Yield Basis 宣布，人们对其以比特币为中心的收益策略的兴趣正在飙升，Michael Egorov 强调了对在产生加密收益的同时保持敞口的解决方案的需求不断增长。
投资者面临的挑战和近期增长
Crypto investors have traditionally faced a stark choice between earning yield and preserving pure Bitcoin exposure. A 2× price swing in Bitcoin can leave liquidity providers trailing passive holders by roughly 5.7%, according to Yield Basis data. This performance gap has deterred many long‑term holders from committing capital to on‑chain liquidity pools.
过去两周，Yield Basis 新策略的存款从 170 万 CRV 美元攀升至 380 万 CRV 美元，增幅超过 120%。 The rapid inflow signals that market participants are actively seeking a hybrid approach that blends exposure with yield.
混合金库的机制
该协议要求用户锁定比特币，同时借入等量的 crvUSD，在 Curve 的自动做市商上创建 2 倍杠杆的 BTC/crvUSD 流动性头寸。内部 AMM 和虚拟池不断重新平衡头寸，确保借入部分保持在总敞口的 50%。
通过将债务锚定为一半，Yield Basis 声称流动性提供者的价值以 1:1 的比例追踪比特币价格，从而允许投资者在获得交易费用的同时保留市场敞口。 This design mitigates impermanent loss and offers a more predictable return profile for crypto investors.