YB
Yield Basis
$0.08960
1.30%
Yield Basis
YB
$0.08960
1.30%
Yield Basis Price Converter
Yield Basis Information
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About Yield Basis
Yield Basis (YB) is the native token of YieldBasis and is commonly referred to as its governance token. Governance is exercised by locking YB into veYB, which grants voting power over emission gauges and access to the protocol’s fee share. The protocol pairs deposited BTC with borrowed crvUSD to run a constant 2×-leveraged BTC/crvUSD position on Curve at ~50% debt-to-value, targeting linear BTC exposure while earning trading fees. Holders of ybBTC can stay unstaked to receive BTC-denominated fees or stake to earn YB emissions; veYB voting directs how emissions are allocated across markets. A dynamic admin-fee curve splits fees between unstaked ybBTC and veYB, adjusting with staking levels. The project is attributed to Michael Egorov.
Yield Basis (YB) is the protocol’s native token and is commonly referred to as its governance token. In practice, governance is exercised via veYB (vote-escrowed YB): holders lock YB for a chosen duration to obtain veYB, which carries voting power and access to protocol fee share. YieldBasis pairs deposited BTC with borrowed crvUSD to maintain a constant 2× leveraged BTC/crvUSD position on Curve at ~50% debt-to-value. This construction targets linear BTC exposure (mitigating classic AMM impermanent loss) while allowing the position to earn trading fees; a rebalancing AMM and VirtualPool enable arbitrageurs to restore the 2× target atomically.
Governance via veYB: Lock YB → receive veYB to vote on emission gauges and protocol proposals; voting power decays with time-to-unlock.
Fee share: Trading fees from underlying pools are split by a dynamic admin-fee curve between unstaked ybBTC holders and veYB holders. Unstaked ybBTC accrues BTC-denominated fees; staked ybBTC foregoes fees.
Incentives: veYB voting directs YB emissions across markets (gauges). Users may stake ybBTC to earn YB emissions (token yield) instead of BTC fees (trading yield). Emission intensity follows a schedule tied to remaining incentives and the staking rate, creating diminishing returns as staking rises.
Adaptive choice: When many LPs stake ybBTC, per-token fee yield for the remaining unstaked rises (fewer tokens share the pool) while per-token YB emissions dilute, and vice-versa.
YieldBasis is attributed to Michael Egorov, founder of Curve Finance. Public reporting links him to the project’s launch and early funding; official resources focus on mechanism and integration while governance is implemented through the YB → veYB model.
