New York, NY, Dec. 14, 2022 (GLOBE NEWSWIRE) — Veno Finance, the much-anticipated floating $CRO staking protocol, today announced its launch on the Cronos chain, the leading Cosmos-built and EVM-enabled blockchain. Veno Finance provides a secure, cost-effective and integrated solution for $CRO holders to earn returns on their tokens and hold $LCRO, a liquid representation of their $CRO tokens supported by multiple DeFi protocols.
Validator stake is a process where users lock away crypto-assets to support a blockchain network and verify transactions. In return, users gain access to contribute to the network and earn rewards on the assets they have staked.
That said, DeFi users participating in staking face a number of obstacles, such as transferring cryptocurrencies to the staking chain, meeting asset value thresholds, high gas fees, and periods of illiquidity during the release phase of staked assets. For example, users who wish to earn rewards by staking $CRO must wait 28 days to access their assets during the release 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, connected to Crypto.org Chain
Veno Finance aggregates $CRO cryptocurrency assets on the EVM-compatible Cronos chain, and connects them to the Crypto.org chain via the IBC (Inter Blockchain Communication) protocol to benefit from the attractive staking returns of the Crypto.org chain. Profits 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 returns and DeFi returns at the same time. When a user decides to stake their tokens through Veno Finance, they will receive a liquid version of the $CRO token ($LCRO) with rewards compounding and accruing automatically. At the same time, holders of $LCRO will be able to use the token as a tradable cryptocurrency, liquidity supply cryptocurrency or security across a number 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 time and receive $CRO back immediately. In addition, Veno Finance offers an NFT receipt during the waiting period of 28 to 32 days that can be sold on NFT platforms within the Cronos ecosystem, providing an additional liquidity channel for users to ensure they are never locked in. As markets with higher liquidity tend to be associated with greater market efficiency, these features will work to create favorable conditions within the Cronos ecosystem for stake holders.
Competitive returns 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 made possible by Veno Finance’s enterprise-grade staking infrastructure and vertical integration.
Veno Finance said: “Our project is positioned to improve the liquidity of the Cronos ecosystem and increase the incentives for users to stake additional $CRO tokens and contribute to the protocol. Moreover, efforts are essential for the maintenance of the Cronos chain, and as As more users turn to DeFi to earn rewards on their existing holdings, Veno Finance will offer users a safe and efficient way to do so.”
Looking ahead, Veno Finance’s roadmap looks to expand its staking infrastructure, as well as staking services to additional Layer-1 chains.
About Veno Finance
Veno Finance is a floating staking protocol on the Cronos chain that enables users to stake their $CRO tokens and receive an automatically compounded, return-bearing receipt token $LCRO. The $LCRO token is designed to maximize composability by automatically accumulating CRO stake 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.
Veno Finance is positioned as a vertically integrated liquid investment protocol, and aims to achieve cost savings by utilizing its own node infrastructure and/or that of its partners. Key points of differentiation include: enterprise-grade node setup, deep expertise in operating node infrastructure, and an insurance module to secure user funds in the unlikely event of a cut penalty.
Veno Finance is incubated by Cronos Labs – the blockchain startup accelerator that helps developers create user-friendly applications on the Cronos chain and drive mainstream adoption of Web3.
