Finance platform Veno records a doubling of TVL within 24 hours, exceeding the $50 million milestone.
Veno Finance Surges on Cronos zkEVM, Becoming Largest Liquid Staking Protocol
In a remarkable turn of events, Veno Finance, a liquid staking protocol, has seen its Total Value Locked (TVL) on Cronos zkEVM explode from zero to nearly $8 million on September 17, marking a 100% increase. This surge has propelled Veno to become the largest liquid staking protocol on the new Ethereum layer 2 network.
The rise of Veno Finance can be attributed to several factors. The protocol's automatic compounding of staked CRO rewards into Liquid CRO (LCRO) allows users to maximize their gains without the need for manual intervention, attracting more staking capital. The insurance module, which protects against slashing penalties, further increases user confidence and safety in staking.
Veno also offers tradeable NFT "IOU" tokens representing unstaked CRO, ensuring continuous liquidity for users wishing to exit staking positions without delay. The availability of Veno Garden, where users can provide liquidity to earn VNO tokens, also incentivizes capital inflow into the protocol.
The broad composability and low fees within the Cronos zkEVM DeFi ecosystem amplify LCRO utility, encouraging adoption by diverse DeFi users seeking optimal staking and liquidity strategies. Cronos zkEVM, an Ethereum layer 2 network launched by Cronos Labs about a month ago, is focused on DeFi and gaming, leveraging Cosmos SDK technology.
CRO holders who stake their tokens on Veno receive LCRO and aim for an annual percentage yield (APR) of 7.4%. Currently, the share of total deposits on Veno Finance is dominated by CRO, with nearly $34 million in TVL. The platform also supports other tokens, including ATOM, DAI, and Wrapped Ether (WETH), with nearly $8 million in WETH deposits alone.
Notably, the number of CRO stakers on Veno has increased to over 23,700, and Ethereum-related deposits on Cronos zkEVM have surged from zero to $20 million. This surge in CRO deposits, along with the increase in WETH deposits, underscores the growing appeal of Veno Finance on the Cronos zkEVM network.
Cronos is an Ethereum-compatible blockchain network developed by Crypto.com. As a foundational liquid staking layer on Cronos zkEVM, Veno Finance acts as a critical protocol for maximizing staking returns while maintaining liquidity flexibility. The platform's role in the network is primarily through its token Liquid CRO (LCRO), which enables users to stake CRO with automatic compounding rewards and enhanced liquidity by providing yield-bearing receipt tokens that can be freely used and traded within the Cronos DeFi ecosystem.
[1] Data sourced from Veno Finance's official website and social media channels.
- The surge in news about Veno Finance, a liquid staking protocol on the Cronos zkEVM network, has highlighted its potential in finance and investing, attracting more interest in technology-driven DeFi projects.
- As Veno Finance, the largest liquid staking protocol on Cronos zkEVM, continues to offer features such as automatic compounding, insurance, tradeable NFT tokens, and Veno Garden, it is likely we will see further growth in this technology-focused finance and investing landscape.
