Kamino is now live on Veda. @Kamino, the leading credit market on @Solana, can now be a source of liquidity for onchain yield from Veda vaults. Fintechs, neobanks, exchanges, and more can leverage this stack for their embedded Earn products.

$800M and counting. @krakenfx DeFi Earn surpasses 3/4 of a billion dollars in deposits. --> Vaults by Veda --> Strategy by @SentoraHQ --> Wallet by @privy_io $450M+ in BTC $300M+ in stablecoins 120k+ lifetime depositors

A fund that lives entirely on-chain removes the need to keep converting between on-chain and offchain systems.⁣ ⁣ @TuongvyLe12 , General Counsel, @veda_labs on the latest episode of Tokenized with @sytaylor and @cuysheffield said:⁣ ⁣ "Bailee Gifford launched a native fund, like a fund that is native to the blockchain. And that actually solves so many operational and administrative inefficiencies that exist now because you have to convert constantly between different forms and on chain versus off chain."⁣ ⁣ Every conversion between forms today means reconciliation, settlement lag and extra operational risk that a native structure simply removes.⁣ ⁣ 🎙 Listen to the latest episode on Tokenizedpod(dot)com

"These transactions carry chargeback rights, and stablecoin settlement is irreversible." Tuongvy Le, General Counsel at @veda_labs, pointed to the mismatch built into putting a Visa card on a stablecoin balance. Card finality assumes disputes can be reversed. Stablecoin settlement doesn't work that way. She also flagged a second shift already underway. The moment an issuer adds yield to an idle balance, the product stops looking like a payments tool and starts looking like a security. 🎙️ Listen to the latest episode on

Teams using @privy_io can now offer yield with Veda. Leverage the leading onchain vault solution without deploying or operating a vault contract. Get in touch to get started:

AI agents can now hold wallets. But what would happen if they go off script? @TuongvyLe12, General Counsel, @veda_labs on Tokenized with @sytaylor and @cuysheffield said: “The constraints are enforced by the actual infrastructure, the agent can act freely within that mandate, but structurally it can't act outside of it.” When something goes wrong, a court will ask what permissions the AI had and who was watching. Just because it's an AI doesn't mean its actions can't be traced back to a human decision. 🎙️ Listen to the latest episode on Tokenizedpod(dot)com

Leaving crypto for AI? @sunandr_ reveals why he did the opposite and deferred a PhD in machine learning to build in crypto 5+ years ago: "Whatever your academic interest is, whether it's game theory, economics, cryptography, computer science, there's a place for you in the crypto world." "That was sort of the thing that initially nerd-sniped me." "Over time, what I started to understand was the things we are building today are the infrastructure and foundations for a new financial system." Full conversation below on @Unchained_pod:

Tuongvy Le says transparent standards could make it harder for banks to debank crypto "Crypto should be paying attention to this. As an industry, we could either end up loving it or hating it. Obviously having a transparent set of standards could make it harder for banks to debank crypto companies, something we dealt with for a long time based on this idea of reputational risk" "On the other hand, having certification standards that are really conservative or leave a lot of room for interpretation could actually end up formalizing derisking in a way that's harder to change. So what the actual standards end up being is going to matter a lot in general, but especially for crypto" "I personally like the efficiency argument for this. I've lived the diligence process firsthand as a bank GC, and it is not fun. So I think standardized diligence could solve a very real problem"

"We would literally have to coordinate around how many of the signers are going to be on the same flight" Tuongvy Le on why multisig makes crypto succession planning unique "As someone who works at a DeFi company, we think about quote unquote succession planning a lot, in the context of things like multisigs and dependencies on people who hold the keys, emergency councils, and what happens if there's a governance attack on a protocol" "Literally, if we had a team offsite, we'd have to do all this coordination around how many of the signers are going to be on the same flight, or whatever it is" "So I think in crypto this sort of thing really does take on special and unique importance"

📂 Veda_vault_stack ┃ ┣ 📂 core ┃ ┗ 📂 BoringVault.sol ┃ ┣ 📂 entry_and_exit ┃ ┣ 📂 TellerWithMultiAssetSupport.sol ┃ ┃ ┗ 📂 User.eth ┃ ┃ ┗ 📂 receipt_tokens ┃ ┃ ┃ ┣ 📂 TellerWithYieldStreaming.sol ┃ ┣ 📂 LayerZeroTeller.sol ┃ ┗ 📂 BoringOnChainQueue.sol ┃ ┣ 📂 pricing ┃┣ 📂 AccountantWithRateProviders.sol ┃┗ 📂 AccountantWithYieldStreaming.sol ┃ ┣ 📂 execution ┃ ┣ 📂 ManagerWithMerkleVerification.sol ┃ ┃ ┗📂 Curator.eth ┃ ┃ ┃ ┗ 📂 decoders_and_sanitizers ┃ ┣ 📂 MorphoBlueDecoderSanitizer.sol ┃ ┣ 📂 ERC4626DecoderSanitizer.sol ┃ ┣ 📂 AaveV3DecoderAndSanitizer.sol ┃ ┣ 📂 AaveV4DecoderAndSanitizer.sol ┃ ┣ 📂 RWAs ┃ ┗ 📂 & more ┃ ┗ 📂access_control ┣ 📂RolesAuthority.sol ┗ 📂TimelockController.sol

