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Michael Egorov

Michael Egorov

Featured
FounderFounder of Curve Finance
Switzerland· Active

About Michael Egorov

Michael Egorov is a physicist, software engineer and decentralized-finance entrepreneur best known for founding Curve Finance, one of the largest liquidity protocols in DeFi. He introduced the StableSwap design in a whitepaper published on November 10, 2019, creating an automated market maker optimized for assets expected to trade at similar values, such as stablecoins. Curve launched in early 2020 and developed into major DeFi infrastructure for stablecoin and pegged-asset trading. Before Curve, Egorov co-founded NuCypher in 2015, a privacy-preserving encryption infrastructure project built on proxy re-encryption, where he served as CTO. He holds a PhD in Physics from Swinburne University of Technology, where his research focused on Bose-Einstein condensates, and previously worked as a software engineer at LinkedIn. In 2025, Egorov launched Yield Basis, a newer protocol exploring more capital-efficient yield generation for Bitcoin and other assets. His crypto-industry relevance comes from designing specialized AMM infrastructure and building DeFi liquidity, lending and stablecoin systems rather than creating a blockchain protocol or cryptocurrency from scratch.

Projects Founded

  • Curve Finance
  • Yield Basis
  • NuCypher

Career Timeline

2008–2011
Completed PhD in Physics at Swinburne University of Technology, researching coherence and collective oscillations of a two-component Bose-Einstein condensate.
2011–2014
Postdoctoral physicist at Monash University, building a new rubidium-potassium Bose-Einstein condensate machine.
May 2014 – Dec 2015
Senior software engineer at LinkedIn, working on infrastructure and distributed systems.
2015
Co-founded NuCypher with MacLane Wilkison, a decentralized encryption and privacy infrastructure project, serving as CTO.
November 10, 2019
Published the StableSwap whitepaper, introducing an AMM invariant optimized for efficient swaps among similarly priced assets.
January 2020
Launched Curve Finance, a decentralized exchange optimized for stablecoin and pegged-asset liquidity.
August 2020
Launched the Curve DAO and the CRV governance token, introducing vote-escrow mechanics for protocol governance.
2020 – Jun 2020
Departed NuCypher CTO role; NuCypher later merged with Keep Network to form Threshold Network in 2022.
July 30, 2023
Several Curve pools were exploited through a reentrancy vulnerability in certain Vyper compiler versions; a white hat returned a portion of the affected funds.
2023
Launched crvUSD, Curve's stablecoin, using the LLAMMA soft-liquidation mechanism, followed by LlamaLend lending markets.
June 2024
Significant liquidation events affected Egorov's personal CRV-collateralized DeFi borrowing positions amid a CRV price decline; he reduced debt through OTC sales and repayments.
February 2025
A California appellate court upheld a jurisdictional dismissal in litigation brought by venture-capital firms against Egorov, affirming that California lacked jurisdiction over the dispute.
September 2025
Launched Yield Basis, a decentralized protocol designed to provide sustainable Bitcoin yield through a new AMM model addressing impermanent loss.
April 2026
Proposed a market-based mechanism to address approximately $700,000 in bad debt in a LlamaLend CRV-long market, inviting DAO participation.
August 2026
Continues as Founder of Curve Finance and Founder of Yield Basis, leading StableSwap, crvUSD, lending and Bitcoin yield infrastructure development.

Key Contributions

StableSwap

Designed the StableSwap AMM model optimized for efficient swaps among similarly priced assets, reducing slippage for stablecoin and pegged-asset trading.

Curve Finance

Founded one of DeFi's major liquidity protocols, launched in 2020, focused originally on stablecoins and pegged assets and now operating across multiple networks.

Curve DAO

Helped build the governance and incentive system around the CRV token and vote-escrow mechanics introduced in August 2020.

crvUSD & Lending

Expanded Curve from swaps into stablecoin issuance and lending infrastructure through crvUSD, the LLAMMA mechanism and LlamaLend markets.

Yield Basis

Founded a newer protocol exploring more efficient yield generation for Bitcoin and other assets, designed to mitigate impermanent loss for liquidity providers.

Cryptography

Previously co-founded NuCypher and worked on privacy-preserving decentralized encryption infrastructure based on proxy re-encryption.