YieldBasis, a DeFi initiative founded by Michael Egorov of Curve Finance, aims to eliminate impermanent loss in BTC/stablecoin pools by maintaining a constant 2x leveraged position. The platform utilizes Curve's crvUSD credit line and veCRV-inspired governance to facilitate the launch of BTC pools. Recently, YieldBasis secured a $50 million fully diluted valuation through a $5 million token sale on Kraken and Legion, with allocations determined by contribution and merit.