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YieldBasis launches fee conversion mechanism, $1.58 million in fees distributed to veYB holders.
[Coin World] YieldBasis has introduced a new mechanism - the fee conversion mechanism is officially online. This time, they made a significant move by distributing the 17.13 BTC (approximately 1.58 million USD) in fees they previously collected directly to the holders of veYB.
What’s more interesting is that this mechanism is not just about simple profit sharing. YieldBasis indicates that this fee conversion design will create a synergistic effect between their own DAO, Curve DAO, and crvUSD, effectively tying the interests of several protocols more closely together.
It seems that DeFi protocols are starting to roll out new tricks in profit distribution, and veYB holders are directly benefiting from this.