Curve Founder's Yield Basis Launches Tomorrow in First Kraken-Legion Partnership

Yield Basis ($YB), the latest DeFi protocol from Curve founder Michael Egorov, is set to launch its public token sale on October 1 at 14:00 UTC, marking the inaugural collaboration between Kraken and the Legion platform.

The project tackles one of DeFi's most persistent challenges: impermanent loss. Rather than accepting IL as an inevitable cost of liquidity provision, Yield Basis employs an automated leveraged AMM system designed to convert market volatility into yield, with a primary focus on Bitcoin and Ethereum pairs.

Egorov's approach represents a significant departure from traditional AMM models. The protocol aims to unlock liquidity from billions of dollars worth of idle Bitcoin by eliminating the risk that has historically deterred institutional and retail investors from participating in DeFi liquidity pools. 

The token sale will distribute 25 million YB tokens at $0.20 per token, representing 2.5% of the total 1 billion token supply and establishing a fully diluted valuation of $200 million. The sale operates through a two-tiered structure: Legion Score holders receive priority access to 20% of the allocation, while the remaining 80% will be available through a first-come, first-served public sale across both Kraken and Legion platforms.

Yield Basis has secured substantial backing, including a 60 million crvUSD credit facility from Curve DAO and completed security audits from ChainSecurity and MixBytes. The project previously raised $5 million at a $50 million valuation earlier this year, indicating significant appreciation in the lead-up to the public launch. 

The technical architecture centers on automated leverage mechanics that maintain delta-neutral positions while capturing yield from market movements. This approach could potentially revolutionize liquidity provision by addressing the fundamental trade-off between earning fees and suffering impermanent loss that has limited DeFi's appeal to risk-averse capital.

The Kraken-Legion partnership adds institutional credibility to the launch while maintaining community-focused allocation mechanisms. Following the sale completion, YB tokens will immediately list for trading on Kraken, providing liquidity from day one.

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