Why Smart Contract Risk Isnt the Real Threat to Vaults Anymore @UnchainedCrypto
Why Smart Contract Risk Isnt the Real Threat to Vaults Anymore  @UnchainedCrypto
Uploaded August 2026 | Updated September 2026, 3 weeks ago
Smart contract exploits used to be the biggest risk in onchain vaults. Sun Raghupathi, cofounder and CEO of Veda, says that's no longer true, the risk has shifted to key management and governance, the layer behind incidents like KelpDAO and Drift.

He maps the full risk stack, smart contract, operational, and economic, and lays out what to actually check before trusting a vault with your money.

Host:
๐Ÿ‘‰ Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin

Guest:
๐Ÿ‘‰ Sun Raghupathi - Co-Founder and CEO of Veda - https://x.com/sunandr_

This clip is from a longer conversation on onchain vaults and the SEC's new statement on vault securities law. Full episode here: youtu.be/xqb-2g6OqtE

We go live twice every week - subscribe to catch it live.

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Chapters
๐Ÿ” 00:00 Veda's three-party vault model: infrastructure, curator, distributor
โš ๏ธ 02:03 What can actually go wrong in a vault, from smart contracts to governance
๐Ÿ›Ÿ 05:35 Who eats the loss, and why Sun doubts vault insurance
๐Ÿ”‘ 07:05 How to vet a vault partner's key management before trusting them

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Why Smart Contract Risk Isn't the Real Threat to Vaults Anymore

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