What is Veno Finance?

Veno Finance is a decentralized liquidity-staking protocol established on the Cronos and zkSync blockchains. Veno aims to provide innovative financial services and liquidity within the Cronos ($CRO) ecosystem. Users can stake their CRO, ATOM, TIA, and ETH to receive an auto-compounding, yield-bearing receipt token called $LCRO. These $LCRO tokens can be used for various purposes within the protocol. Veno’s liquidity protocol offers the most comprehensive, lowest-cost, and most reliable method for utilizing staked CRO, ATOM, TIA, and ETH. It supports the Cronos network for CRO, ATOM, and TIA staking and the zkSync Era network for ETH staking. Its native token is VNO, which can be utilized across the Cronos protocol, including rewards participation and boost farming.

Cronos: Cronos is a blockchain ecosystem dedicated to the mainstream adoption of self-custody, decentralized finance, and Web3 gaming.

zkEVM: zkEVM is a next-generation blockchain network with zero-knowledge Layer 2 focused on scalability, security, and innovation. It is powered by the ZK Stack and secured by Ethereum.

Veno Staking Protocol

The Veno protocol supports CRO, ATOM, TIA, and ETH for staking while offering LCRO, LATOM, LTIA, and LETH as liquidity staking rewards. The user can unstake their token at any time, but the token will arrive at a specific time according to the condition.

CRO Staking and Unstaking

The user can stake CRO tokens to receive LCRO based on the internal exchange rate. Veno will bridge this staked CRO from the Cronos chain to Cronos PoS, which will be staked and auto-compounded on Veno’s validator. The user can also unstack CRO from the protocol to get back their token, upon which their holding LCRO will be burned. The user will have to wait 32 days to receive CRO with a 0.2% withdrawal fee.

ATOM Staking and Unstaking

Staking ATOM tokens will yield LATOM based on the internal exchange rate. Veno handles bridging the staked ATOM from the Cronos chain to CosmosHub, which is staked and auto-compounded on Veno’s CosmosHub validator. If ATOM is unstaked from the protocol, the holding LATOM will be burned. A 24-day waiting period applies to receive the ATOM tokens back and a 0.2% withdrawal fee.

TIA Staking and Unstaking

TIA tokens can be staked to receive LTIA tokens at an internal exchange rate. Veno will bridge the staked TIA from the Cronos chain to CosmosHub, where it will be staked and auto-compounded on the CosmosHub validator. To unstake TIA, the holding LTIA will be burned, and there will be a 24-day waiting period to receive the TIA tokens back, with a 0.2% withdrawal fee.

ETH Staking and Unstaking

ETH coins can be staked to receive LETH based on an internal exchange rate. Veno will bridge the staked ETH from the Cronos chain to the zkSync Era chain, where it will be staked and auto-compounded in Kiln’s staking pool on Ethereum. When unstaking ETH, the holding LETH will be burned, and there will be a seven-day waiting period to receive the ETH coins back, with a 0.2% withdrawal fee.

After an unstaking request (CRO, ATOM, TIA, or ETH), the user will receive an NFT representing their claimable tokens. This NFT is valid until a specific date according to the token unstaking period and can be transferred or sold on selected third-party NFT platforms.

Reservoir

Reservoir is a dual-functionality module that has Veno’s reward and insurance features for users looking for high-risk rewards. In this module, users can stake their VNO token to receive CRO and ATOM on Cronos or ETH on zkSync Era as rewards. The rewards share varies depending on lock duration and stake amount. Users can lock their VNO token between 3-months, 12-months, 48-months, and 96-months; the longer the lock duration and/or larger the quantity locked, the larger proportion of rewards will be shared with the users. The reward share is 50% in CRO for VNO stakeholder with 10% commission, while on the zkSync Era, Veno provided 50% of the ETH rewards to VNO stakeholders. In the reservoir module, VNO stakeholders face the risk of a slashing penalty. If this happens, Veno will use any accumulated CRO rewards from its treasury and future reservoir rewards to repay affected users until the full amount is restored.

The multiplier amount corresponding to different vaults

Veno Garden

Veno Garden is another module feature of Veno Finance that allows users to earn rewards from the Veno ecosystem by using liquidity tokens and VNO. The feature allows users to deploy their liquidity tokens (LCRO, LATOM, LTIA, and LETH) onto partner protocols directly from the Veno dashboard. The user can also boost their earnings by locking VNO in the reservoir and fountain modules, called “watering.” In a later update, users can employ helpers to grow their gardens by staking their NFTs to increase the yield.

Available Veno garden.

• Ferro Garden: Plant Ferro LCRO-CRO-LP to earn VNO rewards
• VVS Garden: Plant VVS Finance VVS-VNO-LP & LITA-TIA-LP to earn VNO rewards
• Tectonic Garden: Plant Tectonic tLCRO to earn VNO rewards
• SyncSwap VNO Garden: Plant SyncSwap ETH-VNO-LP to earn VNO rewards
• SyncSwap LETH Garden: Plant SyncSwap LETH-ETH-LP to earn VNO rewards

Source - Veno

CRO Liquidity Strategy

Liquidity strategies allow users to deploy funds across the Veno ecosystem in a single click. The CRO Liquidity Strategy will maximize user yields by investing in multiple avenues, automatically harvesting rewards, and reinvesting them into compound rewards. It also provides liquidity to LCRO so users can trade with better prices and minimum slippage. Users can deposit CRO, WCRO, LCRO, and Ferro LCRO-CRO-LP tokens into the strategy. These deposits are used as liquidity in the Ferro LCRO pool, and in return, users get LCRO-CRO-LP tokens. The strategy then places these tokens into the Ferro CRO Garden on Veno. The CRO liquidity strategy earns yield by deploying funds on various ecosystems. Such as CRO staking yield on Veno, LCRO-CRO-LP trading tees on Ferro, Ferro CRO Garden rewards on Veno, and Reservoir rewards on Veno.

