This project is a new mechanism TGE project on Binance, which has been listed on Binance pre-market contracts. Binance Alpha trading time is 18:00 on October 15. The project has a strong background, with institutional financing of 5 million USD, the founder is the founder of Curve, listed on Kraken for new token subscription, and has high popularity. Below we will conduct a detailed analysis of $YB (Yield Basis):

I. Investment Research Conclusion (Quick Summary)

Project Summary: A new mechanism TGE project on Binance, a DeFi project related to impermanent loss in the BTCFi ecosystem, institutional cost 0.04, average new token subscription cost 0.16, current pre-market price 1.2u

Simple Introduction:

Yield Basis is a DeFi protocol built by the founder of Curve Finance, focusing on solving the issue of impermanent loss (IL) faced by liquidity providers. Through innovative Auto-Leverage AMM technology and specialized crypto asset pools, it maintains a constant leverage, converting volatility into yield, mainly targeting BTC/ETH liquidity. The project has received a 60 million USD crvUSD credit line approved by Curve DAO to launch the Bitcoin fund pool.

Valuation Analysis: Total token supply 1 billion, circulating supply 8.79%, project team 25% cliff period 6 months, selling pressure 6.25% (Binance 2.5%, Kraken/Legion 3.75%)
1) Institutional Financing: In February 2025, 5 million USD, allocated 12.1%, corresponding to VC cost valuation 41.6 million

2) Kraken/Legion New Token Subscription: 7.5 million USD, cost price 0.2, corresponding to valuation 200 million, allocated 3.75%

3) Binance New Pre-TGE: 2.5 million USD, cost price 0.1, allocated 2.5%

Total financing 15 million, VC allocation 10%, corresponding to VC cost price 0.041, corresponding to FDV 41 million

Average new token subscription cost 0.16, corresponding to 16 million

Comprehensive Valuation Estimate: Institutional cost 0.04, average new token subscription cost 0.16, current pre-market price 1.2u, price is too high, the other two projects of the Curve founder both showed high opening and then declining trend, there is risk on Monday when the US market opens, reasonable valuation around 100-200 million.

Comprehensive Evaluation [Bearish on Spot]: A DeFi project related to impermanent loss in the BTCFi ecosystem, official website is simple, APY is marked as Soon, only BTC-related Earn, TVL is 30M, but pre-market valuation has reached 1.2 billion, and only BTC LP impermanent loss is relatively trivial, new token subscription has gained 5-10 times, selling pressure is large, the other two projects of the Curve founder all showed high opening and then declining trend, but trading starts on the 15th, there is expectation for spot trading, low circulating supply, pre-market new token subscription can be hedged, cautious about short squeeze, short-term bearish after spot trading, project team may hedge large amounts.

II. Comprehensive View of Other KOLs: 5 people were collected, all are bearish

1) Shiyi Elve [Short-Term Bearish]

@EleveResearch

Binance's distribution of tokens is quite real, given to retail investors. The TGE in the afternoon gives out 25 million tokens, now worth 30 million USD, if 10% of people hedge, that would be 3 million USD, they need to sell down significantly, shorting them for a while to eat their hedging liquidity.

2) Jun Ge [Slightly Bearish]

@LiFeng61532

The biggest risk lies in whether the impact of the overall market on Monday is severe.

After the public sale selling pressure, observe whether it is a strong whale.

In the current volatile market, a strong whale's coin can still be monitored.

If it does not hold up against the selling pressure and market impact, evacuate early.

3) Fengyue [Neutral to Bearish]

@fengyue010906

Yield Basis is a DeFi project that "renovates the inside of a small shell", some say that it can solve impermanent loss 100% is nonsense.

But from the market price, star products + high control have already caused FOMO, the pre-market gave a FDV of 1 billion, TVL is currently only 30M.

4) Fenglin.eth [Bearish]

@Akirapunk99

The first round Prime Sale Pre-TGE, the project quality is also top-tier. If you get enough, I suggest you go all in. If the opening price is much higher than the pre-market price, I suggest you sell quickly. For such a legitimate project, you can't just blindly pump. Suggest to smoothly offload and take profit, don't recommend chasing the pump.

The project is not worth holding at the moment, it's early stage and has little value.

5) U.mi [Bearish]

@crypto_umi888

If the opening price is above 0.8u, I won't consider buying. Buying below 0.8u is for swing trading, and you should also focus on the market's buying liquidity and the timing of the selling pressure. Also, there's not much desire to buy, the space is limited.

Also, looking at the other two projects of this founder, they both showed high opening and then declining trend, same as the previous one I mentioned $VLR, which is similar to livestock.
There are many market opportunities... I don't recommend buying.

Risk Warning: The above content is based on network material analysis and summary, for project research discussion only, do not use as investment advice.

Author: Sakura, ChainThink

Editor: Evan, ChainThink