How Vaults Become the Next Stablecoin Narrative | Sun Raghupathi

Feb 10, 2026

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In this episode of Talking Tokens, Jacquelyn Melinek speaks with Sun Raghupathi, CEO of Veda, about how DeFi evolved from speculation to a robust financial backend for users, fintechs and asset managers. Sun explains why degens were essential beta testers for early DeFi systems, how vault infrastructure bridges the gap between onchain complexity and traditional finance, and why idle balances should automatically generate yield for users instead of enriching banks.

He walks through Veda's growth from serving DeFi projects like Ether.fi to powering yield products for centralized exchanges like Kraken and Coinbase. He also explains why stablecoin yield is the killer use case driving fintech adoption, and how vault infrastructure works across multiple chains. The conversation covers the net interest margin disruption facing traditional banks, enterprise L2 announcements going quiet, and Sun's advice to DeFi founders on meeting reality where it's at during this critical window for execution.

TIMESTAMPS

(0:00) – Intro

(1:06) – What most people misunderstand about DeFi today

(1:22) – Getting into DeFi at the 2021 peak and the Wild West era

(2:32) – Degens as beta testers for early DeFi systems

(2:54) – DeFi transitioning from speculative to robust financial backend for the real world

(3:49) – Two kinds of DeFi builders: changing the system vs getting rich

(4:33) – Night and day difference between DeFi and traditional finance transparency

(4:59) – Veda as a DeFi engine for asset managers, fintechs and financial apps

(5:38) – Idle balances should generate yield automatically and vault infrastructure explained

(6:59) – Starting Veda in mid-2024 with Ether.fi partnership

(7:44) – Exchanges and fintechs entering DeFi unexpectedly

(8:24) – Kraken DeFi Earn and Coinbase onchain yield vault products

(11:35) – Stablecoin yield as the killer use case driving fintech adoption

(14:00) – Veda's TVL growth, yield generation and operating across multiple chains

(17:39) – Regulatory environment improving and asset manager interest in onchain products

(20:30) – Vaults as the primitive for DeFi adoption at scale

(22:03) – Technical architecture, security and risk management in vault design

(25:10) – Smart contract audits and safety measures

(26:49) – Vaults vs other DeFi yield products

(28:43) – Recognizing legitimate vs sketchy vaults through track record and scale

(29:44) – Groups Veda wants to tap into and traditional banks engaging with DeFi

(30:46) – Hardest trade-offs for banks moving onchain and net interest margin disruption

(31:45) – Will DeFi disrupt finance or will finance become DeFi?

(32:34) – Watching enterprises building L2s and the quiet period on new chain announcements

(33:19) – Advice to DeFi founders: small window to stay relevant and execute

(34:00) – Meeting reality where it's at and ensuring the transition happens responsibly

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