Kraken has officially launched its new token public sale platform, “Kraken Launch.” Its first project is Yield Basis ($YB), a fee-driven yield protocol based on Bitcoin and Ethereum, created by Curve founder Michael Egorov.
What is Yield Basis?
Yield Basis, a yield protocol under Curve founder Michael Egorov, mainly targets Bitcoin and Ethereum holders, providing a fee-driven, stable annualized return of 9% to 20.5%.
The protocol design continues Curve's liquidity pool architecture and incorporates automatic re-leveraging. By improving the automated market maker (AMM) mechanism, it makes liquidity provision more stable and sustainable, thereby reducing the Impermanent Loss problem common in DeFi protocols and generating returns.
In February of this year, Yield Basis raised $5 million by selling 10% of the total supply of YB tokens (100 million) through a token sale, with a valuation of $50 million.
Kraken Launch and Legion: The first public sales of both platforms are coming soon
Now, Blockworks reports that Kraken has selected Yield Basis ($YB) as the first public sale project in the new platform Kraken Launch.
The public sale will be conducted in two phases:
- Phase 1: 20% of the quota will be allocated first to users whose Legion Score reaches a certain threshold ( rumored to be 350 points). The evaluation criteria cover GitHub contributions, on-chain and social media activity, and are aimed at developers and KOLs.
- Phase 2: Open Kraken and Legion platforms to investment on a first-come, first-served basis.
After the public sale is complete, $YB will be listed on Kraken, providing rapid secondary market liquidity. However, the official release date, price, and lock-up plan have not yet been announced.
YB Token Economy: Closely connected with Curve Ecosystem
In addition, YB tokens will be distributed as follows:
30% 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 of crvUSD through Yield Basis and invest it in three Bitcoin pools (WBTC, cbBTC and tBTC), providing token holders with a more direct way to earn returns.
Specifically, 35% to 65% of this revenue will be directly returned to veCRV holders, with the remaining 25% allocated to the Curve ecosystem. This not only strengthens the liquidity flywheel of crvUSD but also ties YB's growth more closely to Curve's stablecoin expansion strategy.
Public Sale Experiment: Kraken and Legion Test the Waters for the First Time
The collaboration between Kraken and Legion not only provides global distribution and compliance guarantees for YB, but also initiates the first experiment of large-scale "reputation-based distribution".
As the first public sale on the two platforms with a lot of publicity, it is expected to trigger a large-scale buying spree once the release time and price are determined.
The article " Kraken and Legion Partner to Launch Curve Founder Project Yield Basis, Public Sale Details at a Glance" originally appeared on ABMedia ABMedia .
