DeFi Stablecoins & Market Shift - Liquity 协议认为，将价值 150 亿美元以上的资金从 TradFi 转移到链上是可行的 [1] - 实现这一目标只需 CeFi 稳定币市场 5% 的份额转移到 DeFi 稳定币 [1] - 行业观察到 CeFi 稳定币主要支持华尔街，而 DeFi 稳定币支持以太坊 [1] - 建议将 5% 的稳定币资产多元化配置到 DeFi 领域 [2] Crypto Stablecoin Backing & Demand - DeFi 稳定币的创建增加了对其加密资产支持的需求 [2] - 加密稳定币正在成为链上 DATs (Decentralized Autonomous Tokens) [2] Examples of Crypto Stablecoins - $BOLD 由 ETH 和 LSTs (Liquid Staking Tokens) 支持 [2] - $crvUSD 由 BTC/ETH 和其他加密资产支持 [2] - $fxUSD 由 ETH 和 BTC 支持 [2] - $GHO 由 ETH, BTC 和其他加密资产支持 [2] - $USDaf 由 BOLD 和 crvUSD 支持 [2]

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]