Native yield layer Veda announced Thursday that its technology has been integrated to improve liquid staking project Ether.Fi’s recently launched Liquid product line.
In a statement, Veda said its user base has exploded, reaching over 26,000 within three months. This growth has positioned it among the top 30 DeFi protocols on Ethereum, with its TVL nearing $700m, it added.
Teaming up with platforms like Ether.Fi allows Veda to unlock certain benefits. These include increased liquidity for specific tokens (e.g., eETH) and a surge of new users drawn to DeFi’s potential through Veda’s user-friendly interface.
Veda lets users optimize their assets across different blockchains and DeFi protocols, even the most complex ones. This empowers developers to create custom “yield-generating tokens” tailored to individual user needs.
The protocol builds on the foundation laid by Blast and Ethena in native yield technology, and it’s not stopping there. More partnerships and improvements are on the horizon. Currently, Veda grants access to a growing list of DeFi’s essential building blocks, including established names like Pendle, Aave, Morpho Blue, and Gearbox.
“We’re thrilled with the decision to use Veda’s technology, which represents the next evolution in DeFi by providing a platform that is both secure and dynamic enough to tap into yields that would otherwise be difficult to access for the average user,” Veda co-founder Sunand Raghupathi said in a statement.
“By essentially tokenizing various DeFi positions, Veda marks a substantial push towards making DeFi yields in the digital assets realm readily available to the growing number of crypto users globally.”
Veda Makes It Simple to Enter the DeFi Game
Veda prioritizes security by using verifiable on-chain restrictions, Raghupathi told Cryptonews. These restrictions act like guardrails, controlling where and how users’ assets move within the system.
Imagine these restrictions like choosing the lanes your assets can travel on. For example, a protocol might specify only accepting ETH, stETH, or eETH (different versions of Ethereum). Similarly, restrictions can limit the DeFi tools used for generating returns, like Aave, Uniswap, or Pendle. This ensures your assets only go where they’re supposed to.
Veda acts like an easy-to-use onramp, accessible directly through platforms like Ether.Fi. This is a game-changer for newcomers unfamiliar with the complexities of DeFi.
Behind the scenes, Veda directs assets to a network of established DeFi platforms that generate returns for you. These platforms can handle various transactions, from basic lending and staking to more advanced strategies like liquidity provision on Uniswap V3.
In short, Veda cuts through the complexity, offering a user-friendly experience with fewer steps and potentially higher returns.
The post Native Yield Layer Veda’s TVL Surges to $700M with Ether.Fi Integration appeared first on Cryptonews.
