The Challenge

Yield optimized for payments

As a growing global neobank, EtherFi wanted to give customers an alternative financial solution to the traditional banking system by providing access to yield on US dollar stablecoins and other digital assets.

EtherFi needed a solution that could simplify access to the best DeFi opportunities, quickly integrate new protocols, and tap into liquidity on new chains, all while maintaining security.

Strategically, it was important for us to have these DeFi vaults built-in. It just felt like the right product for the user. It was also a natural next step on this road to becoming a DeFi bank.

Mike Silagadze

CEO, EtherFi

The Solution

EtherFi Liquid, powered by Veda

For over 2 years, Veda has provided EtherFi with reliable vault infrastructure that delivers onchain yield on stablecoins, ETH, BTC, and more. Users can spend against their balances with the EtherFi card.

Fixed-rate and variable yield

The EtherFi LiquidETH vault offers a combination of fixed-rate and variable yield. Veda can power fixed-rate vaults, variable yield vaults, or deployments that offer a mix of both.

Multiprotocol for higher performance

Because each Veda vault can support allocating to multiple protocols across multiple chains, each EtherFi Liquid vault is able to source yield from multiple DeFi protocols like Aave, Pendle, Compound, and Uniswap across Ethereum and other chains.

Simplicity meets flexibility

EtherFi chose Veda’s non-custodial BoringVault infrastructure because of its modular design. Veda architecture offers more security and composability than alternatives because of its central smart contract with intentionally minimal internal logic and functions delegated to external modules.

Veda’s infrastructure enabled EtherFi to:

Offer staking yield, lending yield, and other strategies for digital assets

Let users borrow against their vault balances to spend with the EtherFi Cash Visa payments card without selling their crypto

Migrate the suite of yield vault products to a new blockchain with zero downtime

Veda has helped us step up our game in terms of the broader EtherFi experience, including that of Liquid. A key benefit of Veda’s technology is the way it eases users into a wide array of yield-generating primitives.

Mike Silagadze

CEO, EtherFi

THE IMPACT

Powering neobanking at billion-dollar scale

By one year post-launch, EtherFi's Veda vault products continued to grow and exceeded $2.1 billion in deposits.

The EtherFi Card has seen over 8.2 million total transactions across 100,000 users, over $1.2 billion in total top-up volume, and $660 million in total spend volume.

With over 2 years of uptime, Veda’s EtherFi vaults are a proven solution that made it seamless for the neobank to switch chains, yield strategies, and offer a wide range of yield on stablecoins, BTC, ETH, and more while supporting card payments at billion-dollar scale.