Veda, a recently launched DeFi abstraction layer, announced a partnership with EtherFi, the leading liquid restaking 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, abstracting away the technical frictions typically associated with accessing complicated DeFi strategies.
“Veda has helped us step up our game in terms of the broader EtherFi experience, including that of Liquid,” said Mike Silagadze, the co-founder of EtherFi. “A key benefit of Veda’s technology is the way in which it eases users into a wide array of yield-generating primitives.”
Sunand Raghupathi, the co-founder of Veda, described the integration with EtherFi as offering a robust “case study” showcasing how its technology can facilitate the creation of yield products he says “would otherwise be difficult to access for the average user.”
“We’re thrilled with [EtherFi’s] decision to use Veda’s technology,” Raghupathi said. “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.”
EtherFi’s Liquid vaults have attracted a total value locked of nearly $750 million since launching in March, according to DeFi Llama.
Veda’s rise
Despite being live for more than two months, Veda only recently publicly announced itself via a May 15 blog post.
Veda seeks to overcome the barriers to entry created by the technical barriers associated with accessing advanced DeFi strategies. It bundles together and tokenizes complex smart contract interactions, allowing protocols to offer complicated yield strategies as simple products to users.
“Participating in DeFi today requires that users 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 tokenization of arbitrarily complex sets of DeFi positions, serving as a foundation for protocols, wallets, and exchanges to offer accessible yield products to users.”
Veda noted that its technology already facilitates access to yields via several leading DeFi protocols, including Aave, Morpho Blue, Pendle, and Gearbox.