YieldBasis is a BTC liquidity protocol that issues ybBTC as a claim on a 2×-leveraged BTC/crvUSD Curve LP position. The protocol borrows crvUSD against the LP, maintains 50% debt-to-value, and uses a Rebalancing-AMM plus a VirtualPool to incentivize arbitrage that restores 2× leverage when prices move. Positions track BTC 1:1 (removing impermanent-loss drag) while earning Curve trading fees.