Sunand Raghupathi, founder and CEO of Veda, is warning DeFi users against treating vaults like insured savings accounts. According to him, onchain vaults are structurally closer to hedge funds than savings products, and risks have migrated from smart contract exploits to the operational layer. Veda’s vaults power Kraken’s DeFi Earn product, which has attracted over $600 million in deposits, with more than $100 million in inflows since mid-2025. Veda has processed more than $16 billion through its infrastructure without a major smart contract incident. The company raised $18 million in a funding round led by CoinFund in June 2025.
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