According to a recent LinkedIn post from Kraken, the firm’s Head of Onchain, Calvin Leyon, discussed the company’s DeFi Earn product and broader views on vaults while at the Vault Summit in Cannes. The post notes that Kraken DeFi Earn has surpassed $150 million in assets under management, suggesting growing traction for the product category.
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The LinkedIn post emphasizes that short-term total value locked can be “rented,” while sustainable product-market fit depends on yields funded by real borrowing demand. It further suggests that user distribution is critical, arguing that more users deploying capital can drive borrowing activity and, in turn, more durable yield profiles over time.
For investors, the $150 million AUM figure may indicate early scale in Kraken’s on-chain yield offerings, potentially diversifying revenue beyond spot trading. The focus on economically grounded yields and distribution-led growth could position Kraken competitively in DeFi, especially if it can convert AUM into recurring fee income and defend margins against incentive-driven rivals.