Veno Ecosystems

Cronos ID

This decentralized identity and communication layer on the Cronos chain allows users to send and receive information on the chain with a human-readable experience. Veno supports the integration of Cronos ID, through which users could use their minted domain on the platform.

Ferro Protocol

Ferro Protocol is a StableSwap AMM protocol built on the Cronos blockchain that provides a more efficient way for users to exchange and farm tokens. Using Ferro DEX, users can provide the LCRO-CRO and LATOM-ATOM pools to earn rewards.

Minted Network

Minted network is a decentralized NFT platform on Ethereum and Cronos chain. The platform works as a digital bazaar of wonders for everyone to discover, trade, and find NFT gems. In partnership with Veno, Minted is the official NFT marketplace for the Veno NFT collection.

Syncswap

Powered by zero-knowledge technology, SyncSwap brings more people easy-to-use and low-cost DeFi with complete Ethereum security. Syncswap provides LETH-ETH staking liquidity to earn incentives.

Maverick

Maverick Protocol offers a new infrastructure for decentralized finance, built to facilitate the most liquid markets for traders, liquidity providers, and DAO treasuries. Maverick AMM helps its users maximize capital efficiency by automating the concentration of liquidity as price moves. Maverick provides an ETH-LETH pool where users can swap between the tokens.

Single Finance

Single Finance is a super intuitive platform for all your DeFi investments, minimizing correlations to the general market. Everything here is worked out from your injected capital in USD.

PWN

PWN is a peer-to-peer permissionless lending protocol that allows users to borrow against—or lend using—any asset in their wallet. The PWN Protocol is deployed on Ethereum, Polygon, Optimism, Arbitrum, Base, Binance Smart Chain, and Cronos.

Tectonic Finance

Tectonic is a cross-chain decentralized, non-custodial algorithmic money market protocol. Users can deposit assets to earn passive income or borrow funds to unlock liquidity in their assets.

VVS Finance

VVS Finance aims to make DeFi simple and within the reach of billions. It offers low fees, fast transactions, and competitive earnings.

What is LCRO, LATOM, LTIA or LETH?

Veno gives ownership to liquidity providers by giving them a liquidity token. These tokens have the same features as their main token but can be used only on the Veno ecosystem. This liquidity is an auto-compounding yield-bearing token, where its internal exchange rate on Veno will increase over time compared to its main token. The user holding this token can utilize it as collateral while earning a staking yield and finding immediate liquidity with low fees.

What are VNO Tokens?

VNO is a native token of Veno Finance on the Cronos chain. The VNO token has several use cases, including rewarding participation and boosting staking. The total supply of VNO tokens is two billion on two separate chains. 1.7 billion in supply on the Cronos chain and 300 million on the zkSync Era. All token allocation is as follows:

VNO allocation on Cronos (source - Veno)

VNO allocation on zkSync Era (source - Veno)

Roadmap

Veno Finance completed some major milestones, released its updated roadmap in May 2023, and plans to complete it in three phases. This comprehensive plan includes the expansion of liquid staking tokens, enhanced security measures, NFT minting, community and governance enhancements, strategic partnerships, yield optimization tools, and vault penalties.

Phase 1:

• $CRO staking and unstaking
• Veno validator setup
• NFT minting upon unstaking $CRO
• $LCRO ecosystem integration

Phase 2:

• $VNO token launch and ecosystem integration
• The Reservoir, Fountain, and Garden
• Vault penalty
• UI/UX improvements

Phase 3:

• Expand the list of Veno validators
• NFT integration with the Garden
• Trustless bridging
• Future roadmap
• Liquid staking of other L1 tokens
• More Veno features and partnerships
  

How do I Buy VNO Coins?

VNO token performance

• Go to gate.io exchange and create an account by entering your email ID and password.
• Set up your fund password by entering settings; this password will be asked during fund withdrawal.
• To buy VNO tokens, you must complete KYC with the proper documents.
• After KYC, go to Spot Trade, search for VNO, and select.
• After opening the new page, fill in the amount in VNO or USDT you want to buy, and click the buy button.
• After a successful buy, go to the Wallet > Withdraw page.
• Here, select VNO, and then enter the wallet address.
• It will ask you for your fund password, 2FA, and email code; enter them correctly and submit.
• Your VNO will arrive in your wallet after a few confirmations.

Conclusion

Veno Finance stands out in the DeFi ecosystem with its user-centric features. Its main aims are to provide financial services primarily focused on yield farming, liquidity provision, and staking by leveraging blockchain technology. Its multiple ecosystems across blockchain networks ensure a smooth and efficient trading experience for all users, enhancing the overall functionality and reliability of the platform. Looking ahead, its reservoir, garden, and watering features boost yield returns.