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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.

They 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.

No yield discussed here should be treated as guaranteed. YieldBasis vault returns depend on market volatility, trading activity, token emissions, stablecoin mechanics, smart contracts, and protocol execution.

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.

Get weekly Bitcoin yield insights in your inbox: https://www.bitcoinyield.com/#newsletterIn this episode, I 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.Topics covered:Managed BTC yield vs direct protocol deploymentWhy Bitcoin yield is changing so quicklyHow Sypher evaluates protocols and counterpartiesCustody, tax, and reporting for traditional investorsRWAs, tokenization, and Strategy-linked productsWhy simplicity may win in the long runWhat serious Bitcoin holders actually want from yieldResearch and protocol coverage:https://www.bitcoinyield.comSypher Capital:https://syphercapital.com/sypherbitcoin/

Only 0.58% of Bitcoin is earning yield. Jacob Phillips and co have built the infrastructure to change that's been changing that.Get the latest Bitcoin Yield insights and real-time data with the ₿Y Newsletter: https://www.bitcoinyield.com/#newsletterLombard Finance grew faster than Lido, Ethena, and Etherfi—becoming the fastest-growing DeFi token in history. In this episode, Jacob breaks down exactly how they did it: the institutional playbook, why Bitcoin L2s got it wrong, and where the real yield opportunities are in 2026.We cover:- Why Lombard went TO existing DeFi instead of building another isolated ecosystem- The "yield catalyst" that finally got Bitcoin holders off the sidelines- How to speak institutional language (security, trust, custody integrations)- BTC.b acquisition: $300M BTC - Ledger partnership: direct access to 22% of all Bitcoin- Bitcoin Connect SDK: "What Bitcoin L2s always should have been"- Where sustainable Bitcoin yield actually comes from (hint: not staking forever)- Options vaults, Yield Basis, and the delta-neutral strategies institutions want- Why the next 3-5 years will see $1 TRILLION in Bitcoin come on-chain--🔗 LINKSLombard Finance: https://lombard.financeJacob on X: https://x.com/JacobPPhillips--The Bitcoin Yield Podcast is the #1 source for understanding Bitcoin yield—research reports, real data, and conversations with the builders making it happen.Subscribe for weekly episodes.

Subscribe to the BitcoinYield newsletter. Insights delivered weekly to your inbox.https://www.bitcoinyield.com/#newsletter Is this the "Revolut moment" for Bitcoin? 🚀 In this episode, Jacob Brown sits down with Alexei Zamyatin, co-founder of BOB (Build on Bitcoin), to discuss the future of Bitcoin banking, native yield, and the breakthrough tech behind BitVM.While the "Maxi" path has always been pure self-custody, BOB is building the infrastructure to make BTC as usable as a modern neo-bank without sacrificing security. We dive deep into why UX is the final frontier for mass adoption, the risks of "yield chasing," and how the new BOB Liquidation Engine makes native Bitcoin lending possible on Ethereum’s deepest markets.*Connect with BOB:*🌐 Website: https://gobob.xyx🐦 Twitter: https://x.com/build_on_bob *Timestamps:** *00:45* – What is BOB? Building the "Revolut" for Bitcoin* *02:36* – The CDeFi Narrative: Why Bitcoin needs a Web2 front-end* *04:30* – The "Purity Test" vs. Mass Adoption: Do users care about the tech?* *07:20* – Solving the UX problem: From Ledgers to Social Recovery* *09:40* – Transparency vs. Simplicity: The design philosophy of BOB* *12:20* – What Bitcoiners actually want: Equity & Yield* *15:50* – Breaking down Vaults: The middleware of Bitcoin yield* *18:50* – The Curator Model: Who is managing your BTC?* *24:38* – Current Yield Strategies: LSTs, Babylon, and Basis Trading* *34:20* – BitVM & Native Lending: The "Holy Grail" of BTC DeFi* *38:00* – The Problem with BitVM: Why it’s too slow for DeFi* *42:30* – Inside the BOB Liquidation Engine: Making liquidations atomic* *48:50* – Roadmap: When will BitVM go live on Mainnet?### Golden Quotes:"We’re trying to do with Bitcoin what Revolut did for fiat. We’re building the banking infrastructure for BTC to unlock more utility for the most important asset of our generation.""Crypto has overcompensated. We went from banks where you have no idea what’s going on, to a ‘let’s show the user everything’ approach. Most people don’t have the time to understand; they just want it to work.""There is a parallel to people who keep cash at home under the pillow because they don’t trust the bank. Not everybody wants to keep cash at home. We need to allow people to still be in control, but in a way where they feel safe and it’s easy to use.""BitVM is the Holy Grail of Bitcoin DeFi. It’s the evolution of MPC. We’re moving to a world where your Bitcoin is programmatically secured on the L1, but you can still use it in the fastest DeFi markets."*Support the Show:*🔔 Subscribe for more BitcoinYield insights!https://www.bitcoinyield.com/#newsletter 💬 Comment below: Would you trust a "Bitcoin Bank" if it was trust-minimized?

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In this conversation, we sit down with Evgeny Gokhberg, Founder of Re7 Capital. We discuss the transition from TradFi to DeFi and the philosophy of being responsible degens—balancing new on-chain opportunities with institutional-grade risk management. We dive deep into the mechanics of vaults, the "unknown unknowns" of smart contract risk, and the emerging landscape of Bitcoin yield strategies, including staking on Starknet and volatility trading. We also touch on the tension between token utility and equity as blockchain companies begin to IPO.

