Veda: Data Dashboard Primer

Veda is institutional-grade, non-custodial vault infrastructure for onchain yield products. Its vaults allow users to deposit assets into smart contracts that deploy capital across DeFi protocols, while preserving user control over withdrawals and transfers. By abstracting away the complexity of strategy execution, accounting, and multichain deployment, Veda enables protocols, applications, exchanges, and fintech platforms to offer transparent, accessible yield products directly to their users.

In practice, Veda acts as native yield infrastructure for protocols and applications: partners can launch curated vault products, source liquidity from integrated DeFi venues, and deliver optimized onchain returns through a simplified user experience.

Dashboard Overview

Our Veda dashboard is organized into eight tabs spanning aggregate vault activity, depositor behavior, and partner-level vault performance.

1. Vaults: Aggregate balances, yields, fees, and deposit distribution across all partner vaults built on Veda.
2. Depositors: Unique address counts, deposit size distributions, and top depositor activity across the Veda ecosystem.
3. Kraken Earn: Vault-level metrics across Kraken Earn’s USDC products.
4. EtherFi: Vault-level metrics across EtherFi products, including Liquid ETH, Super Symbiotic, eBTC, Liquid USD, and Liquid BTC.
5. Lombard: Vault-level metrics across Lombard’s BTC-denominated products.
6. Plasma: Vault-level metrics for Plasma USD.
7. Kinetiq: Vault-level metrics for the kHYPE vault on HyperEVM.
8. Whop: Vault-level metrics for Whop USD on Plasma.

Vaults

The Vaults tab provides a system-level view of Veda across partners, vaults, assets, and chains. Users can track total deposits, partner market share, vault composition, gross and net yield, fees, and chain-level deposit distribution.

Vault Deposits: Veda vault balances currently sit above $1B, down from a peak above $5B in late 2025. EtherFi has historically represented the largest share of deposits, anchoring the ecosystem through Liquid ETH and related vault products. The sharp expansion in mid-to-late 2025 was driven primarily by Plasma and Kinetiq vaults, which temporarily pushed aggregate deposits to new highs before balances normalized. More recently, deposits have stabilized near the $1B range, with EtherFi still the dominant contributor and Kraken, Lombard, Plasma, Kinetiq, Whop, and others contributing smaller but visible shares.

Vault Net Yield: Cumulative net yield generated for depositors has climbed to roughly $370M, with Plasma USD accounting for a large majority of the increase since mid-2025. While EtherFi vaults contributed most of the early cumulative yield, Plasma’s rapid growth changed the composition of Veda’s yield base, making stablecoin-oriented vault products the largest driver of net yield generation in the current dataset.

Vault Deposits by Chain: Veda began as a predominantly Ethereum-based ecosystem, but deposits are now spread across Ink, Scroll, HyperEVM, Plasma, Optimism, Base, and others. Ethereum still accounts for the majority of vault balances, but the chain mix has become more diversified over time. This is especially important for Veda because many vault products are multichain, making chain-level deposit distribution key to understanding where user balances are held.

Depositors

The Depositors tab tracks the user base behind Veda vault activity, including active and lifetime depositor counts, average and median deposit sizes, user distribution by deposit bracket, and top depositor balances.

Active Depositors: Veda currently has just over 100K active depositors, with growth accelerating meaningfully in early 2026. EtherFi has consistently represented the largest share of active users, while Lombard contributed a sizable user base through much of 2024 and 2025. More recently, Kraken and other partner vaults have expanded the depositor base, pushing active users to new highs even as aggregate balances have declined from their late-2025 peak.

Average Deposit Size: Average deposit size has moved through several regimes: early activity in the tens of thousands of dollars, a decline into early 2025 as the depositor base broadened, a late-2025 spike above $80K, and a steady decline into 2026. The recent move lower suggests incremental depositor growth is being driven more by smaller accounts than by large single-wallet inflows.

