Michael Egorov, founder of Curve Finance, has launched a dividend base, a decentralized protocol built to provide sustainable Yield, while eliminating impermanent loss (IL), one of the decentralized finance’s longest -running challenges.
Bitcoin holders have long been exposed to limited options for on-chain returns. Lending markets rarely offer more than a fraction of one percent, while automated market manufacturer (AMM) pools have exposed users to IL – the risk of losing value when token prices differ. Even under favorable conditions, the yield rarely peaked 1-2%.
Yield base tackles this by reintroducing the AMM model. The protocol removes IL risk completely, as Egorov says will enable a deeper Bitcoin liquidity on chain and more attractive yield options for institutional and professional investors. To control the early growth, three pools launched with a deposit of $ 1 million each.
The system borrows from Curve’s five-year infrastructure resilience and adopts a voting reskrow mechanism (VEB) for governance. Token holders must lock their YB to participate in governance and earn protocol fees, distributed in either Curves Crvusd -StableCoin or wrapped Bitcoin. Unlike many defi -projects, token emissions are not simply transferred to liquidity providers; They are tied to position outcomes, a model that Egorov calls “Value protecting.”
Dividend Basis secured $ 5 million at the beginning of 2025 funding and is the first project to debut on Joint Legion and Kraken Launchpad, where the community can access its token sale. While Bitcoin is the original focus, Egorov says that the protocol’s impermanent loss solution could expand to Ethereum, tokenized ingredients or even stock-potentially expand the extent of dividend-bearing assets on chain.
