Yield Basis says the amount of Bitcoin deposited in its protocol has grown 3.6% in BTC terms since its September 2025 launch, even as Bitcoin’s market price fell about 25% over the same period.
The protocol, founded by Curve Finance creator Michael Egorov, generates trading-fee revenue for Bitcoin holders who provide liquidity. A separate estimate from Yield Basis and Valueverse projects that productive Bitcoin holdings could approach 470,000 BTC by 2030 in a bullish scenario.
Yield Basis Tests Bitcoin Yield Through a Market Downturn
The ability to generate returns during a cryptocurrency downturn is becoming a key question for digital asset yield products. Strategy Executive Chairman Michael Saylor recently described a Bitcoin-backed stablecoin paying up to 8% as a potential next step for digital credit, while acknowledging that such products must prove they can withstand bear markets in a post on X.
Yield Basis is presenting its first-year performance as an example of how Bitcoin holders can earn fees without relying entirely on price appreciation. The protocol was founded by Michael Egorov and launched in September 2025.
Rather than simply holding BTC, users deposit Bitcoin into a liquidity strategy designed to preserve exposure to the asset while generating income from on-chain trading fees. The approach targets holders who want their Bitcoin to produce returns without selling their underlying exposure.
Yield Basis reports that Bitcoin deposits increased 3.6% when measured in BTC over the period since launch. That is a different measure from a positive dollar return. With Bitcoin’s market price down about 25% over the same period, the reported growth in deposited BTC does not mean users necessarily made money in dollar terms.
The figures are company-reported and have not been independently audited for this article. Actual outcomes for users may also differ depending on when they deposited funds and how they measure their returns.
Yield Basis and Valueverse See Room for Bitcoin to Become Productive
Yield Basis and Valueverse estimate that the amount of Bitcoin being put to productive use could rise from about 104,000 BTC today to nearly 470,000 BTC by 2030 under their bullish scenario. The projection was shared in a post by Yield Basis on X.
The estimate points to a potential expansion in the use of Bitcoin across on-chain financial applications. However, it is a scenario rather than a confirmed forecast, and the post does not establish that the projected growth will occur.
The broader challenge for Bitcoin yield platforms is to attract holders while managing the risks involved in decentralized finance. Trading fees can vary with market activity. Protocols can also face technical vulnerabilities and liquidity pressures, particularly during periods of sharp market moves.
Saylor’s comments highlight a similar test for Bitcoin-backed credit products: advertised yields must be assessed against performance during adverse market conditions. For Yield Basis, the reported increase in BTC deposits provides one measure of adoption, but it does not by itself establish the strategy’s risk-adjusted returns or prove how it would perform through a prolonged downturn.
As interest in alternative crypto investment strategies continues, investors will need to distinguish between earning more Bitcoin and generating a positive return in dollars. Those measures can diverge sharply when the underlying asset is volatile.