Here is what is REALLY going on with crvUSD and @yieldbasis tokens. TLDR: It's a masked way to pump crvUSD market cap. How? They mint crvUSD on special terms without any borrow interest for the YB pools. That's how they claim no impermanent loss. Why is this bad? It adds tons of risk to crvUSD and YB token holders. Just check the crvUSD peg since YB tokens were released. Volatility is up (see next post in this thread). They plan to pump these pools higher and higher by simply minting more crvUSD from thin air. There is no free lunch. I'd not be surprised if a depeg happens in the future as risk increases with a higher market cap. Those putting BTC in those pools are taking a lot of risk imo. This is not organic growth, this is a top-down approach to pump crvUSD mcap. More on that next.

Look at crvUSD peg since YB tokens/pools were launched. 90% of volume on crvUSD is from those pools now. I get that they need to create usage for crvUSD and generate volume, but this feels forced with lots of risks attached. Just a friendly warning to those that plan to deposit their BTC in such pools. Those APY are not worth it if they can be wiped out in one day due to a crvUSD peg drop = YB token value drops. When you deposit BTC, you get back YB tokens. These are risky assets, not a safe way to generate APY on BTC. If you stake them and lock them for a year, good luck! That's why Yield Basis is a totally separate protocol and interface compared to Curve, even if they are essentially from the same team behind the scene. They have segregated their risk and exposure from the start. Time will tell where this goes.