Latest News & Reports

E11: DeFi Returns Without Impermanent Loss with YieldBasis Co-Founder - Michael Egorov

Subscribe to the BitcoinYield newsletter: https://www.bitcoinyield.com/#newsletter In this episode of BitcoinYield, Jacob Brown sits down with Michael Egorov, co-founder of Curve and YieldBasis, to break down how YieldBasis turns BTC volatility into yield while preserving spot exposure. The conversation covers why traditional AMMs create impermanent loss for Bitcoin holders, how YieldBasis uses constant leverage to offset that square-root value drag, and what changes in YieldBasis V3. We also discuss CurveUSD loan mechanics, vault capacity caps, YB token emissions, real yield vaults, redemption-value deviations during volatility spikes, and Michael’s security-first view on DeFi front ends. Timestamps: 00:00 - Introduction 01:05 - Volatility Yield with Spot Exposure 07:15 - Math behind Constant-Leverage AMMs 12:01 - Volatility-Dependent Deviations 14:35 - BTC-CurveUSD Loan Mechanics 21:13 - Fee Distribution and VEYB Lockers 32:07 - YieldBasis V3 34:28 - Supercomputer Modeling of Pool Parameters 40:32 - Vault Capacity Caps and CurveUSD Stability 42:56 - Hybrid Vaults for Capped Capacity 54:47 - DeFi Security and Front-End Risk Disclaimer: This episode is for educational purposes only and is not financial, investment, tax, or legal advice. Bitcoin yield strategies involve smart contract, stablecoin, liquidity, market, governance, and principal-loss risk. Do your own due diligence before deploying capital.

May 27, 2026

E10: The Managed Fund Approach to Bitcoin Yield | Sypher Capital Fund Managers - Michael Song & Steve Han

In this episode, we sit down with Steven Han and Michael Song of Sypher Capital to discuss how serious Bitcoin fund managers are approaching BTC-denominated yield. We cover why some allocators prefer a managed fund over deploying directly into protocols, what diligence looks like across Bitcoin L2s, basis trades, RWAs, custody, tax, and smart contract risk, and why the core investor demand is simple: don’t lose the Bitcoin. Sypher Capital’s Bitcoin Yield Fund targets conservative, BTC-denominated income for high-net-worth individuals, advisors, and allocators who want exposure to Bitcoin yield without managing every protocol position themselves. Learn more about Sypher Capital at their website: https://syphercapital.com/ Read our research report on Sypher Capital's structure, deploy strategy & risks: https://www.bitcoinyield.com/product/sypher-capital-bitcoin-yield-fund Topics covered: [0:00] Managed BTC yield vs direct protocol deployment [4:15] Changes Jake has seen in the space over the last year [6:35] Sypher Capital Origin Story [9:30] Assessing On-Chain vs Off-Chain Opportunities [13:50] Performing Due Dilligence [20:42] Lessons operating for 1.5+ years [22:50] Creating the Perfect Yield Product [25:25] Updating the BitcoinYield 5-Point Safety Framework [29:32] What Innovations Are Most Exciting [32:00] Tokenization [40:30] Tax Implications

May 15, 2026