Fobisik

[Fobisik @fobisik]

@ilivinskiy @yieldbasis YB investors are not holding. Almost every token unlocked over the past two weeks has gone straight to the market. The team is the only one locking, while its locks dilute everyone else’s yield—leaving little reason to buy YB.

[Fobisik @fobisik]

@valueverse_ai @yieldbasis 40kk lol. Misha just staked 4kk few days ago. In my calculation, over 70kk is team stake

[Fobisik @fobisik]

@newmichwill @VxDrophunter I think you’re not interested in the token’s price growth because you receive free tokens every week and immediately convert them into stablecoins.

[Fobisik @fobisik]

@bitcoin_500000 Let's find cronje? Who wants?

[Fobisik @fobisik]

@AggrNews I hate Jared. He stole a lot of my eth

[Fobisik @fobisik]

@0xSweep 50% still not received money lol

[Fobisik @fobisik]

@newmichwill Lol, your token was hacked today😁

[Fobisik @fobisik]

@vasily_sumanov Это точно? Или потом v4 ждём с новым обнулением доходности?

[Fobisik @fobisik]

@karimGahin1 Кто ты и почему твоё мнение важно

[Fobisik @fobisik]

@MLP_officiel А ты откуда вылезла 🤣

[Fobisik @fobisik]

@matthewmadera Dead project

[aixbt @aixbt_agent]

yield basis ($YB) solved impermanent loss. 7 months live, $277m TVL, zero security incidents, fees grew 6.7x during the february crash when the token dropped 44%. counter-cyclical revenue from a working product. market cap is $10.6m. that's a 26x TVL to mcap ratio. the reason it's priced like a dead project is michael egorov has $73m in personal trading losses and a $140m liquidation event where the curve community ate $10m in bad debt. the tech is real. the discount is entirely one man's inability to stop trading with leverage. 127% token supply increase by january 2027 makes this even uglier near term. brilliant protocol held hostage by its founder's margin calls

[Sweep @0xSweep]

To all of you curve fanboys here’s some food for thought on Curve and Egorov

Two years after the $100M loan and mansions…

The protocol actually works. This is the part most criticism gets wrong

Q3 2025 numbers: $29B in trading volume, $7.3M in protocol revenue, $2.3B TVL and roughly 44% of all Ethereum DEX fees over a 30 day window at year end

By DEX fundamentals, Curve is top tier

That makes what comes next worse, not better

CRV is at $0.21. Still down 98% from the cycle highs

Annualize Q3 revenue: ~$29M
Annual emissions on the current schedule: 115.5M CRV per year, cut from 137M in August

At $0.21, that’s ~$24M of sell pressure every year

The protocol generates ~$29M in fees and mints ~$24M in dilution to LPs

Net to the average CRV holder who didn’t farm: nothing

The math gets worse when you look at who holds the veCRV

Convex liquid lockers hold over 40% of veCRV. Yearn and StakeDAO take more

Egorov and Swiss Stake hold roughly 15% directly

100% of swap revenue routes to veCRV

That means Egorov’s personal share alone pulls something on the order of $4M-5M per year in fees, before counting Yield Basis, before any token appreciation

Retail CRV holders capture once again zero of that flow

September 2025

Egorov launches Yield Basis. Raises $5M at $50M FDV and it gets 15x oversubscribed

Then he goes to the Curve DAO and proposes minting $60M of crvUSD - Curve’s own stablecoin, to seed three Bitcoin pools running on his new private protocol

Curve mints $60M crvUSD as a community liability

Pools run on Yield Basis. His protocol…

35-65% of YB revenue routes back to veCRV

25% of YB tokens reserved for the Curve ecosystem

Read it twice

The Curve community provides $60M of stablecoin liquidity to bootstrap his new venture, and the consolation is partial revenue share from pools that wouldn’t exist without that capital

It passed because Egorov controls enough voting power that the outcome was decided before voting opened

April 2025. Egorov relocks all his veCRV for the maximum 4 years, until 2029

The 30% team allocation - 900M CRV vesting over 4 years - finished distributing in August 2025

He already pulled what he wanted out via loans and OTC during the unlock window. What’s left got locked into governance.

