The founder of Curve is developing a new project called Yield Basis and has completed a $5 million financing round

On February 19th, according to The Block, Curve founder Michael Egorov is developing a new project called Yield Basis and raising $5 million at a valuation of $50 million. According to the financing information on January 11, 2025, the project is selling 10% of its total supply of "YB" tokens to investors, which is 100 million out of 1 billion tokens. The investor's attribution plan includes a 6-month lock up period followed by a 2-year linear unlock. Yield Basis aims to help users holding tokenized Bitcoin and Ethereum gain profits from market making by alleviating impermanent losses. Impermanent loss is a risk in decentralized finance (DeFi), where liquidity providers, even if they earn transaction fees or token rewards, may still hold assets worth less than they do directly.