Kraken teams up with Legion to launch the Yield Basis project by Curve founder, with all the details of the public sale process in one view.

Kraken officially launched a new token public sale platform "Kraken Launch", with the first project being Yield Basis ($YB), created by Curve founder Michael Egorov, a fee-driven yield protocol based on Bitcoin and Ether.

What is Yield Basis?

Yield Basis, as a yield protocol under Curve founder Michael Egorov, primarily targets Bitcoin and Ether holders, providing fee-driven, stable annual returns ranging from 9% to 20.5%.

The protocol is designed to extend the liquidity pool architecture of Curve and incorporate automatic re-leveraging features. By improving the automated market maker (AMM) mechanism, liquidity provision becomes more stable and sustainable, thereby reducing the common impermanent loss issues in DeFi protocols and generating returns.

In February of this year, Yield Basis sold 10% of the total supply of YB Tokens through a token sale, raising 5 million dollars with a valuation of 50 million dollars.

(Curve Finance founder raised $5 million to launch a new project Yield Basis to address impermanent loss)

Kraken Launch and Legion: The first public sale on both platforms is about to debut.

According to Blockworks, Kraken has selected Yield Basis ($YB) as the first project in its inaugural public sale on the new platform Kraken Launch.

( Analysis of Legion Fundraising Platform: What is Legion, Fundraising Background, and How to Participate in Public Sale )

The public sale will be conducted in two stages:

Stage 1: 20% of the quota will be prioritized for users whose Legion Score reaches a certain threshold (, with a rumored score of 350 points ). The evaluation criteria include GitHub contributions, on-chain and social media activity, targeting developers and KOLs.

Phase Two: Open Kraken and Legion platforms for investment, on a first-come, first-served basis.

After the public sale is completed, $YB will be listed on Kraken, providing rapid circulation in the secondary market. However, the official has not yet announced the specific sale time, sale price, and lock-up plan.

YB Token Economy: Closely Linked to the Curve Ecosystem

In addition, the distribution of YB's Token will be as follows:

30% used for community incentives

25% allocated to the team

15% as ecological reserve

12.1% allocated to investors

7.5% for Curve technology licensing

7.4% as protocol development reserve

3% as voting and liquidity incentives

In addition, Egorov also proposed to mint 60 million dollars worth of crvUSD through Yield Basis and invest in three Bitcoin pools (WBTC, cbBTC, and tBTC), providing token holders with a more direct way to earn yields.

Specifically, 35% to 65% of the revenue will be directly returned to veCRV holders, while another 25% will be allocated to the Curve ecosystem. This not only strengthens the liquidity flywheel of crvUSD but also ties the growth of YB more closely to the expansion strategy of Curve's stablecoin.

Public Sale Experiment: Kraken and Legion Test the Waters for the First Time

The collaboration between Kraken and Legion not only provides YB with global distribution and compliance assurance, but also initiates the first experiment of large-scale "reputation-based distribution."

As a highly publicized first public sale on dual platforms, with the sale time and price yet to be determined, it is also expected to trigger a wave of large-scale buying frenzy.

This article announces the collaboration between Kraken and Legion to launch the Yield Basis project by the Curve founder, detailing the public sale process all in one go. It first appeared on Chain News ABMedia.