulation faster than buyback-and-burn.
- Michael observed locks extend over time, suggesting ve-style incentives increase long-term alignment.