A straightforward person doesn't speak in riddles. Here are a few reasons for you to participate in @yieldbasis:

First, this is the first project launched in collaboration between @legiondotcc and the established exchange @fx.
Secondly, Yield Basis is the "second venture" of Curve founder Michael Egorov.

New Listing Schedule (Important):
Pre-sale - September 29 at Legion
Public Sale - October 1st at Legion and Kraken

We continue to dig deeper.

1/ Digging Background

Legion
Legion, incubated by Delphi Labs, has completed a seed round financing of $5 million.
VanEck and Brevan Howard co-led the investment.
Investors include Kraken, Coinbase Ventures, GSR, etc.
The lead investor VanEck, as a major asset management giant, currently manages assets of approximately $135.9 billion and is one of the main issuers of Bitcoin ETFs; the other lead investor, Brevan Howard Digital, is the digital asset division of Brevan Howard, one of the largest hedge funds in Europe.

Kraken
As an exchange established in 2021, based on the data, Kraken currently:
Ranked 7th in global trading volume
Serving over 11 million users
In recent months, Kraken has been very active. First, it acquired the retail futures trading platform NinjaTrader for $1.5 billion, and then it acquired the proprietary trading firm Breakout. Rumors suggest it is preparing for a future IPO.
Kraken urgently needs benchmark projects to prove its strength and attract more users.

Michael Egorov
Founder of Curve, a DeFi pioneer.
The inventor of ve tokenomics has influenced the entire DeFi ecosystem.

2/ Digging for Vision

YieldBasis aims to tackle the most troublesome issue in DeFi: impermanent loss.
Simply put, in the past, if you wanted to generate returns from Bitcoin, you could only choose:
Either simply hold and wait for appreciation
Either take the risk of liquidity mining but face impermanent loss.
Now there is a third way: to obtain real returns through volatility mining while eliminating impermanent loss.

The operation mechanism of YieldBasis is as follows:
Utilize Curve's crypto pools to apply 2x compound leverage to liquidity positions.
Automatically rebalance to a 50% loan-to-value ratio to ensure that Bitcoin deposits match borrowed stablecoins.
More importantly, this mechanism is not only applicable to Bitcoin but can also be extended to any major asset in the future.

YieldBasis has another innovation - the YB governance token.
Traditional DeFi projects attract liquidity by distributing governance tokens for free, resulting in the tokens being ruthlessly sold off to zero.
In YieldBasis, each liquidity provider must choose:
BTC earnings from transaction fees
Give up trading fees in exchange for YB token emissions
This gives each YB token intrinsic value - there are indirect costs associated with acquiring each YB token. Even better, users can lock YB to earn veYB and share in the BTC-denominated fees generated by the protocol in proportion.

3/ Conclusion
If YieldBasis can succeed, it will release billions of dollars worth of idle Bitcoin, shifting from passive storage to active yield generation. This is not only an advancement for DeFi but also a significant upgrade for the Bitcoin ecosystem.
Of course, I have to say: DYOR (do your own research)