Two OGs, two new DeFi primitives @CurveFinance's founder @newmichwill is shipping @yieldbasis (a no-IL BTC AMM liquidity platform); while @yearnfi’s founder and god of DeFi @AndreCronjeTech is building @flyingtulip_ (unified AMM+CLOB exchange). Different bets on the same problem - make on-chain liquidity actually work: • Yield Basis ($YB): A Curve-native AMM that removes impermanent loss (IL) for BTC LPs by holding constant 2x leverage in a BTC-crvUSD (LP tracks BTC 1:1 while earning fees). You mint ybBTC (yield-bearing BTC) • Flying Tulip ($FT): A unified on-chain exchange (spot + lending + perps + options + structured yield) built on a volatility-aware hybrid AMM + CLOB, slippage-aware lending, and ftUSD (a delta-neutral USD-equivalent) as the incentive flywheel - - - - - Yield Basis • Classic AMMs make BTC LPs sell into strength (when price goes up) or buy into weakness (√p exposure), causing IL that often is more than the fees earned while LPing • Saving a longer post for Yield Basis, but essentially users deposit BTC into the platform → protocol borrows equal crvUSD and forms a 50/50 BTC-crvUSD Curve LP at 2x compounding leverage • A re-leveraging AMM + virtual pool keeps debt ≈ 50% of LP value; arbitrageurs get paid to keep leverage constant • This results in LP value moving linearly with BTC and earns trading fees • LPs hold ybBTC, a yield-bearing BTC receipt token that auto-compounds BTC-denominated trading fees • There is also the governance token $YB, that can be locked for veYB to vote (gauges, pool emissions) • Yield basis is basically for BTC holders that want to unlock productive BTC in a protocol that solves the IL problem and earn fees Flying Tulip • Legacy DEX UX and risk settings are static. FT tunes the AMM curve to volatility and the lending LTVs to real execution/slippage → goal is to bring CEX-level tooling on-chain • Their AMM adapts curvature to measured vol (EWMA) → i.e. flatter (near constant-sum) in calm regimes to compress slippage/IL, more product-like in high vol to avoid depletion • ftUSD is produced by tokenized delta-neutral LP positions and is used for da flywheel, incentives/liquidity programs across the exchange • There is the platform token $FT, where revenue could be potentially reserved for buybacks/ incentives/ liquidity programs • The DeFi super-app: one exchange for spot, lending, perps, options • Execution quality depends on accurate vol/impact signals and robust risk circuits during stress - - - - - Yield Basis wants to become the venue for BTC liquidity; while Flying Tulip aims to be the venue for everything trading-native on-chain. In the era of a Perp Dex meta, this comes in a timely manner for Flying Tulip to launch. Tbh, Flying Tulip could even route future BTC flow to YB-like pools if that produces best execution. If Yield Basis delivers, ybBTC becomes the “stETH-for-BTC” primitive: BTC exposure + LP trading fees, without IL. While Flying Tulip has the potential to ship its integrated stack, to allow users to get CEX-level tools; a “one exchange, all of DeFi” attempt. Remain cautiously optimistic for the 2 projects, while you do not want to fade the OGs and tier 1 founders, both are untested and the founders have other protocols to also take care of (Curve, Sonic).