Kraken, a popular crypto exchange based in the United States, is unveiling a new offering that allows its users to tap into decentralized finance (DeFi) earning opportunities.
According to Kraken, the new product called DeFi Earn aims to provide DeFi-like rewards in a simplified manner, eliminating the need for complex setups and processes.
“DeFi has always promised more control, yet most people end up overwhelmed by wallet setups, seed phrases, and a maze of onchain steps. That’s why we’re excited to introduce DeFi Earn. It lets you earn up to 8% APY on your cash and stablecoins through the same Kraken experience you already use.”
The process involves depositing assets, converting them into stablecoins, and moving them into vaults that provide liquidity to onchain lending protocols.
“You deposit. The system handles the onchain actions. You earn competitive DeFi rewards through a straightforward and transparent experience.”
Powered by vault infrastructure provider Veda, the new product has risk managers Chaos Lab and Sentosa operating the first three vaults—Balanced Yield USDC Vault, Boosted Yield USDC Vault, and Advanced Strategies USDC Vault. They manage risks, allocate assets, and monitor liquidity.
Veda co-founder Sun Raghupathi stated,
“As traditional places to earn rewards flatten, onchain markets continue to offer higher variable APYs. DeFi Earn highlights market-leading rates grounded in actual market demand for capital.”
Initially, the product will be accessible to users in most U.S. states, excluding New York and Maine, Canada, and the European Economic Area.
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