Veda BoringVault vaults

Vault software that Kraken, Plasma One, ether.fi and MetaMask put behind their earn buttons, while a curator moves the money only to places on an approved list.

Run by

Veda Tech Labs, vault software for apps

Route

Vault software

Size

≈ $1.09B TVL (DefiLlama, Nov 5, 2026)

Launched

May 2024

License

None for the vaults. Apps such as Kraken run KYC and sell the product. On Mar 23, 2026 Veda asked the SEC and CFTC to treat such vaults as qualified custody.

Backing

Whatever the curator holds from its approved list. Kraken’s USDC vaults lent on Aave, Morpho, Euler and Curve (Jul 2026). Plasma One’s vault lends USDT0 on Aave.

Reports

14 audits listed, 13 by 0xMacro and 1 by Spearbit. A $1M Immunefi bounty since Jan 21, 2026. No hacks listed on DefiLlama (Nov 2026).

Networks

Ethereum, Ink, OP Mainnet, Plasma and Hyperliquid hold most of it, plus small amounts on 7 more chains (DefiLlama, Nov 2026).

Access

Set by each app. Kraken: 48 US states, Canada and the EEA (Jan 2026). ether.fi Liquid: not the US, UK or Canada. MetaMask: not the UK.

Yield

Kraken Advanced USDC about 6%, Balanced about 2%, after a 25% fee (Jul 2026). Plasma One’s vault about 5% (Nov 5, 2026). Paid by borrowers in the markets used.

Rules

Users hold vault shares in their own wallets, and only they can withdraw. No US regulator has ruled on vaults; Veda, Aave Labs and Kamino sent the SEC a framework on Oct 26, 2026.

More ways to earn and borrow

Aave Morpho sUSDS sUSDe Ledn Kamino

Public information as of September 2026, simplified. Not legal or investment advice. Open the full earn and borrow world.