DeFi
Veda Announces Partnership with EtherFi Providing Tokenized Vault Infrastructure
Veda, a recently launched DeFi abstraction layer, announced a partnership with EtherFi, the leading liquid restoration protocol.
Announced on May 30, Veda’s technology has been integrated into EtherFi Liquid, a vault-based product offering automated yield generation strategies. Veda’s infrastructure facilitates the tokenization of complex smart contract interactions, eliminating the technical friction typically associated with accessing complex DeFi strategies.
“Veda has helped us up our game in terms of the broader EtherFi experience, including that of Liquid,” said Mike Silagadze, co-founder of EtherFi. “One of the key benefits of Veda technology is how it allows users to easily access a wide range of yield-generating primitives.”
Sunand Raghupathi, co-founder of Veda, described the integration with EtherFi as providing a strong “case study” for how its technology can facilitate the creation of yield products that he said “would otherwise be difficult to access for the average user”.
“We are delighted to [EtherFi’s] decision to use Veda’s technology,” Raghupathi said. “By essentially tokenizing various DeFi positions, Veda marks a substantial step toward making DeFi yields in the digital asset space available to the growing number of crypto users around the world.”
EtherFi’s Liquid Vaults have attracted a total value locked of nearly $750 million since its launch in March, according to DeFi Llama.
The ascension of the Vedas
Although he has been online for over two months, Veda only recently announced himself publicly via a May 15 blog post. job.
Veda seeks to overcome barriers to entry created by technical barriers associated with accessing advanced DeFi strategies. It aggregates and symbolizes the complex interactions of smart contracts, allowing protocols to offer complex yield strategies as simple products to users.
“Participating in DeFi today requires users to directly interface with a complex network of chains, protocols, assets and bridges,” Veda said. “The result is that the value created by DeFi is only accessible by a select group of technical users. Veda enables the tokenization of arbitrarily complex sets of DeFi positions, serving as the basis for protocols, wallets, and exchanges to offer accessible yield products to users.
Veda noted that its technology already facilitates access to yields through several leading DeFi protocols, including Aave, Morpho Blue, Pendle and Gearbox.