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

Subscribe to the BitcoinYield newsletter: https://www.bitcoinyield.com/#newsletter 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.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.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.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.Timestamps:00:00 - Introduction01:05 - Volatility Yield with Spot Exposure07:15 - Math behind Constant-Leverage AMMs12:01 - Volatility-Dependent Deviations14:35 - BTC-CurveUSD Loan Mechanics21:13 - Fee Distribution and VEYB Lockers32:07 - YieldBasis V334:28 - Supercomputer Modeling of Pool Parameters40:32 - Vault Capacity Caps and CurveUSD Stability42:56 - Hybrid Vaults for Capped Capacity54:47 - DeFi Security and Front-End RiskDisclaimer: 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.