Vault insurance sounds like the safety net everyone wants. Sun Raghupathi ( @sunandr_ ) told me on the show: nobody's actually seen a major claim paid out yet, so treat the marketing with real skepticism. 🛟

Stablecoin settlement never sleeps. Bank liquidity rules do. Tuongvy Le, General Counsel at @veda_labs and a former GC at a federally regulated bank, walked through what 24/7 programmable money does to safety and soundness on the latest episode of Tokenized with hosts @sytaylor and @cuysheffield. Wholesale deposits are hot money. Consumer deposits are sticky. Silicon Valley Bank showed what happens once the hot money can move instantly. One bank modelled the hit to its liquidity coverage ratio from offering weekend stablecoin settlement to institutional clients. The result was some deposit flight and a real balance sheet cost. "You can offset that by charging fees for people to make payments over a weekend that they couldn't before." 🎙️ Listen to the latest episode on

Investment firm @BaillieGifford recently launched the Baillie Gifford Enhanced Yield Fund aka BAGEY: an onchain, regulated tokenized bond fund natively on Ethereum and Solana. "That is where we are headed." @TuongvyLe12 on @TokenizedPod:

Could Some Vaults Trigger Securities Law? Yes, but It's Case by Case 'It's not critical, in my opinion, that there's no risk at all,' Sun Raghupathi (@sunandr_) told me on the show. We got into how $67B in onchain vaults actually work, and why SEC Commissioner Hester Peirce's new statement has Crypto Twitter split. 🏦🎧 Timestamps: 📣 00:41 Cape: Get 33% off your first six months with code unchained at 🏦 00:57 What is a vault, and why DeFi needed the primitive 🎢 02:25 Sun's path from an ML PhD to launching Veda ⚙️ 04:43 The three things vault infrastructure must solve: access, control, verifiability 💰 06:45 Where vault yield actually comes from, and how it differs from TradFi 📣 10:57 Cape: Get 33% off your first six months with code unchained at 🏗️ 11:03 Veda's role as infrastructure vs. curators and distributors ⚠️ 13:06 What happens when a vault loses money, in the worst case 🛟 16:31 Why Sun is skeptical of vault insurance until a real claim gets paid 🔑 18:08 How to vet vault partners on key management, not just smart contracts 📉 20:28 The Stream Finance blowup and how curator risk-taking has changed since 📊 23:00 The metrics Sun uses to evaluate vault curators 🏛️ 24:31 Why Sun reads Hester Peirce's vault statement on vaults as bullish, not a warning 🦑 28:46 Kraken's $600M vault partnership, and Veda's competitive edge

Some vaults automate participation in a market. Others retain discretion over investor assets. Those are fundamentally different legal relationships. More from Veda GC @TuongvyLe12 on our blog:

🚨 Ep. 95 of @TokenizedPod: The Era of 24/7 Money @sytaylor & @cuysheffield are joined by: 👉 @natalyathakur, Founder & CEO, @KnovaFinance 👉 @TuongvyLe12, General Counsel, @veda_labs To discuss: 🚀 Western Union and Rain launch Stablecard in 37 markets 🪙 Idle stablecoin balances and yield earning potential 💳 Self custodial model attractiveness for internationalization 🏦 Western Union business model shift with wallet plus card 👀 Stablecoins as opportunity not threat for banks 🏛️ Wells Fargo tokenized deposits for corporate clients ❗️ Interoperability risks of bank permissioned blockchain networks 🤔 Safety and soundness concerns with 24/7 programmable deposits 🤖 Cloudflare programmable wallets for AI agent payments 💰 BlackRock tokenized money market funds for stablecoin reserves *** Timestamps: 00:00 Introduction 2:04 Western Union and Rain launch Stablecard in 37 markets 3:46 Idle stablecoin balances and yield earning potential 5:44 Self custodial model attractiveness for internationalization 6:23 Western Union business model shift with wallet plus card 10:00 Stablecoins as opportunity not threat for banks 15:06 Wells Fargo tokenized deposits for corporate clients 19:54 Interoperability risks of bank permissioned blockchain networks 26:41 Safety and soundness concerns with 24/7 programmable deposits 33:57 Cloudflare programmable wallets for AI agent payments 44:02 BlackRock tokenized money market funds for stablecoin reserves *** 👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈

Sun Raghupathi ( @sunandr_ ) told me smart contract risk isn't what keeps him up at night anymore. It's who controls the keys. This clip maps the real risk stack behind onchain vaults. 🔑🎧

Timely conversation with the great @laurashin on vaults. Any financial technology that reaches a certain scale needs sane rules to protect consumers. We have the opportunity now to work with a rational administration to make sure these rules reflect the technical reality. Vaults will be 1000x bigger than they are today and it's time to start preparing for success

"You can't just call twenty different things a vault and pretend that they're all the same thing" Veda CEO Sun Raghupathi breaks down Commissioner Peirce's vault statement and what actually triggers securities law "In terms of Commissioner Peirce's statement today, I think she's touching on something that many of us in the space have been saying for a long time." "What Commissioner Peirce is saying is that different aspects of a vault design inform whether these products should be regulated under securities law or should not be"