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Draft:Michael Egorov

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  • Comment: In accordance with the Wikimedia Foundation's Terms of Use, I disclose that I have been paid by my employer for my contributions to this article. Olivanova (talk) 08:06, 24 September 2026 (UTC)

Michael Egorov

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Michael Egorov is a physicist, software engineer, and developer of decentralized financial systems whose work has been focused on the design and implementation of mathematical mechanisms for automated markets, lending, stablecoins, governance, and liquidity[1][2]. He designed the StableSwap[3] invariant and founded Curve Finance around the model, introducing an automated market maker optimized for assets expected to trade at similar prices[2]. His subsequent designs include CryptoSwap[4], the vote-escrow governance model, the Lending-Liquidating Automated Market Maker (LLAMMA)[5], and the leveraged-liquidity mechanism used by Yield Basis[6].

Egorov’s projects have combined mathematical model design with direct software implementation. StableSwap applied a specialized invariant to correlated-asset exchange[3]; CryptoSwap generalized concentrated liquidity to markets with a changing equilibrium price[4]; LLAMMA applied an automated market maker to collateral liquidation[5]; and Yield Basis addressed the difference between the value exposure of a liquidity-provider position and that of holding the underlying asset[6].

Early life and education

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Egorov was born and raised in Russia. He studied mathematics and physics at the Moscow Institute of Physics and Technology (MIPT), graduating with distinction. In 2003, he received a bronze medal[7] at the International Physics Olympiad.

He subsequently studied experimental physics at Swinburne University of Technology in Australia, receiving a PhD in physics in 2011[8]. His doctoral research examined coherence and collective oscillations in two-component Bose–Einstein condensates[1], quantum systems produced from ultracold matter at temperatures close to absolute zero. The experimental work involved laser cooling and laboratory systems built with vacuum equipment, lasers, magnetic coils, and optical components[2].

His research included Bose–Einstein condensates, quantum coherence, and interferometry[9], and resulted in publications on the behavior of interacting ultracold quantum systems[1]. After completing his doctorate, he continued working in experimental and quantum physics as a postdoctoral researcher before leaving academia[2].

His experimental work involved constructing and controlling physical systems whose behavior depended on multiple interacting parameters, including magnetic fields, cooling processes, and other external conditions. Egorov later drew parallels between this work and the design of decentralized financial protocols, where mathematical models are implemented as functioning systems and tested under changing real-world conditions[10].

Business career

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From physics to software and cryptography

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After leaving academic research, Egorov moved to the United States in 2014. He worked at LinkedIn on large-scale software infrastructure before moving into applied cryptography.

In 2016, he co-founded NuCypher. The project originated in work on distributed encryption and developed cryptographic infrastructure for controlling access to encrypted data across decentralized networks. This stage of Egorov’s career combined mathematical modeling with the design of software intended to operate across distributed systems.

Egorov has described a continuity between experimental physics and protocol development: both involve constructing a model, implementing an experimental system, observing its behavior, and revising the design when the observed results differ from expectations[2]. In his later work, the experimental apparatus was replaced by smart contracts and financial markets, in which a mathematical mechanism could be deployed and observed under real market conditions.

Curve Finance

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StableSwap

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The development of Curve Finance began with a market-design problem Egorov encountered while using decentralized finance: the automated market makers then in use did not distinguish between volatile asset pairs and assets intended to remain close in price. A general-purpose constant-product invariant could therefore use liquidity inefficiently when applied to exchanges between stablecoins or other correlated assets.

In 2019, Egorov described a different model in “StableSwap — Efficient Mechanism for Stablecoin Liquidity”[3]. StableSwap combined properties of constant-sum and constant-product market makers in a single invariant. Near the expected equilibrium, the model behaves more like a constant-sum market, concentrating liquidity and reducing slippage. As prices move farther apart, it increasingly resembles a constant-product market, allowing the pool to continue functioning during larger deviations.

