Скачать или смотреть AMA «YieldBasis» with Michael Egorov

In this detailed AMA stream with Michael Egorov, founder of Curve and YieldBasis, they discuss the protocol's performance after two months of launch. Michael shares key observations on the performance of BTC wrappers (CBBTC vs WBTC/TBTC), explains the difference between "Fundamental" and "Redemption" Value and the phenomenon of "Temporary Redemption Discount" (TRD). The stream also covers plans to enable the fee distribution mechanism for VYB token holders, questions about scaling the CRVUSD limit, and the prospects of adding ETH pools.

Timestamps
00:00:00 — Start
00:01:08 — Overall impressions of YieldBasis after two months.
00:02:02 — Discoveries regarding the quality of BTC wrappers (WBTC, CBBTC, TBTC) in terms of arbitrage.
00:02:53 — Why CBBTC shows superior performance (tight peg, 1:1 redemption, higher volume).
00:05:48 — Comparison with TBTC and WBTC and the impact of their redemption fees/merchant structures.
00:07:34 — Plans to improve WBTC and TBTC wrappers.
00:09:49 — Explanation of the difference between Fundamental Value and Redemption Value (and Temporary Redemption Discount, TRD).
00:12:35 — The nature of TRD: how "leveraged impermanent loss" is fixed by pool rebalancing.
00:15:17 — Why Fundamental Value grows slower: expenses spent on rebalancing.
00:18:51 — Calculating the volume needed for a full pool rebalance.
00:20:51 — Types of arbitrage: DEX-DEX vs DEX-CEX (centralized exchange).
00:22:47 — Discussion of CRVUSD Flash Loans (0% fee) and the reason for the 1M limit.
00:25:34 — Proposal to increase the CRVUSD credit line (from 300M to 1B).
00:26:30 — YieldBasis's impact on CRVUSD stability (peg is stable, but Borrow Rate is volatile).
00:30:45 — Need to re-parameterize the Borrow Rate to smooth volatility.
00:33:40 — Timelines for enabling the Fee Distribution (Fees Switch) and connecting it to the veYB token.
00:34:35 — Distribution details: overcharged admin fees will be returned in BTC wrappers.
00:36:35 — Conditions for incremental increases to the CRVUSD credit line.
00:38:45 — What veYB token holders will receive (shares in all three YB pools) and the fee smoothing mechanism (4 weeks).
00:43:09 — Possibility of integrating tokenized physical gold (arbitrage requirements).
00:46:17 — Ideas for smoothing the user experience during imbalances (e.g., via lending platforms for YBBTC).
00:49:14 — Potential integration with Pendle (for trading BTC volatility).
00:49:53 — Near-term roadmap (before year-end): Enabling fee distribution, returning admin fees, beginning scale-up.
00:51:38 — Plans for the ETH pool (need for new simulations and crypto pool improvements).
00:53:17 — Advantage of a pool using stETH (staked ETH) over plain ETH.
00:54:23 — Closing remarks.

Community
https://t.me/yieldbasis_chat