The Hybrid BTC Veda vault lets people deposit BTC-backed assets on the BOB network and automatically collect yield from other chains, starting with Pendle on Ethereum. The best part? All yield is returned to users in BTC—directly on BOB.
So without further ado, let’s dive right in.
What is Veda?
Veda is a leading DeFi vault platform that enables crypto applications, asset issuers, and protocols to build consumer-grade DeFi yield products. Once integrated with a platform or app, all users have to do is deposit tokens with one click, and Veda will deploy this capital efficiently across various yield-generating strategies.
Meet the team
Veda was founded by Sunand Raghupathi (CEO), Stephanie Vaughan (COO), and Joseph Terrigno (CTO), who bring complementary expertise in operations, data science, and protocol engineering—collectively forming the backbone of Veda.
All three have been entrenched in building vault-based products for the past 3 years, contributing to the growth of Sommelier, which achieved $100 million in TVL. Since then the team have used their experience to launch Veda, and were chosen by Ether.Fi—one of the largest restaking protocols on EigenLayer—to launch their liquid vaults. Thanks to the team’s contributions, Ether.Fi liquid vaults are now well over $1B in TVL, setting the gold standard for the industry. Other notable projects that use Veda under the hood include Lombard (DeFi and Sonic Vaults), cmETH and Rings Protocol (Sonic), to name a few.
Veda’s BoringVault technology is now being used by notable projects across Bitcoin, Ethereum, and other L2s, and currently boasts 100k+ users— with approximately $2.3B in TVL.
Why they are interesting
By powering cross-chain yield through a single deposit, Veda allows protocols and their users to access multiple DeFi opportunities without juggling complex bridges or numerous wallets. This is done by abstracting everything into a consumer-friendly vault, making advanced DeFi interactions feel much simpler.
For users, this means one-click access to yield. Whether it’s earning from LSTs on Ethereum or exploring new DeFi apps on emerging L2s, Veda’s infrastructure has been designed to remove the headaches of manual strategy management and continuous monitoring.
On the builder side, Veda helps asset issuers and L2 ecosystems integrate native yield into their products. They can tap into pre-built vault logic, rapidly deploy liquidity to key protocols like Uniswap, Pendle, or lending markets, and avoid the heavy lifting of building custom yield infrastructures.
The Veda team also provides modular asset technology that empowers partners to remain agile as DeFi evolves. By minting assets from multiple underlying tokens, builders can pivot to new protocols and yield opportunities, ensuring each asset remains future-proof.
What this means for BOB users
BOB recently integrated Veda’s on-chain vault infrastructure to power the first Hybrid BTC product, hybridBTC.pendle—paving the way for the first-ever multi-chain BTC-yield layer:
- Seamless multi-chain BTC yield
Through Hybrid BTC, users deposit BTC-backed assets (like wBTC, LBTC, SolvBTC, or cbBTC) in a Veda vault on BOB or Ethereum. Veda’s infrastructure then deploys these assets into yield opportunities on other chains - for example, Pendle on Ethereum for this first vault - automatically returning yield in BTC on BOB. - Simplicity and security
Hybrid BTC draws on BOB’s hybrid L2 model—where finality and bridges will be anchored in Bitcoin security in the near future. By pairing that with Veda’s vault technology, BTC holders can confidently chase cross-chain yields without juggling custodial bridging solutions or multiple wallets. - Yield-bearing assets (YBAs)
When users deposit into a Veda-powered Hybrid BTC vault, they receive a yield-bearing asset on BOB (in this case, HybridBTC.pendle). This new token can be deployed in BOB’s DeFi ecosystem—used as collateral on Euler, or added to DEX liquidity pools on Oku and Gamma—letting users earn multiple layers of yield on top of the vault’s base returns.
What’s next
Veda and BOB both share a common goal of abstracting away the complexities of DeFi, and this latest HybridBTC collaboration is just the beginning, with more Hybrid BTC vaults set to launch in the near future. These will tap into other ecosystems like BNB, Solana, Move, Berachain, and more—all while anchoring trust in Bitcoin. In the meantime, the Veda team are planning to launch on new networks, whilst actively working on having their vaults embedded on more DeFi apps.