The distinction was not merely a change in interface or fee structure. StableSwap incorporated information about the expected relationship between the traded assets into the market’s mathematical rule. Curve Finance launched in 2020 as an implementation of the model, initially for stablecoin trading and later for other assets expected to remain closely correlated[11].

StableSwap subsequently became a widely used model for exchanges between correlated assets and was adopted or adapted by other decentralized finance protocols. Curve grew into one of the largest decentralized exchanges in the early DeFi market, reaching approximately $24.3 billion in total value locked at its peak in January 2022[12].

CryptoSwap

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Egorov subsequently generalized the idea of concentrated automated-market-maker liquidity to markets in which the equilibrium price changes over time. Where StableSwap concentrates liquidity around a relatively stable relationship between assets[3], CryptoSwap addresses a more general problem in which that relationship moves with the market[4].

In the 2021 paper “Automatic Market-Making with Dynamic Peg”[4], Egorov described a mechanism that uses an internal price oracle to move the region of concentrated liquidity as market prices change. This became the basis of Curve’s CryptoSwap algorithm and extended the underlying approach from pegged and correlated assets to volatile markets. StableSwap and CryptoSwap can therefore be understood as successive stages in the development of the same market-design idea: static concentration around an expected equilibrium, followed by dynamic concentration around a changing equilibrium.

Vote-escrow governance

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With Curve DAO, Egorov introduced the vote-escrow model[13]. Under the model, governance power increases with the length of time for which participants lock governance tokens. In Curve’s implementation, vote-locked CRV, known as veCRV, is used to direct the distribution of liquidity incentives among pools[14]. The mechanism connected long-term token commitment with control over protocol incentives.

The CRV emission schedule was encoded directly into the protocol’s deployed contracts at launch. It follows a fixed, immutable schedule under which the rate of new CRV issuance declines according to predetermined parameters[15][16]. Emission reductions are permissionless and do not require intervention by Egorov, the Curve development team, a multisig, or an external administrator. The underlying contract was designed to calculate emissions over a multi-century time horizon[17].

Competition among protocols and investors to accumulate influence over CRV emissions became known as the “Curve Wars”[18]. An ecosystem developed around acquiring, aggregating, and delegating Curve voting power: protocols including Convex Finance, Stake DAO, and Yearn Finance accumulated CRV into veCRV positions and issued liquid-locker derivatives such as cvxCRV, sdCRV, and yCRV, linking their own liquidity, governance, and incentive systems to Curve[19].

The resulting ecosystem reached a scale comparable to major decentralized finance protocols themselves. Convex Finance, which was built around optimizing participation in Curve’s CRV rewards and governance system, attracted more than $1 billion in total value locked within two weeks of its launch and later exceeded $20 billion[20]. At the height of the Curve Wars, individual rounds of incentives offered in exchange for votes directing Curve emissions reached tens of millions of dollars[18].

The competition for veCRV voting power extended beyond protocols created specifically around Curve. By 2022, Liquity had begun acquiring CRV to lock as veCRV and direct incentives toward its own liquidity pools[21], while Aave explored strategies involving both direct veCRV ownership and CVX as a means of influencing Curve gauge allocations[22]. By August 2025, Convex alone controlled approximately 52.7% of veCRV voting power, with Stake DAO and Yearn accounting for a further 14.72% and 10.45%, respectively[23].

The vote-escrow model subsequently spread beyond the Curve ecosystem. Variants were adopted by protocols including Balancer and Frax[24], while academic research on the veToken model has also documented how aggregators and voting markets can shape the allocation of token emissions across this ecosystem[25]. This represented a separate line of Egorov’s work, distinct from automated market maker design: a mechanism for coordinating governance and capital allocation rather than one for setting exchange prices.

crvUSD and LLAMMA

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Egorov next applied the automated market maker itself to a different problem: collateral liquidation in decentralized lending. The result was the Lending-Liquidating Automated Market Maker, or LLAMMA[5], a central component of Curve’s crvUSD lending system.

