> For the complete documentation index, see [llms.txt](https://etherfi.gitbook.io/etherfi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://etherfi.gitbook.io/etherfi/products/liquid.md).

# Earn

Earn on ETH, BTC, stablecoins, and real-world assets with ether.fi Liquid vaults.

## Overview <a href="#overview" id="overview"></a>

ether.fi Liquid offers automated DeFi strategy vaults. You deposit an asset such as ETH, eETH, BTC, or a stablecoin. The vault spreads it across a set of DeFi positions and rebalances for you.

Good DeFi positions need active allocation, integration, monitoring, and rebalancing. Liquid vaults do this work according to the strategy and controls of each vault. Returns are variable and not guaranteed. Every vault carries smart contract, market, liquidity, and third-party protocol risk.

## How the vaults are built

Live vaults run on one of two infrastructure providers:

* **Veda (BoringVault architecture)** runs most vaults. It uses modular components, separated roles, and Merkle-constrained strategies. See [Veda Vault Architecture](/etherfi/products/liquid/veda-vault.md).
* **Midas** runs the real-world asset and reserve vaults. See [Midas Vault Architecture](/etherfi/products/liquid/midas-vault.md).

## In this section

* [Veda Vault Architecture](/etherfi/products/liquid/veda-vault.md)
* [Midas Vault Architecture](/etherfi/products/liquid/midas-vault.md)
* [Live Vaults](/etherfi/products/liquid/live-vaults.md): the vaults open for deposits
* [Deprecated Vaults](/etherfi/products/liquid/deprecated-vaults.md): vaults that are closed, kept for reference
* [FAQs](/etherfi/products/liquid/faqs.md)

{% hint style="warning" %}
The app shows the current vaults, assets, rates, and availability. Rates are variable and not guaranteed.
{% endhint %}


---

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