PANews reported on February 19 that according to The Block, Michael Egorov, founder of the decentralized exchange Curve Finance, is working on a new project called Yield Basis and has raised funds for it. According to a presentation on January 11, 2025, Yield Basis aims to initially help tokenized Bitcoin and Ethereum holders earn income through market making by alleviating impermanent losses.
The presentation states that Yield Basis is raising $5 million in a token round at a fully diluted valuation of $50 million. The project will sell 10% of its "YB" token supply to investors, or 100 million of a total of 1 billion tokens. The token unlocking schedule for investors includes a six-month lockup period, followed by a linear unlock over two years. People familiar with the matter said Yield Basis began the fundraising process last month and raised the funds within two weeks; investor interest was "huge" and the round was "15 times oversubscribed." When contacted for comment, Egorov confirmed that he is working on the Yield Basis project and has raised funds at the above valuation. He also verified the details in the presentation.
The project's token, YB, will be allocated to different categories. According to the presentation, 30% of the total supply is allocated for community incentives, which will be distributed through liquidity mining. Other allocations include 25% to the team, 15% to development reserves, 10% to Curve technology licensing, and 10% to cooperation. Egorov said: "Curve technology licensing is likely to be used to vote for the crvUSD stable pool. This seems to be the most in line with the Curve ecosystem and will also help YB." Egorov also revealed that Yield Basis is currently in the "production test" stage and is undergoing testing and auditing before the full launch of the liquidity pool, but the entire system, including the token, will take longer to launch.
