This week, we’re joined by John Zettler, Director of Product at Kraken and Sun Raghupathi, Co-founder of Veda, to discuss their collaboration to bring onchain vaults to Kraken! We explore the growth of onchain vaults, how vaults package DeFi lending and yield strategies, vault mechanics, risk management, business models, comparisons to past yield products, and implications for DeFi adoption and future TVL growth. Enjoy!

Resources

2026 Predictions Episode: https://youtu.be/yagd3CT2VQk?si=G1cFXBpODiWZ-pQR

–

Follow John: https://x.com/JohnZettler

Follow Sun: https://x.com/sunandr_

Follow Jason: https://x.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

–

Timestamps:

(02:45) What is a vault

(09:26) The Evolution of Vaults

(14:31) Vault Key Parties

(21:49) Vault Business Models

(29:14) Building Vaults with Coinbase and Morpho

(33:29) Vaults Today vs BlockFi & Celsius

(37:42) Bringing Vaults to Kraken

(39:55) Determining Yield & Adding More Vaults

(41:51) What made Yano Bullish on Vaults

(45:52) Behind the Scenes

(50:24) Vault Risks

(56:37) Morpho's Model vs Veda's Model

(57:59) Closing Comments on Vaults and DeFi TVL

—

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.