Conventional crypto lending systems generally treat liquidation as a discrete event triggered when a collateral position crosses a specified threshold. LLAMMA instead distributes collateral across predefined price bands and changes the composition of the position as the market price passes through those bands. As the collateral price falls, the mechanism gradually exchanges collateral for the borrowed asset. The direction of conversion follows the movement of the collateral price: when the price falls, the position is converted toward the stablecoin, and when the price rises, the mechanism converts it back toward the collateral asset. This reversal can occur regardless of whether the position was previously converted in part or in full.

LLAMMA therefore changes the role of an automated market maker. Rather than serving only as an exchange mechanism, the AMM becomes part of the lending system itself and manages the composition of collateral as market prices move. Early independent research reports on crvUSD referred to this mechanism as “soft liquidation”[26] and identified it as the principal distinction between the system and lending designs based on a single liquidation threshold[27]. Curve subsequently adopted the term “liquidation protection”[28], which more accurately describes the mechanism’s intended function: using gradual, bidirectional collateral conversion to protect a position from final liquidation rather than liquidating it.

Egorov later described testing the mechanism through a position he created specifically to observe LLAMMA under live market conditions. In 2023, he opened a Bitcoin-backed borrowing position and deliberately kept it within the liquidation protection range for an extended period, increasing the borrowed amount as the price of Bitcoin rose in order to return the position to that range. The experiment lasted for approximately six months and allowed the mechanism’s gradual conversion and reversal to be observed through changing market conditions[10].

Egorov has compared the reversible behavior of LLAMMA to an “avoided crossing” in physics, in which the character of a system changes continuously as a parameter passes through a transition region. He used the analogy to describe collateral and stablecoin as two states between which a position can move as the market price changes.

Yield Basis

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In 2025, Egorov returned to a fundamental problem in automated market making: the divergence between the value of a liquidity-provider position and the value of simply holding the underlying asset, commonly described as impermanent loss.

In “Eliminating Impermanent Loss by Leveraged Liquidity”[6], Egorov derived a construction in which a liquidity-provider position leveraged by a factor of two can approximate the directional price exposure of holding the underlying asset while continuing to participate in market making. The proposal changes the financing and exposure of the liquidity position rather than altering only the trading curve.

The model became the basis for Yield Basis, a decentralized protocol initially developed for liquidity involving tokenized Bitcoin and Ether. Independent coverage described the project as an attempt to retain market-making fees while reducing the difference between an LP position’s price exposure and that of holding the deposited asset[29][30].

Yield Basis continued the research-to-deployment pattern used in Egorov’s earlier work: a market-design problem was expressed mathematically, described in a paper, implemented in smart contracts, and deployed as a functioning protocol.

Approach to protocol design

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Across his projects, Egorov has remained directly involved in protocol development, combining mathematical model design with protocol architecture and smart-contract implementation. He has compared this process to experimental physics, describing financial mechanisms as systems that can be modeled, implemented, observed under real market conditions, and iteratively refined[2]. He has also drawn parallels between the interacting parameters of experimental physical systems and decentralized financial protocols, where liquidity concentration, fees, incentives, and market behavior interact within the same system[10]. He has described decentralized finance as a field in which mathematical rules can be designed and encoded directly into functioning financial systems, characterizing this process as “writing new laws of physics for money”[31].

The repeated pattern in his work has been to identify a structural problem in decentralized finance, formulate it in mathematical terms, and implement the resulting mechanism in software. StableSwap addressed the treatment of correlated assets by automated markets[3]; CryptoSwap extended concentrated liquidity to moving prices[4]; the vote-escrow model connected long-term governance participation with control over liquidity incentives[14]; LLAMMA transformed liquidation from a threshold event into a process conducted through an AMM[5]; and leveraged liquidity addressed the price exposure of liquidity providers[6]. Egorov has described his work as being particularly focused on problems regarded as difficult or, in the case of impermanent loss, close to impossible to solve[10].

This approach has also extended to the implementation of his designs, with an emphasis on simplicity and verifiability. Curve[3] and Yield Basis[32] use Vyper throughout their protocol smart-contract codebases. The use of Vyper is a deliberate engineering choice. Egorov has argued that Vyper’s restricted design permits shorter and more readily auditable code, reducing the amount of code that must be reviewed and limiting some classes of implementation error[33].

