co-founder & ceo @veda_labs
Joined February 2013
- Tweets 790
- Following 2,161
- Followers 2,557
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You've probably heard that Vaults are the next big thing, and that fintechs are moving onchain.
We do our best to demystify the tech behind Vaults and why they are becoming critical infrastructure for fintechs.
It was a privilege to speak with @JasonYanowitz and @JohnZettler.
Yano is a legend and has been way ahead of the curve on vaults as a category.
John is one of the most prolific product builders in crypto, having built cbETH, cbBTC, Coinbase Earn, and now Kraken DeFi Earn.
There's a ton of alpha here, you don't want to miss it
Jan 26
Think this is the single best podcast to understand Vaults.
My two takeaways:
1) Vaults will scale from $6B to $15B this year
2) DeFi and fintech will merge. DeFi is just better financial APIs
Big thanks to @sunandr_ and @JohnZettler for doing this.
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There is a major consolidation happening in the crypto space.
It's never been harder to start a new crypto company. Venture dollars into early stages has been dwindling. The established players with PMF continue to gain resources and market share.
And yet this is a sign of the industry maturing. The best chance crypto has to make an impact is to pile its resources into the things that are already working.
Blockworks has proven itself to be the category leader in crypto media and now data/analytics. Congrats to @JasonYanowitz and the team!
Jun 12
1/ Blockworks has acquired Messari.
We’re bringing together crypto’s two largest data and market intelligence platforms.
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Corbin is a killer. One of the few people on the planet who has DeFi expertise paired with deep product intuition and experience.
This is a major level up for the org
Jun 5
NEWS: We're excited to share that @corbpage has joined Veda as our Product Lead.
Previously at Anchorage Digital and ConsenSys, he comes to Veda with years of experience building products that span institutional and consumer surfaces.
Corbin shares why he joined Veda: "Billions in stablecoins and digital assets are coming onchain, and I'm excited to join Veda to help make that capital productive and interoperable across DeFi."
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Sun retweeted
Jun 4
DeFi Earn infrastructure for fintechs.
Whop was the first fintech to integrate our DeFi Earn product, giving 21 million businesses the ability to earn on idle balances directly in Whop.
Full case study below.
Whop Treasury lets over 21 million businesses on @whop earn yield, powered by @aave on @plasma.
Whop is a leading platform for online businesses, which makes this one of the largest embedded DeFi integrations ever.
Read the case study below.
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Privy is so dominant in the embedded wallets space they have almost become synonymous with the category.
This partnership gives @privy_io customers (some of the largest fintechs in the world) access to multi strategy vaults for the first time.
Beyond excited
Jun 2
EXCLUSIVE: Veda brings the vault stack behind Kraken DeFi Earn to Privy's 2,000-plus developer teams theblock.co/post/403277/veda…
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May 28
$1.1B in hacks past 12mo
OpenZeppelin co-founder says exit now
Are institutions still coming to DeFi?
We'll find out with
Jonathan Zettler, @krakenfx
Sun Raghupathi, @veda_labs
Anthony DeMartino, @SentoraHQ
🔴 Today,11:30am ET x.com/i/broadcasts/1jxXggbEn…
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Going live shortly!
May 28
$1.1B in hacks past 12mo
OpenZeppelin co-founder says exit now
Are institutions still coming to DeFi?
We'll find out with
Jonathan Zettler, @krakenfx
Sun Raghupathi, @veda_labs
Anthony DeMartino, @SentoraHQ
🔴 Today,11:30am ET x.com/i/broadcasts/1jxXggbEn…
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The @ether_fi migration to @Optimism was possibly the largest and highest impact chain migration for a DeFi product ever.
I've said recently that crypto-native neobanks have a strong product advantage because they deeply understand the infrastructure.
This is a perfect example. EtherFi chose Veda as its primary vault infrastructure provider almost 2 years ago, and that decision is still paying off.
I will keep saying it: the infrastructure you choose to build your product on is the single most important product decision you will ever make
May 26
$220M moved. 3 days. Zero downtime.
Veda powered @ether_fi’s recent crosschain migration to @Optimism without freezing a single deposit or requiring any user action.
On the backend, this involved:
– deploying 5 vaults
– migrating vault receipt tokens
– adding new modules to 1 existing vault
On the frontend, this meant:
– continuous txns for 70,000 payment cards
– continuous uptime for 300,000 accounts
Not all vaults can go crosschain. Ours can.
Read the full breakdown: veda.tech/blog/veda-powered-…
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This post touches on a lot of hard truths but the idea that this technology is only a marginal improvement on the world is wrong.
Giving people globally access to assets, credit, savings, etc. can literally reduce poverty.
Fewer extractive financial intermediaries means more resources go to things that are actually useful to society.
Even if finance is the only useful application of blockchain, it is sufficient. Is there any system more impactful than finance that has resisted the pull of technology for so long?
i have been incredibly humbled by the inability of fantasy top, friendtech and consumer crypto apps to cross the chasm. crypto in its most ambitious form (of ushering in a new era of user owned software and infrastructure) has failed.
we optimistically tried to blend the personas of investor (people allocating capital to production to receive more money than they put in) and consumer (people willing to pay more for a product than it costs to operate) and found ourselves serving the needs of neither.
where the strong form of crypto failed, the weak form (of commoditized ledger/database tech for financial transactions) has succeeded beyond anyone's expectation. the consequence is that crypto has been reduced to a vassal of traditional finance, both more impactful than any normie anticipated, and deeply disappointing in structure to crypto OGs. reducing global transaction costs as commoditized ledger/database technology reduces drag on global GDP, but this is a marginal improvement over the status quo and one where the value accrues in large part to incumbent intermediaries in reducing overhead and improving margins.
crypto was supposed to be the most egalitarian thing ever. it was insanely ambitious and, if it worked, could have really changed the fabric of society.
it didn't. it's over. we haven't found the right primitives, and, more importantly, the right culture for delivering the most ambitious version of crypto. it's time to question everything again.
