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- Kraken Launch will debut with Yield Basis, a BTC-focused protocol created by Curve founder Michael Egorov.
- The sale will unfold in two phases with Legion’s reputation system guiding allocations.
- Yield Basis links its growth to Curve’s stablecoin ecosystem, gaining strong early support.
Kraken is preparing to open its new token-offering platform, Kraken Launch. The debut project is Yield Basis (YB), a protocol designed by Curve founder Michael Egorov. The system targets Bitcoin-native yield while limiting the risk that comes with automated market makers.
The sale is conducted as a partnership with Legion, a marketplace which restricts access based on reputation score. The approach attempts to incentivize active power users and builders. Kraken offers global reach and compliance guardrails, allowing the launch scale as well as regulatory backup. YB would also list at Kraken soon after the sale, creating fast secondary market liquidity.
Public Sale Launches on Kraken and Legion Platforms
The token sale will be rolled out during two distinct stages. In the initial one, a maximum of 20 percent of the allocation accrues for owners of a Legion Score on legion.cc. The score indicates demonstrated on-chain usage, social profiles, and GitHub contributions.
The second distribution will put the remaining tokens into public ownership on Kraken and Legion, using a first-come, first-served approach. The tokenomics structure offers a glimpse into the development Yield Basis plans. As uncovered disclosures to Curve DAO, the token split involves leaving 30 percent for liquidity rewards, with the team retaining 25 percent.
Investors control 12.1 percent, and the ecosystem reserve receives 15 percent. Smaller shares go towards Curve licensing, development of the protocol, and a voting reserve. Certain sale terms such as prices, vesting, and emission speed have not been released yet.
Yield Basis Secures crvUSD Credit Line from Curve DAO
Yield Basis builds right on top of Curve’s liquidity pool architecture. The product features a mechanism for re-leveraging which keeps the Bitcoin exposure of the liquidity providers the same on Ethereum while accumulating trading fees. LPs need to choose: claim fees in BTC or share in YB emissions, but not both.
VeYB token holders with locked deposits will dictate emissions and share equally in protocol fees. As a vote of confidence for the launch, Yield Basis requested a crvUSD credit line from the Curve DAO. The proposal passed overwhelmingly with broad support, indicating convergence between the two communities.
The 7.5 percent for Curve licensing corresponds with future crvUSD liquidity incentives, connecting YB’s future growth into the stablecoin engine of Curve. This Legion and Kraken partnership is also significant for the larger market.
It represents one of the first attempts at scaling merit-based retail allocations, yet tapping directly into Curve’s established community. As Bitcoin activity increases, the timing provides a potential tailwind for YB as both volatility and liquidity increase.
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