His involvement with Vyper has extended beyond its use in Curve and Yield Basis. Egorov has publicly advocated for Vyper and supported its continued development[34]. He has similarly argued against excessive contract upgradeability and in favor of limiting the ability of developers or administrators to alter deployed financial systems[35]. These positions reflect a preference for comparatively constrained implementations of mathematically complex mechanisms.

Egorov’s involvement in the wider DeFi ecosystem has also extended beyond the protocols he developed directly. Over the years, he has supported a number of DeFi projects through investment, technical advice, and early feedback, particularly projects connected to the broader Curve ecosystem[36]. Such involvement has varied between projects and has not necessarily represented an ongoing operational role.

His technical involvement with other DeFi projects dates to the sector’s early development. In 2020, a security review of Yearn Finance acknowledged Egorov among the external contributors who assisted with reviewing the protocol’s code and assembling documentation for the assessment[37]. In 2021, during the early development of Gearbox Protocol, its contributors credited Egorov with suggesting that its architecture could be applied to leveraged stablecoin trading and farming, and with encouraging the team to adopt fuzz testing as part of its security process[38].

The same principles have informed his broader views on security in decentralized finance. He has argued that protocols should reduce centralized points of failure and, where such dependencies cannot be eliminated, distribute trust between multiple parties[39]. In 2026, Egorov has also advocated for shared security standards across DeFi, including common practices for configuring infrastructure and verifying protocol safety. He proposed that organizations including the Ethereum Foundation and Solana Foundation could help bring together protocols, auditors, and risk-assessment groups to develop principles and recommendations for safer protocol design[40][41].

Influence on decentralized finance

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Curve became an infrastructure layer for stablecoin and correlated-asset liquidity in decentralized finance. Its role extended beyond trading on Curve itself, as other DeFi protocols integrated Curve pools and relied on its emission incentives as part of their own liquidity strategies. In 2023, Reverie partner Myles O’Neil described Curve as a “critical piece of DeFi infrastructure”[42]. Looking back on the protocol’s first five years in 2025, Blockworks similarly highlighted Curve as a “core layer of DeFi’s liquidity stack,” noting its influence on protocol design across the industry[43]. Curve has remained one of the largest decentralized exchanges focused on stablecoins and pegged assets, continuing to provide some of the deepest stablecoin liquidity in decentralized finance[44]. In 2026, Fortune’s Crypto 100 described Curve as “a key player in DeFi’s early years” and ranked it seventh in its Stablecoins category[45].

StableSwap-inspired invariants were subsequently implemented or adapted in other decentralized exchanges and liquidity protocols[46], with other protocol developers identifying Curve or Egorov as the origin of the design[47]. Academic and technical literature treated Curve’s invariant as a distinct class of automated market maker[48]. The vote-escrow model had a separate influence through the incentive systems built around veCRV and the “Curve Wars”[12]. LLAMMA and leveraged liquidity extended Egorov’s work beyond exchange design into lending liquidations and liquidity-provider exposure.

Egorov’s principal protocol designs therefore span several different parts of decentralized financial infrastructure: StableSwap for correlated-asset exchange, CryptoSwap for dynamically priced assets, vote escrow for governance over liquidity incentives, LLAMMA for lending liquidations, and leveraged liquidity for changing the relationship between market making and asset-price exposure.

This work forms part of Egorov’s broader view of decentralized finance as financial infrastructure. He has argued that Ethereum can serve as a programmable rail for the global financial system and has advocated for scaling its base layer to support this role[49]. He has emphasized composability between decentralized-finance protocols, while arguing that excessive reliance on Layer 2 networks risks fragmenting the ecosystem[50][51].

