TechFlow reported on February 19, according to The Block, that Michael Egorov, founder of decentralized exchange Curve Finance, is developing a new project called Yield Basis and has completed its fundraising.
The project aims to help Bitcoin and Ethereum token holders earn market-making returns by mitigating impermanent loss. It raised $5 million at a $50 million fully diluted token valuation, selling 100 million (10%) of its total 1 billion token supply. The investor token unlock schedule includes a 6-month lock-up period, followed by a 2-year linear vesting period.
According to the project's plan, the Yield Basis token (YB) allocation will be: 30% for community incentives (distributed via liquidity mining), 25% allocated to the team, 15% for development reserve, 10% for Curve technology licensing, and 10% for partnerships.
