Yield Basis

Yield Basis takes a Curve BTC/crvUSD liquidity position and levers it roughly 2x with borrowed crvUSD so that the levered LP's value tracks the underlying asset rather than the square root of price, which is levered exposure to an LP yield source. The mechanism is set out in the Yield Basis how-it-works documentation and analysed independently in Statemind's teardown of how YieldBasis really works. DefiLlama classifies it as Leveraged Farming (DefiLlama API). Yield Basis takes a Curve BTC/crvUSD liquidity position and levers it roughly 2x with borrowed crvUSD so that the levered LP's value tracks the underlying asset rather than the square root of price, which is levered exposure to an LP yield source. The mechanism is set out in the Yield Basis how-it-works documentation and analysed independently in Statemind's teardown of how YieldBasis really works. DefiLlama classifies it as Leveraged Farming (DefiLlama API). It is the only candidate here whose leverage exists specifically to cancel impermanent loss rather than to multiply yield. TVL $132,235,841 on Ethereum as of 26 July 2026 (DefiLlama API), the largest of the five Leveraged Yield candidates. Maximum leverage: approximately 2x, per the Yield Basis docs. Yield source: Curve BTC/crvUSD pool trading fees. Liquidation mechanism: `n.a.` from any page fetched here.

It is the only candidate here whose leverage exists specifically to cancel impermanent loss rather than to multiply yield.

- Yield Basis (YB): Token, Governance & Utility Token