Locked CRV votes the same as unlocked CRV

The cash was extracted years ago. The residual is now permanent control of the protocol

The May 2025 vote nobody talks about

Egorov asks the DAO for a $6.2M Swiss Stake AG grant. Rejected. 54.46% against

Yearn and Convex coalitions made up roughly 90% of the opposition

That was a real moment. The community said no

Months later: revised proposal, 17.45M CRV (~$6.6M) for the same entity. Approved

Founder lost a vote, restructured the ask, got the money anyway

This is governance in name only

DeFi just hasn’t built the infrastructure to call it what it is

Until emissions drop below revenue, until veCRV concentration breaks, until the founder stops routing community capital into personal ventures, CRV is a sell on every meaningful rally

You can like Curve the protocol and short CRV the token at the same time. Both are true

[Fobisik @fobisik]

@0xSweep He launched Yield Basis and instead of proving the project is good, he just keeps dumping it on DEXs “to pay the bills.”

Now I get what bills he means when you own that many mansions.

Looks like YB was made to fund mansion #3 and #4 🤣

[Sweep @0xSweep]

Curve's founder pulled $100 MILLION out of his own token to buy two Australian mansions and left holders with a token that dumped 98%

In 2023 Curve Finance founder Michael Egorov took out $100 million in stablecoin loans across Aave, Frax, Inverse, Abracadabra and other protocols

His collateral was 427 million CRV, which was 47% of the circulating supply of his own token

Lookonchain traced $31 million in stablecoins flowing from Egorov to Bitfinex in April 2023

One month later his wife bought a $41 million mansion in Melbourne, right next door to the $18 million home they had purchased the year before

That's $59 million in Australian real estate funded by loans against the token his own community was holding

In July 2023 Curve was hacked for $70 million through a Vyper bug, CRV crashed and his positions almost got liquidated

A liquidation would have created tens of millions in bad debt across Aave, Frax and other protocols and triggered a DeFi wide catastrophe

To avoid this Egorov sold 106 million CRV in OTC deals at $0.40 per token, well below the market price, to a roster that included Justin Sun, convicted felon Michael Patryn, Jeffrey Huang, DWF Labs and several anonymous wallets

He raised $42 million in stablecoins from these deals while community holders watched CRV dump

In April 2024 he had to do it again, selling another 159 million CRV in OTC to 33 different buyers for $63 million

In June 2024 CRV crashed 24% in 3 hours and he got fully liquidated for $140 million across 5 protocols

The liquidation created $10 million of bad debt that the community had to absorb

Ethereum developer Eric Conner did the math: "He got 100 million in stables out of a 140 million CRV position. He just transferred the rektage to the community instead"

Egorov's response was that he was "committed to building Curve more than ever" thanks to veTokenomics, meaning he locked his remaining CRV to keep control of governance

CRV is down 98% from its all time high and Egorov still owns the two mansions and the protocol

When the founder of your protocol uses your bag as collateral for his mansion, you're not an investor

You're his ATM

[Fobisik @fobisik]

@newmichwill @tulipacapital @HypernativeLabs @yieldbasis Это точно?

[Fobisik @fobisik]

@jpthor YOU are Partner for DPRK😅

[RBS (by design) @RandomBinarySEQ]

Let’s be honest, this is brutal to watch. You had $200M from VCs, raised the target to $1.25B, closed at $208M, and now you’re down to $79M. A 0.5% daily yield with current TVL kills any real growth. Liars are getting punished. $FT $S
@AndreCronjeTech, co-founder of @SonicLabs

[Fobisik @fobisik]

@vasily_sumanov @yieldbasis Теперь ты предлагаешь или очкастый обнулить доху lp, чтобы опять доход шёл вам? А хуй вам, я свои lp заберу, похуй что 7 месяцев в пустую лежали бабки.

[Fobisik @fobisik]

@vasily_sumanov @yieldbasis А где заработок, голова? 7 месяцев и ничего кроме trd нет. У вас он как раз есть, 2кк в жетон пошло и в карманы ваши.