Veno Finance Launches on Cronos, Offering Tradable NFT Receipts to Increase Liquidity for $CRO Staking
New York, NY, Dec. 14, 2022 (GLOBE NEWSWIRE) — Veno Finance, the much-awaited liquid $CRO staking protocol, announced today that it is launching on the Cronos chain, the leading Cosmos-built and EVM-compatible blockchain. Veno Finance provides a secure, cost-effective, and integrated solution for $CRO holders to earn yield on their tokens and hold $LCRO, a liquid representation of their $CRO tokens which is supported by multiple DeFi protocols.
Validator staking is a process by which users lock away crypto assets to support a blockchain network and confirm transactions. In return, users are granted access to contribute to the network and earn rewards on the assets that they have staked.
With that said, DeFi users who participate in staking face a variety of hurdles, such as transferring cryptocurrencies to the staking chain, meeting asset value thresholds, high gas fees, and periods of illiquidity during the unbonding phase of staked assets. For example, users looking to earn rewards by staking $CRO must wait 28 days to gain access to their assets during the unbonding period. This can hinder the extent to which assets can be bought and sold quickly, as well as the stability of prices within transactions.
Stake $CRO on Cronos Chain, Bridged to Crypto.org Chain
Veno Finance collects $CRO cryptocurrency assets on the EVM-compatible Cronos chain, and bridges them to the Crypto.org chain via IBC (Inter Blockchain Communication) protocol in order to take advantage of the attractive staking yields of the Crypto.org chain. Gains are then transferred back to the Cronos chain.
Composability With Other DeFi Protocols
By staking $CRO through Veno Finance, users will be able to earn both staking yield and DeFi yield at the same time. Once a user decides to stake their tokens through Veno Finance, they will receive a liquid version of the $CRO token ($LCRO) with rewards that compound and accrue automatically. At the same time, holders of $LCRO will be able to use the token as a tradable cryptocurrency, liquidity provision cryptocurrency or collateral across a range of partner decentralized applications such as Ferro and Tectonic, providing additional streams to earn rewards.
Liquidity From Day One
Holders of $LCRO have the flexibility to sell the token at any stage and receive $CRO back immediately. In addition, Veno Finance offers an NFT receipt during the 28 to 32 day waiting period that can be sold on NFT platforms within the Cronos ecosystem, providing an additional liquidity channel for users to ensure that they are never locked in. As markets with higher liquidity tend to be associated with greater market efficiencies, these features will work to create favorable conditions within the Cronos ecosystem for staking participants.
Competitive Yield With Low Fees
Veno Finance is structured to provide users with a high-performance solution that prioritizes security as well as low fees. This is enabled by Veno Finance’s enterprise-grade staking infrastructure, and vertical integration.
Veno Finance said, “Our project is positioned to improve liquidity within the Cronos ecosystem and increase the incentives for users to further stake their $CRO tokens and contribute to the protocol. Moreover, staking is vital for the maintenance of the Cronos chain, and as more users turn to DeFi to earn rewards on their existing holdings, Veno Finance will offer users with a safe and effective means to do so.”
Looking ahead, Veno Finance’s roadmap looks to expand the staking infrastructure, as well as staking services to additional Layer-1 chains.
About Veno Finance
Veno Finance is a liquid staking protocol on the Cronos chain that enables users to stake their $CRO tokens and receive an auto-compounding, yield-bearing receipt token $LCRO. The $LCRO token is designed to maximize composability by automatically accruing CRO staking yield value and can be used freely across the Cronos DeFi ecosystem. Veno Finance offers an NFT receipt during the waiting period that can be traded on NFT platforms within the Cronos ecosystem, providing an additional liquidity channel for users.
Positioned as a vertically integrated liquid staking protocol, Veno Finance aims to achieve cost savings by leveraging its own node infrastructure and/or that of its partners. Key points of differentiation include: enterprise-grade node set-up, deep expertise in running node infrastructure, and an insurance module to help secure user funds in the unlikely event of a slashing penalty.
Veno Finance is incubated by Cronos Labs – the blockchain startup accelerator that helps builders to create user-friendly applications on the Cronos chain and to drive mainstream adoption of Web3.
CONTACT: Media Contact Wachsman cronos@wachsman.com
