Michael Egorov, the founder of Curve Finance and Yield Basis, appeared on a new “Edge Pod” conversation with DeFi Dad, continuing a recent run of interviews focused on his latest Bitcoin-yield protocol. The episode centers on Yield Basis, Egorov’s attempt to address impermanent loss in liquidity provision by using leverage and rebalancing mechanics so users can gain exposure that behaves more like yield-bearing Bitcoin rather than a traditional AMM LP position. The broader context is Egorov’s long role in DeFi as the creator of Curve, a protocol originally built to make stablecoin swaps more efficient and later expanded into other assets, including wrapped Bitcoin products. Yield Basis is being presented as the next step in that design philosophy: a protocol aimed at making crypto liquidity provision more capital-efficient and economically attractive, with Egorov citing simulations that suggest double-digit APRs in active Bitcoin markets if impermanent loss is removed. That matters because Bitcoin yield has been a persistent challenge in DeFi, and any credible mechanism that can produce sustainable returns without the usual LP downside could influence how BTC liquidity is deployed across the sector.

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