Egorov’s work as a protocol designer has placed him among the early generation of builders associated with the development of decentralized finance. In 2021, Bitcoin Suisse featured him alongside representatives of Aave, Uniswap and Compound in a discussion titled “A Conversation with the Pioneers”[52] while TechCrunch described him the following year as a “DeFi superstar” while presenting him among the speakers at its DeFi and the Future of Programmable Money summit[53].

His work has also received recognition within the broader Ethereum ecosystem. In 2025, during Ethereum’s tenth-anniversary celebrations, Egorov was selected as the fifth bearer of the Ethereum Torch, an initiative recognizing contributors to the ecosystem[54].

Selected publications

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  • Egorov, Michael, et al. “Long-lived periodic revivals of coherence in an interacting Bose–Einstein condensate.” Physical Review A, 84, 021605, 2011.[1]
  • Egorov, Michael. “Coherence and collective oscillations of a two-component Bose–Einstein condensate.” PhD thesis, Swinburne University of Technology, 2011.[8]
  • Egorov, Michael, et al. “Quantum noise in three-dimensional BEC interferometry.” 2012.[55]
  • Egorov, Michael. “StableSwap — Efficient Mechanism for Stablecoin Liquidity.” 2019.[3]
  • Egorov, Michael. “Automatic Market-Making with Dynamic Peg.” 2021.[4]
  • Egorov, Michael. “Curve Stablecoin Design.” 2022.[5]
  • Egorov, Michael. “Eliminating Impermanent Loss by Leveraged Liquidity.” 2025.[6]

