DeFi
Veda Introduces Multi-Chain Yield Infrastructure After TVL Surpasses $1 Billion
Veda surpassed $1 billion in TVL less than four months after launch.
Veda, a recently booming DeFi abstraction layer, now allows web3 protocols to generate yields from multiple networks simultaneously.
July 16, Veda announcement the launch of its OmniYield infrastructure, allowing protocols leveraging Veda to access yields from multiple chains simultaneously. Veda highlighted that the protocol facilitates unified liquidity and avoids the need for cross-chain bridges.
“Veda OmniYield is the first way to generate revenue simultaneously across multiple chains,” Veda said. “We are on the verge of bringing DeFi to a billion users.”
EterFi’s Liquid product has already adopted the technology, with its ETH vault expanding to support yields from Pendle on Gearbox on Arbitrum’s Layer 2. “Liquid on EtherFi now unifies liquidity between Ethereum and Arbitrum, with even more chains on the horizon,” Veda said.
Veda told The Defiant that OmniYield will roll out support for non-Ethereum virtual machine (EVM) networks in the future.
Veda’s infrastructure facilitates the tokenization of complex smart contract interactions, eliminating the technical friction typically associated with accessing complex DeFi strategies.
Veda TVL soars
The news comes less than a week after Veda exceeds $1 billion in total value locked (TVL) less than four months after launch.
Veda announced the milestone on July 12, claiming to have surpassed the ten-digit mark faster than leading DeFi protocols including Lido, Curve, and EigenLayer. Veda’s TVL surge was driven by a 33% growth in 30 days, at a time when most DeFi protocols were experiencing TVL declines.
According to its website, Veda’s TVL now stands at $1.17 billion.
Veda benefits from deep integrations with EtherFiThe partnership was first announced on May 30, with Veda revealed as powering EtherFi’s Liquid ETH and USD yield vaults.
Veda now powers EtherFi’s Liquid Staking Tokens (LRT) derived from Symbiotic And Karak re-staking protocols.
Veda too integrated support for Aave on July 15th.
Related: Veda Announces Partnership with EtherFi to Provide Tokenized Vault Infrastructure