Yield Basis’ long-term goal is to create the deepest on-chain liquidity for encapsulated BTC and compete with CeFi. The article analyzes the current status of BTC's revenue sources, including quantitative transactions, DEX LP, lending, pledges, collateral, etc., as well as the operation process and opportunities of the new project Yield Basis. In the future, BTC income generation will be more complex, emphasizing risk management and institutionalized products denominated in BTC.