In the short time since its introduction, Veda has amassed almost $700 million in TVL.
The top liquid restaking protocol, EtherFi, and the newly-launched DeFi abstraction layer, Veda, announced a cooperation.
A vault-based solution that offers automatic yield generating techniques, EtherFi Liquid, has incorporated Veda’s technology, as announced on May 30. By eliminating the usual technical hurdles to accessing advanced DeFi methods, Veda’s infrastructure makes it possible to tokenize intricate smart contract interactions.
“Veda has helped us raise our game in terms of the overall EtherFi experience, including that of Liquid,” said Mike Silagadze, co-founder of EtherFi. “One wonderful thing about Veda’s technology is how it introduces people to so many different primitives that can provide yield.”
According to Veda co-founder Sunand Raghupathi, “would otherwise be impossible to reach the common user.” Raghupathi called the partnership with EtherFi a strong “case study” that demonstrates how EtherFi’s technology can help create yield products.
In a statement, Raghupathi expressed his excitement over EtherFi’s choice to use Veda’s technology. “Veda makes an important contribution to the accessibility of DeFi yields in the digital asset sphere for the increasing number of crypto users worldwide by essentially tokenizing various DeFi positions.”
Since its introduction in March, EtherFi’s liquid vaults have accumulated approximately $750 million in locked value, according to DeFi Llama.
Veda has been up for over two months, but it wasn’t until a blog post on May 15 that it was officially disclosed.
When it comes to complex DeFi techniques, Veda aims to remove the technological hurdles that prevent new players from getting in. It allows protocols to provide customers with simple goods that have intricate yield strategies by bundling and tokenizing complex smart contract operations.
According to Veda, “individuals need to interact directly with a complicated web of chains, protocols, assets, and bridges in order to take part in DeFi today. As a consequence, only a small subset of technically savvy customers can reap the benefits of DeFi. Protocols, wallets, and exchanges may provide consumers with accessible yield products thanks to Veda, which allows tokenization of arbitrarily complicated sets of DeFi positions.”
Aave, Morpho Blue, Pendle, and Gearbox are among the top DeFi protocols that Veda’s technology already makes it possible to access data via.
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