Overview
Name / Token: Yield Basis (symbol: YB)
Purpose / Concept: Yield Basis is a DeFi protocol that aims to allow liquidity providers (LPs) to provide liquidity (especially assets like Bitcoin) with reduced or no impermanent loss.
Founder / Related Person: Michael Egorov (founder of Curve Finance) is associated with Yield Basis, and some of the design is influenced by Curve’s tokenomic models.
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Tokenomics / Mechanics
Total Supply: 1 billion YB tokens (max supply = 1,000,000,000).
Circulating Supply: As of the data on CoinMarketCap, approximately 95.24 million YB are in circulation.
Emission / Distribution:
YB token emissions are distributed to users who stake their YieldBasis LP tokens.
There is an emission schedule with exponential decay (i.e. emissions reduce over time).
Governance – veYB:
Holders of YB can lock them (for durations up to 4 years) to get veYB (vote-escrowed YB), which gives them voting power in protocol governance.
veYB holders can vote on gauge weights to decide how emissions are allocated across different liquidity pools.
They also share in protocol revenue via a “dynamic admin fee” mechanism — more fees go to veYB holders depending on how many LPs stake.
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Protocol / Design
Impermanent Loss Mitigation: One of the primary selling points of Yield Basis is designing an Automated Market Maker (AMM) architecture that protects LPs from or greatly reduces impermanent loss, which is the classic risk in liquidity provision.
Revenue / Fee Sharing:
LPs who do not stake in veYB can earn trading fees directly from pools.
Those who opt to stake and go for emissions instead forgo that direct fee income but gain governance and revenue share.
Chain / Deployment: Initially targeted on Ethereum for deployment.
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Status / Recent Updates
Listing: YB was listed recently on WEEX (YB/USDT) as of October 2025.
Project Stage: As of sources like CoinGecko, the token wasn’t fully live or tradeable yet (or with limited listings) at certain earlier points.
Capital Raise / Funding: Yield Basis quietly raised about US$5 million earlier in its development.
Critic / Risks: The model has drawn attention — some see it as introducing “Curve Wars 2.0” dynamics due to governance and emission control.
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Risks / Vulnerabilities
Smart Contract Risk / Exploits:
In 2024, the YB Token experienced an exploit (estimated ~$15,000 loss), due to lack of slippage protection in certain internal swap logic.
The exploit path: the contract’s automatic bot swaps (on buys/sells) did not enforce slippage limits. Attackers manipulated the price via small injections, then used sandwich attacks to profit.
Liquidity / Adoption Risk: Because it is relatively new, listings are few, and achieving meaningful liquidity is challenging. Low liquidity can lead to high price volatility and difficulty entering/exiting positions.
Governance / Tokenomics Complexity: The tradeoffs between LP fee income vs staking for token emissions and governance may be confusing and risky. Misalignment of incentives or governance capture is always a risk in such models.
Competition & Market Risk: Many DeFi protocols and AMM designs are fighting to reduce or mitigate impermanent loss (e.g. stable pools, concentrated liquidity). The success of Yield Basis depends on how well its model works in practice and how it competes.
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