Veda surpassed $1B in TVL lower than 4 months after launching.
Veda, a lately surging DeFi abstraction layer, now allows web3 protocols to supply yields from a number of networks concurrently.
On July 16, Veda introduced the launch of its OmniYield infrastructure, permitting protocols leveraging Veda to concurrently entry yields from a number of chains. Veda emphasised that the protocol facilitates unified liquidity and bypasses the necessity for cross-chain bridges.
“Veda OmniYield is the primary ever strategy to earn yield concurrently throughout a number of chains,” Veda stated. “We’re one step nearer to bringing DeFi to a billion customers.”
EterFi’s Liquid product has already adopted the expertise, with its ETH vault increasing to assist yields sourced from Pendle on Gearbox on the Arbitrum Layer 2. “Liquid on EtherFi now unifies liquidity throughout Ethereum and Arbitrum, with much more chains on the horizon,” Veda stated.
Veda informed The Defiant that OmniYield will roll out assist for non-Ethereum Digital Machines (EVM) networks sooner or later.
Veda’s infrastructure facilitates the tokenization of complicated sensible contract interactions, abstracting away the technical frictions usually related to accessing difficult DeFi methods.
Veda TVL soars
The information comes lower than one week after Veda surpassed $1 billion in complete worth locked (TVL) lower than 4 months after launching.
Veda introduced the milestone on July 12, claiming it surpassed the ten-figure milestone sooner than distinguished DeFi protocols together with Lido, Curve, and EigenLayer. Veda’s hovering TVL was propelled by 33% progress in 30 days, coming at a time when most DeFi protocols have been struggling TVL drawdowns.
Veda’s TVL now sits at $1.17 billion, in line with its web site.
Veda boasts deep integrations with EtherFi. The partnership was first introduced on Could 30, with Veda revealed to be powering EtherFi’s Liquid ETH and USD yield vaults.
Veda now powers EtherFi’s liquid staking tokens (LRTs) derived from the Symbiotic and Karak restaking protocols.
Veda additionally built-in assist for Aave on July 15.
Associated: Veda Pronounces Partnership With EtherFi Offering Tokenized Vault Infrastructure
