Veda surpassed $1B in TVL lower than 4 months after launching.
Veda, a not too long ago 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 first ever way to earn yield simultaneously across multiple chains,” Veda mentioned. “We’re one step closer to bringing DeFi to a billion users.”
EterFi’s Liquid product has already adopted the know-how, with its ETH vault increasing to help yields sourced from Pendle on Gearbox on the Arbitrum Layer 2. “Liquid on EtherFi now unifies liquidity across Ethereum and Arbitrum, with even more chains on the horizon,” Veda mentioned.
Veda advised The Defiant that OmniYield will roll out help 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 sophisticated 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% development in 30 days, coming at a time when most DeFi protocols had been struggling TVL drawdowns.
Veda’s TVL now sits at $1.17 billion, in accordance 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 help for Aave on July 15.
Associated: Veda Declares Partnership With EtherFi Offering Tokenized Vault Infrastructure