Follow Evgeny: https://x.com/evgeny_re7

Follow Re7 Capital on X: https://x.com/Re7Capital

Learn more about Re7 Capital: https://www.re7.capital/

Check out Re7 Labs: https://www.re7labs.com/

Read our latest research: https://www.bitcoinyield.com/

Subscribe to the BitcoinYield Newsletter: https://www.bitcoinyield.com/#newsletter In this conversation, we sit down with Tycho Onnasch, Head of Bitcoin Strategy at Treasury and Co-Founder of Zest Protoco. We discuss the intricate process of taking a treasury company to market, highlighting the legal complexities and regulatory requirements involved. We also touch on Bitcoin DeFi and on-chain yield opportunities. - Follow Tycho on X: https://x.com/TychoOnnasch- Learn more about Treasury: https://www.treasury-btc.com/- Check out Zest Protocol: https://www.zestprotocol.com/- Read our Zest Protocol deep-dive: https://www.bitcoinyield.com/product/zest-protocol

Subscribe to the BitcoinYield Newsletter:https://www.bitcoinyield.com/#newsletter Today, we're joined by ⁠Andre Serrano, ⁠Senior Product Lead at ⁠Stacks Labs⁠, to discuss the release of the Dual Stacking mechanism on Stacks, putting BTC to work in DeFi, and of course, Bitcoin yield.Use your BTC in Dual Stacking: https://app.stacks.co/Read the Dual Stacking Litepaper: https://github.com/stx-labs/papers/blob/main/Dual%20Stacking%20Litepaper.pdfFollow Andre on X: https://x.com/andrerserrano

Subscribe to the BitcoinYield newsletter https://www.bitcoinyield.com/#newsletterIn this episode of the Bitcoin Yield Podcast, Jacob Brown and Jesse Shrader delve into the intricacies of the Lightning Network and its potential for earning yield on Bitcoin. We discuss the fundamental concepts of the Lightning Network, the mechanisms of payment routing and liquidity leasing, and the importance of maintaining self-custody. The conversation also covers the challenges of running a Lightning node and the innovative solutions offered by Amboss to simplify the process for users. Overall, the episode serves as a comprehensive guide for anyone looking to understand and leverage the Lightning Network for financial opportunities. This is a Lightning Yield Masterclass!Follow Jesse on X: https://x.com/Jestopher_BTCFollow Amboss on X: https://x.com/ambosstechLearn more about Amboss RAILS at https://www.amboss.tech/railsChapters00:00 Introduction to the Bitcoin Yield Podcast00:45 Understanding the Lightning Network05:10 Earning Yield on Lightning: Payment Routing13:30 Liquidity Leasing: A New Opportunity21:29 Running a Lightning Node: Challenges and Solutions27:05 Conclusion and Future of Lightning Payments

Subscribe to get the #1 newsletter and dashboard dedicated to putting your Bitcoin to work.https://www.bitcoinyield.com/#newsletterIn this episode of the Bitcoin Yield Podcast, Jacob interviews Shone Anstey, co-founder of Liquid Technologies. We discuss the evolution of Bitcoin, the significance of the Lightning Network, and the innovative yield generation strategies being implemented in the space. Shone shares his unique background in technology and public markets, and how it informs his approach to building a treasury company that leverages Bitcoin for yield. The conversation also touches on the challenges faced by public companies in the Bitcoin space and the future of treasury strategies in the cryptocurrency market.Follow Shone on X: https://x.com/shoneansteyLearn more about LQWD Technologies: https://lqwdtech.com/Learn about the latest strategies at BitcoinYield: https://www.bitcoinyield.com/Chapters00:00 Introduction to Bitcoin Yield Podcast00:50 Shone Anstey's Background and Liquid Technologies04:33 The Evolution of Bitcoin and the Lightning Network09:19 Liquid's Treasury Model and Yield Generation14:01 Understanding Yield on the Lightning Network18:53 The Future of Bitcoin and Stablecoins23:34 Challenges of Being a Public Company in Bitcoin28:13 Closing Thoughts and Future Outlook

Subscribe to get the #1 newsletter and dashboard dedicated to putting your Bitcoin to work.https://www.bitcoinyield.com/#newsletterIn this episode of the Bitcoin Yield Podcast, Jacob Brown sits down with Ed Juline and Tim Kotzman to explore the evolving landscape of Bitcoin, particularly focusing on the concept of Bitcoin treasury companies and the integration of Bitcoin into traditional finance (TradFi). The discussion delves into the challenges and perceptions surrounding Bitcoin, the role of 'suit coiners', and the personal experiences of the speakers in promoting Bitcoin. They also touch on the future of Bitcoin yield, security concerns, and the importance of open discussions in the community.Follow Ed on X: https://x.com/ejulineFollow Tim on X: https://x.com/TimKotzmanLearn more about Bitcoin Treasuries Media: https://bitcointreasuries.net/Learn about the latest strategies at BitcoinYield: https://www.bitcoinyield.com/Chapters00:00 Introduction to Bitcoin Yield Podcast02:28 The Suitcoiner Debate05:14 The Evolving Narrative of Bitcoin in TradFi07:56 Personal Experiences with Bitcoin10:33 Defining Bitcoin Treasury Companies13:21 Market Dynamics and Company Strategies15:46 Upcoming Events and Discussions18:29 The Future of Bitcoin Yield and Security21:08 Navigating Risks in Bitcoin Treasury Management23:36 Looking Ahead: The Future of Treasury Companies