Yield Basis Announces Mainnet Launch with Zero Impermanent Loss Pools
Michael Egorov's proposal for a $60 million crvUSD credit line to fund Bitcoin liquidity pools gains strong support, with 97% voting in favor.
BTC
WBTC
CBBTC
Fact Check
The statement is confirmed by multiple primary sources, including the project's official social media and its founder, who announced an approaching mainnet launch. These announcements, along with corroborating reports from credible crypto news outlets and governance forums, consistently highlight the project's central claim of eliminating or reducing impermanent loss to zero.
Summary
Curve Finance’s decentralized autonomous organization (DAO) is voting on a proposal for a $60 million crvUSD credit line to fund Bitcoin-based liquidity pools, including WBTC, cbBTC, and tBTC. The Yield Basis initiative offers stakers the opportunity to earn between 35% and 65% of returns through veCRV tokens, with an additional 25% allocated to the ecosystem. The proposal has garnered 97% approval so far.
Terms & Concepts
- crvUSD: A stablecoin associated with the Curve ecosystem, used for minting and liquidity provision in decentralized finance applications.
- veCRV: Vote-escrowed CRV tokens that provide holders with governance rights and a share of Curve's protocol earnings.
- Yield Basis: A proposed protocol by Curve Finance designed to tackle impermanent loss while providing Bitcoin-based liquidity pools.