Yield Basis
YB
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Yield Basis (YB) is an onchain leveraged-liquidity AMM and yield-optimizer protocol led by Curve Finance founder Michael Egorov, focusing on eliminating impermanent loss for BTC and ETH liquidity providers. The project exhibits solid technical development with over 1,100 commits in core repositories, multi-firm audit reviews (including ChainSecurity, Quantstamp, MixBytes, and Pashov), and a functioning veYB voting-escrow governance model with revenue sharing. However, the protocol faces significant headwinds, including low circulating supply (~16.44%) creating substantial unlock and emission overhang, high insider allocation (~50%), an 89% price drawdown from all-time highs, and a relatively modest, low-engagement community. No qualifying red-flag events, protocol-level exploits, or legal actions were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Yield Basis (YB)
Yield Basis (YB) is a decentralized finance (DeFi) protocol designed to provide leveraged liquidity and automated rebalancing for Bitcoin (BTC) and Ethereum (ETH) assets. Founded by Curve Finance founder Michael Egorov, the protocol utilizes Curve's crvUSD to offer liquidity positions aimed at mitigating impermanent loss. Yield Basis smart contracts are deployed across Ethereum and BNB Smart Chain, supporting automated market maker (AMM) functionality and yield optimization.
The native YB token has a fixed maximum supply of 1,000,000,000 tokens governed by a four-year decaying emission schedule. Utility within the protocol centers on the vote-escrow model (veYB), where users lock YB tokens to participate in DAO governance, direct token emissions via gauges, and receive protocol revenue distributed in BTC-denominated trading fees. The protocol's smart contracts have undergone security reviews from several audit firms, including Quantstamp, ChainSecurity, MixBytes, and Pashov.
The protocol faces several structural and market challenges. YB has experienced a severe market drawdown, trading approximately 89% below its all-time high. In addition, the circulating supply represents approximately 16.44% of the total supply, creating significant dilution and unlock overhang, alongside insider and team allocations totaling roughly 50%. The protocol also carries structural dependencies on external systems, including Curve's crvUSD infrastructure, BTC price oracles, and key-person reliance.