User Deposit Size Distribution: The current deposit distribution is heavily concentrated in smaller balance brackets by user count. The largest cohort is the $0–$1 bucket, followed by users in the $1–$10, $10–$100, and $100–$1K ranges. EtherFi accounts for the largest share of users across most brackets, while Kraken has a visible presence in lower and mid-sized deposit ranges. Higher-value cohorts above $10K represent a much smaller share of total users.

Kraken Earn

The Kraken Earn tab tracks three USDC-denominated vault products: Advanced Strategies USDC, Boosted Yield USDC, and Balanced Yield USDC.

Kraken Earn Vault Deposits: Kraken Earn vault deposits have grown steadily since launch, recently reaching $200M in total balances. Advanced Strategies USDC accounts for the majority of deposits, followed by Boosted Yield USDC and Balanced Yield USDC. The consistent upward trend reflects sustained adoption rather than a single short-lived inflow.

Kraken Earn Vault Performance vs Benchmark: Veda’s Kraken Earn vaults have generally outperformed the benchmark industry stablecoin supply rate, with Advanced Strategies USDC standing out as the strongest performer. The vault spent most of the observed period generating returns several hundred basis points above benchmark. In the most recent week, the benchmark rate briefly outpaced vault performance as stablecoin lending rates spiked amid a broader liquidity crunch following the rsETH exploit. 

EtherFi

The EtherFi tab spans several products, including Liquid ETH, Super Symbiotic, ETHFI Staking, eBTC, EtherFi Liquid Katana, Liquid USD, and Liquid BTC.

EtherFi Vault Deposits: EtherFi remains the largest Veda partner by total deposited assets, with current balances of roughly $580M. Deposits have been led primarily by Liquid ETH, which has consistently accounted for the majority of EtherFi vault balances. The balance base peaked above $2B around September 2025 before declining into 2026, but EtherFi continues to anchor Veda by both absolute balance and breadth of vault products.

EtherFi Vault Active Depositors by Chain: EtherFi also has the largest depositor base among Veda partners, with nearly 48K active depositors. Ethereum was initially the primary source of users, but the depositor base has become increasingly multichain over time, with Arbitrum, Scroll, Base, and Optimism all contributing meaningful user growth.

Lombard

The Lombard tab tracks BTC-denominated vault products including Lombard, Sentora Lombard, and Lombard BTC Katana.

Lombard Vault Net Yield: Lombard vaults have generated nearly $2.9M in cumulative net yield for depositors. Net yield has grown steadily since launch, with the largest step-up occurring through late 2024 and early 2025 as vault balances scaled. More recently, the pace of yield accumulation has moderated, but the chart still shows consistent positive depositor yield over time.

Kinetiq

The Kinetiq tab currently tracks the kHYPE vault, with activity concentrated on HyperEVM.

Kinetiq Vault Average Deposit by Chain: Kinetiq’s average deposit size was initially elevated, rising above $70K shortly after launch before declining steadily through late 2025. Since early 2026, average deposit size has stabilized closer to the $5K–$10K range. This suggests early activity was driven by larger depositors, while the subsequent user base has broadened toward smaller average balances.

Plasma

The Plasma tab centers on Plasma USD, a USDT-denominated vault product.

Plasma Vault Performance: Plasma USD performance has generally remained in the low-to-mid single digits, spending most of the observed period around 3%–5%. After a softer stretch in late September and early October 2025, performance recovered and remained relatively stable before accelerating sharply at the far right of the series, reaching nearly 9%.

Plasma Vault Gross Yield: Plasma vault gross yield was heavily front-loaded, with weekly gross yield frequently running in the low tens of millions before peaking at roughly $22M in early October 2025. From there, gross yield trended downward as the vault matured and balances normalized, though it has continued to generate positive weekly yield.

Whop

The Whop tab tracks Whop USD, a USDT-denominated vault product deployed on Plasma.

Whop Vault Net Performance: Whop’s net performance has accelerated sharply since launch. After spending most of the early period in the 3%–4% range, net performance moved materially higher in April, reaching roughly 8.4% by the latest observation. The key takeaway is that Whop has transitioned from steady mid-single-digit performance to a meaningfully higher recent yield profile.

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