August 2024
Liquid ETH Transparency Report
By Delta Y
Highlights
Liquid ETH is a ETH-denominated vault providing automated access to yield strategies through diversified positions across DeFi protocols, managed by Veda for Ether.fi. The vault was deployed on June 3, 2024, with regular price updates beginning on June 12, 2024, and data on protocols' allocations available since February 21, 2026.
During August 2024, Liquid ETH's AUM decreased from $540.26M to $386.16M. The inception-to-date return (net of fees) now amounts to 3.47% annualized.
Other relevant indicators can be seen in Table 1 below:
Jul 2024 | Aug 2024 (Δ) | |
|---|---|---|
Avg. NAV | $587.92M | $415.81M (-29.27%) |
Avg. APY | 1.65% | 3.80% (2.15 p.p.) |
Net Deposits | -$95.40M | -$39.50M (58.60%) |
Performance
Liquid ETH reached a price of $1.0325 in its latest oracle update, reflecting a 0.31% return for the month of August. The trailing (7 days minimum) APY peaked at 4.54% during this period, with a minimum of 2.40%.
Table 2displays the vault's performance against other comparable yield strategies:
Jul 2024 | Aug 2024 | |
|---|---|---|
Liquid ETH wstETH | Liquid ETH wstETH | |
Avg. APY | 1.73% 3.08% | 3.83% 3.23% |
Std. Dev. APY | 0.96% 0.09% | 0.56% 0.53% |
Activity
During August 2024, the vault processed $28.58M in deposits and $68.07M in withdrawals, resulting in -$39.50M of net deposits over a total of 31 transactions.
As of period end, the Liquid ETH vault had 4148 holder addresses, representing an increase of 23.75% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Jul 2024 | Aug 2024 (Δ) | |
|---|---|---|
Deposits | $105.24M | $28.58M (-72.84%) |
Withdrawals | $200.64M | $68.07M (-66.07%) |
Net Deposits | -$95.40M | -$39.50M (58.60%) |
Avg. Holders NAV | $261.03K | $109.44K (-58.07%) |
Median Holders NAV | $1.47K | $708.31 (-51.68%) |
Disclosures
Security: Veda smart contracts have been audited by 0xMacro and Cantina. Onchain transactions are bounded by Merkle trees, where each leaf encodes a specific allowed action.
Fees: Veda vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: Liquid ETH's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including Liquid ETH, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.