References

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  1. 1 2 3 4 Egorov, M.; Anderson, R. P.; Ivannikov, V.; Opanchuk, B.; Drummond, P.; Hall, B. V.; Sidorov, A. I. (2011-08-22). "Long-lived periodic revivals of coherence in an interacting Bose-Einstein condensate". Physical Review A. 84 (2). American Physical Society: 021605. doi:10.1103/PhysRevA.84.021605.{{cite journal}}: CS1 maint: article number as page number (link)
  2. 1 2 3 4 5 6 Low, Matt (2026-01-05). "Podcast: Building DeFi's $25B Liquidity Engine, with Curve Founder Michael Egorov". Fintech Blueprint 🤖🏦🧭. Retrieved 2026-09-24.
  3. 1 2 3 4 5 6 7 Egorov, Michael (November 10, 2019). "StableSwap - efficient mechanism for Stablecoin liquidity" (PDF). Berkeley University of California.{{cite web}}: CS1 maint: url-status (link)
  4. 1 2 3 4 5 6 Egorov, Michael (June 9, 2021). "Automatic market-making with dynamic peg" (PDF). CryptoCompare.{{cite web}}: CS1 maint: url-status (link)
  5. 1 2 3 4 5 Egorov, Michael (October 9, 2022). "Curve stablecoin design" (PDF). Curve Finance.{{cite web}}: CS1 maint: url-status (link)
  6. 1 2 3 4 5 Egorov, Michael (June 12, 2025). "Eliminating Impermanent Loss by Leveraged Liquidity" (PDF). GitHub.{{cite web}}: CS1 maint: url-status (link)
  7. ↑ "IPhO 2003 - Individual Results". ipho-unofficial.org. Retrieved 2026-09-24.
  8. 1 2 Egorov, Michael (July 13, 2024). "Coherence and collective oscillations of a two-component Bose-Einstein condensate". Swinburne University Technology.{{cite web}}: CS1 maint: url-status (link)
  9. ↑ Opanchuk, B.; Egorov, M.; Hoffmann, S.; Sidorov, A.; Drummond, P. D. (2011-05-27). "Quantum noise in three-dimensional BEC interferometry". arXiv.org. doi:10.1209/0295-5075/97/50003. Retrieved 2026-09-24.
  10. 1 2 3 4 Shoal Research (September 1, 2026). "Managing Chaos in Atoms and Markets: Michael Egorov on Physics, Liquidations, and Financial Engineering". X (formerly Twitter).{{cite web}}: CS1 maint: url-status (link)
  11. ↑ "DeFi Deep Dive: Curve Finance Throws The Curve Ball". Yahoo Finance. Archived from the original on 2025-10-24. Retrieved 2026-09-24.
  12. 1 2 "CRV Extends Rally as 'Curve Wars' Intensify". www.coindesk.com. 2024-04-10. Retrieved 2026-09-24.
  13. ↑ Jaupi, Jona (2026-01-21). "Pendle Sparks Debate With veTokenomics Phase-Out Plan | The Defiant". thedefiant.io. Retrieved 2026-09-25.
  14. 1 2 "Curve DAO" (PDF). Curve Finance. November 2019.{{cite web}}: CS1 maint: url-status (link)
  15. ↑ "CRV Emissions Fall Below 100 Million as Epoch 6 Begins". Curve News | Stablecoins, DeFi & DAO Updates. 2026-08-13. Retrieved 2026-09-24.
  16. ↑ Dale, Brady (2021-08-13). "For Its Birthday the Curve DAO Is Dramatically Cutting Daily CRV Rewards | The Defiant". thedefiant.io. Retrieved 2026-09-24.
  17. ↑ Curve Finance (May 8, 2020). "Curve DAO Token". GitHub.{{cite web}}: CS1 maint: url-status (link)
  18. 1 2 "CoinDesk 2021 Annual Crypto Review". CoinDesk. 2023-03-03. Retrieved 2026-09-24.
  19. ↑ "Liquid Lockers and Community Boosts". Curve News | Stablecoins, DeFi & DAO Updates. 2025-09-10. Retrieved 2026-09-24.
  20. ↑ "DeFi Protocol Convex Finance Crosses $20B in Locked Value". www.coindesk.com. 2023-05-11. Retrieved 2026-09-24.
  21. ↑ "Add BOLD/USDC and BOLD/LUSD to the Gauge Controller (relaunch) & terminate legacy gauges". Curve.finance Governance. 2025-06-02. Retrieved 2026-09-24.
  22. ↑ "ARC - Consolidate Aave V1, V2 & AMM Reserve Factors, Purchase CVX and Deploy to Earn Yield". Aave. 2022-01-03. Retrieved 2026-09-24.
  23. ↑ "Five Years of Curve DAO". Curve News | Stablecoins, DeFi & DAO Updates. 2025-08-15. Retrieved 2026-09-24.
  24. ↑ Zukowski, Zach (2026-08-05). "Auditing governance concentration beyond token allocation: a live-governance study of 52 token protocols". Frontiers in Blockchain. 9. Frontiers. doi:10.3389/fbloc.2026.1853465. ISSN 2624-7852.
  25. ↑ Lloyd, Thomas; O'Broin, Daire; Harrigan, Martin (2023-11-29). "Emergent Outcomes of the veToken Model". arXiv.org. Retrieved 2026-09-24.
