1. The Elevator Pitch
Two godfathers, two blue-chips, two brand-new toys:

• Yield Basis – Michael “Curve” Egorov wants to turn BTC into a fee-bearing ybBTC that never suffers impermanent-loss.

• Flying Tulip – Andre “I quit/I'm back” Cronje is building a single-router CEX-killer: spot + perps + options + lend/borrow with an AMM that bends its curve when volatility spikes.

Same north-star: make on-chain liquidity feel like Binance, but keep the self-custody.

2. Yield Basis – “stETH for Bitcoin”
Chain: Curve-native (crvUSD plumbing)
Token: $YB (veYB for gauges)
Product: ybBTC (yield-bearing BTC receipt)

How the IL-hedge works

1. User deposits 1 BTC.

2. Protocol mints 1 crvUSD, builds a 2× leveraged BTC/crvUSD Curve pool.

3. Re-lever bot keeps pool NAV ≈ 1 BTC whatever the price (arbers rebalance debt ≈ 50 % of NAV).

4. Trading fees auto-compound inside the BTC numerator → ybBTC supply grows vs. raw BTC.

Outcome: LP’s USD value is still BTC-beta, but no “I should’ve just HODLed” regret.

Risk cheat-sheet

• Smart-contract leverage / liquidation mismatch

• crvUSD de-peg (historically ±0.5 %)

• Governance attack on veYB gauges

If audits hold, ybBTC could become the collateral of choice for BTC maxis who refuse to sit idle.

3. Flying Tulip – The “One-Tab” Exchange
Architecture: Hybrid AMM + CLOB
Token: $FT (buy-back + incentives)
Stablecoin: ftUSD (delta-neutral LP share, similar to Lyra’s “sUSD” but cross-asset)

Party tricks

• Vol-aware curve: EWMA oracle flattens the bonding curve in low-vol, steepens when σ > X ‑ keeps IL low and depth high.

• Dynamic LTV: loan-to-value ratio ticks down after each block measures realised slippage – no more static 80 % cliff liquidations.

• Product stack: spot → margin → perps → options → structured yield, all routed through one SDK.

AC’s sales pitch: “Give me one tx and I’ll give you the same fill you get on Bybit, plus on-chain settlement.”

Reality check

• Oracle latency vs. CEX index during volatility

• Cross-margin engine still unaudited

• ftUSD redemption relies on hedged book – if basis blows out, peg may wobble

4. The Godfather Meta-Game
Both founders are still CEO-of-everything:

• Egorov juggles Curve, crvUSD & now Yield Basis

• AC is advising Sonic while coding Tulip

Multitasking increases execution risk, but also means cross-pollination:

• ybBTC could list on Tulip’s perp market → win-win volume

• Tulip could use crvUSD as collateral → Curve TVL up

Watch signals

1. Audit reports (expected late-Oct)

2. veYB gauge war – will Convex-style bribery start?

3. ftUSD supply – if it breaks $1 B, the flywheel is real

4. Integration speed – first CEX to list ybBTC or FT perps gets bragging rights

5. Bottom Line
Yield Basis = BTC staking without IL – if math checks out, it’s an instant $5 B+ category.
Flying Tulip = DeFi’s last stand against CEX convenience – if UI/UX feels like one click, volume will migrate.

Both are unaudited, both teams are spread thin, but the upside is the same: make your lazy assets work and your trades settle on-chain. Farm carefully, anon – OG status doesn’t immunise you from bugs.

1. The Elevator Pitch
Two godfathers, two blue-chips, two brand-new toys:

• Yield Basis – Michael “Curve” Egorov wants to turn BTC into a fee-bearing ybBTC that never suffers impermanent-loss.

• Flying Tulip – Andre “I quit/I'm back” Cronje is building a single-router CEX-killer: spot + perps + options + lend/borrow with an AMM that bends its curve when volatility spikes.

Same north-star: make on-chain liquidity feel like Binance, but keep the self-custody.

2. Yield Basis – “stETH for Bitcoin”
Chain: Curve-native (crvUSD plumbing)
Token: $YB (veYB for gauges)
Product: ybBTC (yield-bearing BTC receipt)

How the IL-hedge works

1. User deposits 1 BTC.

2. Protocol mints 1 crvUSD, builds a 2× leveraged BTC/crvUSD Curve pool.

3. Re-lever bot keeps pool NAV ≈ 1 BTC whatever the price (arbers rebalance debt ≈ 50 % of NAV).

4. Trading fees auto-compound inside the BTC numerator → ybBTC supply grows vs. raw BTC.

Outcome: LP’s USD value is still BTC-beta, but no “I should’ve just HODLed” regret.

Risk cheat-sheet

• Smart-contract leverage / liquidation mismatch

• crvUSD de-peg (historically ±0.5 %)

• Governance attack on veYB gauges

If audits hold, ybBTC could become the collateral of choice for BTC maxis who refuse to sit idle.

3. Flying Tulip – The “One-Tab” Exchange
Architecture: Hybrid AMM + CLOB
Token: $FT (buy-back + incentives)
Stablecoin: ftUSD (delta-neutral LP share, similar to Lyra’s “sUSD” but cross-asset)

Party tricks

• Vol-aware curve: EWMA oracle flattens the bonding curve in low-vol, steepens when σ > X ‑ keeps IL low and depth high.

• Dynamic LTV: loan-to-value ratio ticks down after each block measures realised slippage – no more static 80 % cliff liquidations.

• Product stack: spot → margin → perps → options → structured yield, all routed through one SDK.

AC’s sales pitch: “Give me one tx and I’ll give you the same fill you get on Bybit, plus on-chain settlement.”

Reality check

• Oracle latency vs. CEX index during volatility

• Cross-margin engine still unaudited

• ftUSD redemption relies on hedged book – if basis blows out, peg may wobble

4. The Godfather Meta-Game
Both founders are still CEO-of-everything:

• Egorov juggles Curve, crvUSD & now Yield Basis

• AC is advising Sonic while coding Tulip

Multitasking increases execution risk, but also means cross-pollination:

• ybBTC could list on Tulip’s perp market → win-win volume

• Tulip could use crvUSD as collateral → Curve TVL up

Watch signals

1. Audit reports (expected late-Oct)

2. veYB gauge war – will Convex-style bribery start?

3. ftUSD supply – if it breaks $1 B, the flywheel is real

4. Integration speed – first CEX to list ybBTC or FT perps gets bragging rights

5. Bottom Line
Yield Basis = BTC staking without IL – if math checks out, it’s an instant $5 B+ category.
Flying Tulip = DeFi’s last stand against CEX convenience – if UI/UX feels like one click, volume will migrate.

Both are unaudited, both teams are spread thin, but the upside is the same: make your lazy assets work and your trades settle on-chain. Farm carefully, anon – OG status doesn’t immunise you from bugs.