Preliminary analysis of Yield Basis performance suggests the pools are earning 20% annualized yield on Bitcoin without impermanent loss
I analyzed @yieldbasis mechanics to determine if it outperforms IL.
What's IL? Assume our BTC-denominated portfolio is pooled in an AMM. If BTC's price rises, we sell and hold less BTC. If it falls, AMMs (including @CurveFinance's cryptoswaps) buy more.
How does YB manage this?
See attached image: when BTC drops, YB's BTC holdings increase, just like good oldUni-V2. But during recent BTC rebound, YB's assets grew! No IL observed! Pools earn up to 20% annualized—pure yield on Bitcoin!

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