  26. ↑ "Economic jitters + a look at crvUSD - Coinbase Institutional Weekly Market Commentary". www.coinbase.com. Retrieved 2026-09-24.
  27. ↑ "crvUSD: a novel stablecoin design by Curve". Galaxy. Retrieved 2026-09-24.
  28. ↑ crv.mktcap.eth (2023-06-22). "crvUSD FAQ ❓📄❗". crv.mktcap.eth. Retrieved 2026-09-24.
  29. ↑ Peterson, Macauley (2025-04-22). "Yield Basis wants to be DeFi's 'Bitcoin black hole'". Blockworks. Retrieved 2026-09-24.
  30. ↑ Arjoon, Marc (2025-12-31). "Yield Basis is making native BTC yield a reality". Blockworks. Retrieved 2026-09-24.
  31. ↑ The DeFi Decoded Podcast (2026-06-18). The New Laws of Money with Michael Egorov of Curve Finance. Retrieved 2026-09-24 – via YouTube.
  32. ↑ mixbytes. "audits_public/Yield Basis/DAO/README.md at master · mixbytes/audits_public". GitHub. Retrieved 2026-09-24.
  33. ↑ Peterson, Macauley (2024-11-18). "From promise to niche: The rise and decline of Vyper". Blockworks. Retrieved 2026-09-24.
  34. ↑ James, Adam. "Paradigm CTO sparks debate over the future of Ethereum's 'problematic' Solidity programming language". The Block. Retrieved 2026-09-24.
  35. ↑ Egorov, Michael (April 23, 2025). "Smart Contract Clarity: How Vyper Prioritizes Safety Over Hype | HackerNoon". hackernoon.com. Retrieved 2026-09-25.{{cite web}}: CS1 maint: url-status (link)
  36. ↑ "Michael Egorov". ICO Analytics. Retrieved 2026-09-25.
  37. ↑ "Yearn.Finance Security Review". Yearn Finance. 2020-07-25. Retrieved 2026-09-24.{{cite web}}: CS1 maint: url-status (link)
  38. ↑ "Gearbox Protocol | Tokenisation Lending Stack". gearbox.finance. Retrieved 2026-09-24.
  39. ↑ BeInCrypto (2025-05-28). "Curve Finance Founder Discusses Latest Hack and DeFi Vulnerabilities". BeInCrypto. Retrieved 2026-09-25.
  40. ↑ "Michael Egorov (@newmichwill) on X". X (formerly Twitter). 2026-04-21. Retrieved 2026-09-24.
  41. ↑ "'Are we an industry of clowns?' Curve founder urges unified DeFi security rulebook after rsETH shock". 2026-04-21. Retrieved 2026-09-25.
  42. ↑ Kleine, Darren (2023-08-06). "Tying tokenomics to crypto app functionality is just asking for trouble". Blockworks. Retrieved 2026-09-24.
  43. ↑ Peterson, Macauley (2025-08-13). "Curve turns 5, marking a half-decade since DeFi's strangest token launch". Blockworks. Retrieved 2026-09-24.
  44. ↑ "Top Stablecoin DEXs for 2026 | Support". eco.com. 2026-09-16. Retrieved 2026-09-24.
  45. ↑ "Curve Finance Crypto 100". Fortune. Retrieved 2026-09-24.
  46. ↑ Krishnamachari, Bhaskar; Feng, Qi; Grippo, Eugenio (2021-01-07). "Dynamic Curves for Decentralized Autonomous Cryptocurrency Exchanges". arXiv.org. Retrieved 2026-09-24.
  47. ↑ "Stableswap | WingRiders docs". docs.wingriders.com. 2024-09-06. Retrieved 2026-09-24.
  48. ↑ Ko, Sunghun (2026-02-10). "Partially Active Automated Market Makers". arXiv.org. Retrieved 2026-09-24.
  49. ↑ Egorov, Michael (2025-07-31). "The Rise Of Money2". Cointelegraph. Retrieved 2026-09-25.
  50. ↑ Egorov, Michael. "What We Lost When Ethereum Switched to Proof-of-Stake | HackerNoon". hackernoon.com. Retrieved 2026-09-25.{{cite web}}: CS1 maint: url-status (link)
  51. ↑ Solanky, Gopal (2026-02-05). "We Don't Need New EVM Chains and Alternative L1 Networks: Vitalik". The Crypto Times. Retrieved 2026-09-25.
  52. ↑ "Demystifying DeFi - A Conversation with the Pioneers | Bitcoin Suisse". bitcoinsuisse.com. Retrieved 2026-09-24.
  53. ↑ Ames, Alexandra (2022-02-09). "Join Curve Finance's Michael Egorov at the DeFi and the Future of Programmable Money Summit". TechCrunch. Retrieved 2026-09-24.
  54. ↑ "10 Year Anniversary | ⁦ethereum.org⁩". ethereum.org. Retrieved 2026-09-24.
  55. ↑ Opanchuk, Bogdan; Egorov, M.; Hoffmann, Scott; Sidorov, A.; Drummond, Peter (2012-05-27). "Quantum noise in three-dimensional BEC interferometry". EPL (Europhysics Letters). 97: 50003. doi:10.1209/0295-5075/97/50003.{{cite journal}}: CS1 maint: article number as page number (link)
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