What moved at Kraken this week 👇→ Co-CEO @ArjunSethi featured on @FortuneMagazine→ Bundles are live 🎉→ xStocks expands to Trust Wallet's 200M+ users→ Yield Basis set to debut on Kraken Launch#KrakenIn60 @Pete_Rizzo_ https://t.co/oj1lQNLnmC ...

Core Insights - Curve Finance founder Michael Egorov proposed a new protocol called Yield Basis to provide a more direct income stream for CRV token holders through governance participation [1] - The proposal includes minting $60 million of Curve's crvUSD stablecoin to support bitcoin-focused liquidity pools, with a return of 35% to 65% for veCRV holders [2] Group 1: Proposal Details - Yield Basis aims to distribute sustainable returns to CRV holders who stake tokens for governance votes, moving beyond previous airdrop models [1] - The protocol will allocate $60 million in crvUSD stablecoin, with $30 million designated for three bitcoin pools, each capped at $10 million [2] - 25% of Yield Basis tokens will be reserved for the Curve ecosystem [2] Group 2: Target Audience and Benefits - The protocol is designed to attract institutional and professional traders by offering transparent and sustainable bitcoin yields [3] - Yield Basis aims to mitigate impermanent loss, a common issue in automated market makers, enhancing the appeal for liquidity providers [4] Group 3: Financial Context - The proposal comes amid financial challenges faced by Egorov, including significant liquidations tied to leveraged CRV purchases, totaling over $140 million in June 2024 [5] - Recent liquidation events have left Curve with $10 million in bad debt, highlighting the financial risks associated with the founder's trading strategies [5]