Kraken’s stablecoin Earn product launched less than two months ago — and has surpassed $100 million in deposits across more than 24,000 users.

Mark Greenberg, Kraken’s vice president and general manager of consumer products, explained during a panel at the Consensus conference in February that Kraken has seen an increase in brand-new user signups just to access DeFi Earn. 

The success of DeFi Earn is simple: Users want to earn on their idle funds without managing DeFi protocol allocations or engaging with an onchain wallet. They want an Earn product that’s easy to use and transparent. Kraken DeFi Earn makes this a reality, powering the future of onchain savings with Veda’s vault technology.

DeFi Earn allows users on the Kraken app, Kraken Pro, and Kraken’s global money app Krak to start earning on their idle balances in just a few clicks.

“DeFi Earn momentum on Kraken keeps building,” Kraken Co-CEO David Ripley wrote in a recent post. “It’s proof that when you build infrastructure for scale and flexibility, you can deliver differentiated earn products that are impactful for customers.”

Users choose between three different yield strategies, each powered by a multichain, multiprotocol Veda vault on Ink, Kraken’s Ethereum L2 blockchain. The Balanced and Boosted Veda vaults are curated by Chaos Labs, and the Advanced Veda vault is curated by Sentora. After selecting a strategy, users select the asset type they’d like to deposit, including fiat currency, and Kraken DeFi Earn automatically converts those funds into Circle’s USDC stablecoin. 

To deposit funds, a self-custodial Privy wallet is automatically spun up for each user on the backend. Funds are then allocated to the corresponding Veda vault based on the user’s choice — all without the user ever having to create a new account, write down a seed phrase, or examine complex code. 

Kraken chose Veda as its vault infrastructure provider for DeFi Earn because Veda vaults are flexible and programmable, meaning they’re able to support any blockchain, deposit asset, or DeFi protocol. This vault solution also allows curators to allocate to multiple DeFi protocols and implement multiple types of yield strategies simultaneously to maximize earnings for depositors and offer a smoother Earn experience. 

“The beauty of using infrastructure like Veda’s is that it allows customers and it allows the risk managers in the shoes of Sentora and Chaos to be able to aggregate these yields across these different opportunities,” explained John Zettler, director of product at Kraken. “If you go down to the core customer problem of ‘I have cash, I want to earn the maximum yield on that cash with only moderate levels of risk,’ that answer is going to be using vaults deployed to borrow-lend protocols.”

With DeFi Earn, Kraken users get an experience that feels like the future of finance, leveraging the benefits of onchain markets with vaults designed to stand the test of time.