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May 21
"Smart contracts and programmable forms of capital deployment are going to define the next wave of crypto."
@TuongvyLe12 of @veda_labs tells @RemyBlaireNews institutions are turning to decentralized infrastructure to reduce friction and deploy capital more efficiently as liquidity tightens.
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Crypto is collapsing the boundaries between financials institutions. Everyone is building the same thing. This is the Great Financial Convergence.
Historically, offering any kind of financial product required deep banking/vendor/regulatory infrastructure:
- Banks held deposits and made loans
- Exchanges enabled trading
- Payment companies helped merchants accept payments.
- Asset managers built investment products.
This is changing.
- Kraken started as an exchange, but is expanding into payments, cards, and consumer financial products.
- Stripe started with online payment acceptance, but is now building stablecoin infrastructure.
- Robinhood started as a brokerage, but is moving into crypto, tokenization, and onchain finance.
This is because crypto is turning financial services into modular software primitives.
Stablecoins make money movement global. Vaults make savings and yield embeddable.
Once these primitives exist, the old category boundaries matter much less. The important question is no longer:
“What kind of financial institution are you?”
It is:
“What distribution do you own, and what financial products can you assemble?”
This is why vaults matter. The most universal financial product is not trading.
It is a safe place for capital to sit and earn.
Stablecoins answer: “How does money move?”
Vaults answer: “Where should money sit?”
Together, they let any trusted platform become a financial product platform.
Crypto allows anyone to become a financial super-app.
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This is a fascinating outcome for many takeaways:
- Ecosystems with captive / loyal users will capture the reserve yield (90% being shared with HL)
- Building a native stablecoin is Hard, even for an ecosystem as robust as hyperliquid. Stablecoin network effects are real.
- Because of this, it will become increasingly difficult to build neutral stablecoin. If 90% of your revenue is gone at inception, the business only works at scale.
Many are complaining that this is a "sell out" for Native Markets but whether we like it or not this is probably the optimal business outcome for Hyperliquid
May 14
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade.
User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment.
The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2.
The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.
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Sun retweeted
May 12
@veda_labs is happy to see the new draft of CLARITY explicitly reference “vaults,” “vault tokens,” and “digital asset receipts” as technologies for which existing regulations may need modernization. 👀
That is a significant conceptual shift. Congress is implicitly recognizing vaults as a legitimate and distinct category of blockchain infrastructure.
As we've written about, for years crypto regulation has assumed that investor protection must come from centralized intermediaries. But programmable, non-custodial smart contract systems can perform many of the same functions like custody, accounting, execution, liquidity provision, settlement architecturally, and enforced in code.
The bill does not say vaults are securities. It says the SEC should reconsider how legacy intermediary-era rules apply to these systems at all. Combined with the draft’s repeated emphasis on “rules-based,” “programmatic,” and “administrative or ministerial” systems, this is a meaningful shift in how policymakers are beginning to think about on-chain financial infrastructure, and important for the future of DeFi.
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Sun retweeted
May 8
Lastly, I think we should consider ways to provide clarity surrounding what are commonly referred to as “crypto vaults,” particularly regarding Securities Act and Advisers Act touch-points. Crypto vaults are onchain software applications that are often designed to allow users to earn yield passively through the deployment of their assets into yield-generating opportunities onchain.
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The Reap acquisition is a reminder that Kraken is becoming much more than an exchange.
Payward is assembling the primitives for modern financial infrastructure: custody, trading, derivatives, tokenized assets, stablecoin settlement, cards, and cross-border payments.
The strategic goal is not just more retail crypto volume. It’s becoming the infrastructure layer other fintechs, banks, wallets, and platforms build on top of.
Kraken parent @Payward is acquiring Reap, a payments infrastructure company connecting card networks, traditional finance rails, and stablecoin-native settlement into a single platform.
@reapglobal expands @PaywardServices with globally regulated card issuance and stablecoin payments.
payward.com/press-release/pa…
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Certora has been an incredible security partner and one of the best auditing firms I've ever worked with.
Excited to continue deepening our partnership to secure the future of vaults.
May 7
We’re partnering with @Certora as part of our continued commitment to security.
This means:
→ formal verification
→ bug testing
→ fuzzing
→ and more
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I will say it again: you want protocols that will fight tooth and nail to protect customer depositors.
Aave continuing to go above and beyond.
Aave LLC has filed an emergency motion to vacate a restraining notice served on Arbitrum DAO on May 1, 2026 that attempts to seize approximately $71 million in ETH belonging to victims of the April 18 exploit.
A thief does not gain lawful ownership of stolen property simply by taking it, and the law is clear on this. Those assets were recovered to be returned to users victimized in the April 18, 2026 exploit. Freezing them harms the very people this recovery effort is designed to protect.
We’ve asked the court for an expedited hearing and a temporary vacatur, and we are continuing to work alongside the Arbitrum community and DeFi United to make affected users whole.
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May 1
Over $1.5M in gross yield generated by Kraken's Advanced Strategies USDC DeFi Earn vault so far.
Consistent outperformance compared to the industry average stablecoin supply rate by roughly 450 bps.
Powered by Veda's vault infrastructure, and curated by Sentora.
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Apr 30
Veda data is now live on Blockworks.
This is a fascinating peak into one of the largest vault providers in crypto.
Personally watching @krakenfx vault closely, IMO the earn program is one of the most crucial distribution channel for yield products.
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