Cronos Ecosystem Spotlight: Veno Finance
Cronos Ecosystem Spotlight: Veno Finance
Read on to find out more about Veno Finance, their experience on Cronos, and its upcoming product features roadmap.
In Q2 2022, we kicked off the Cronos Ecosystem Spotlight Series — a series of interview articles covering projects that are building on the Cronos Chain.
Today, we are excited to feature Veno Finance, a vertically integrated liquid staking protocol on Cronos that allows users to liquid-stake CRO & ATOM and earn both staking and DeFi yields.
Let’s dive right in!
Can you share more about Veno and the team behind the project?
Absolutely. Veno is an innovative liquid staking protocol that offers proof of stake yield for CRO and ATOM. It allows users to deploy their staked CRO and ATOM in the form of Liquid CRO (LCRO) and Liquid ATOM (LATOM) within the Cronos DeFi Ecosystem.
The Veno Team has years of expertise in running proof of stake validators on top-notch infrastructure. Our mission is to mitigate the risk of illiquid positions through the use of liquid tokens. This is why we chose the name "Veno," which derives from the Latin word for "Vein," symbolizing our goal of bringing liquidity to otherwise illiquid assets.
Why should users stake CRO / ATOM with Veno as compared to normal staking on the Crypto.org chain and Cosmos Hub?
There are three major arguments for staking CRO/ATOM through Veno instead of directly with a validator:
1) Additional Rewards and Earning Opportunities
Users who stake CRO or ATOM through Veno will receive LCRO and LATOM respectively, which can be used across the Cronos DeFi Ecosystem to earn additional rewards. Staking directly with a validator does not offer these additional yields.
2) Never-ending Liquidity
Normally, withdrawing staked CRO or ATOM requires a 4-week and 3-week unbonding period respectively. However, holders of LCRO and LATOM can immediately exit their staking position by selling LCRO/LATOM directly on the secondary market. Additionally, even if LCRO/LATOM is unstaked, users will receive an NFT, allowing them to trade out of their position at any time. This ensures that LCRO/LATOM users are never locked into a fully illiquid position.
3) Slashing Insurance
When staking CRO or ATOM directly with a validator, a slashing penalty may result in the loss of 5% of your staked tokens. Veno continuously monitors and ensures that your tokens are staked with reliable validators. In the event of a loss of funds, Veno provides insurance financed through its Reservoir.
What are the use cases for LCRO and LATOM? What can users do with them?
LCRO and LATOM open up exciting opportunities beyond basic staking. While providing liquidity on decentralized exchanges like VVS and Ferro is a solid start, savvy users can optimize yields through innovative DeFi platforms:
Leverage up to 3x on staking rewards by supplying to Tectonic's Veno pool. Borrow extra CRO/ATOM to re-stake for amplified gains.
Tap into high potential yields via Single Finance's leveraged LCRO farming.
Earn additional interest by supplying LCRO to Single's yield farmers.
Unlock LCRO/LATOM without losing staking income by borrowing against your assets on Tectonic. Participate in other DeFi options while rewards accumulate.
Grow liquidity rewards in Veno’s Garden.
We continuously expand use cases for our liquid tokens. Our website outlines the latest opportunities to maximize LCRO and supercharge LATOM.
Whether you're looking for leveraged yields, interest optimization, or collateralized lending, Cronos DeFi platforms enable users to push LCRO and LATOM to their full potential. Explore advanced strategies and make the most of your liquid token exposure.
What are the interesting upcoming features that Veno will be launching?
At Veno, we're always innovating to bring our users new ways to maximize their earning potential. We have some exciting developments in the works:
Strategy Vaults will automate complex earning strategies on top of LCRO, optimizing yields for all users especially those with smaller staked amounts. Just set it and earn!
Veno Stats provides insightful data tracking and analytics into platform activity so you can make informed decisions.
A new liquid-staked token option will further diversify staking opportunities. More assets to boost your portfolio performance!
Continued UI enhancements deliver an even smoother user experience. Easy optimizing!
Additional language support expands access worldwide. Same great platform, now available to more users globally!
We are also actively building a partnership to help users hedge against potential price exposure during unbonding periods. This will enable users to invest in Veno with greater confidence.
At Veno Finance, our team is dedicated to unlock more value for users. These updates demonstrate our ongoing commitment to innovation that empowers our community. The future is bright - stay tuned for details on these exciting features as they develop!
How has your growth on Cronos been and why did you choose Cronos as the chain to launch on?
We are honored that in less than a year since launching, Veno Finance has organically grown to become the 5th largest protocol on Cronos by total value locked. This growth exceeds our expectations and is thanks in large part to the welcoming Cronos community.
We were fortunate to establish partnerships early on with respected protocols like Ferro, VVS, Tectonic, Minted, and Single Finance. By collaborating with these innovative teams, we were able to steadily gain the trust of the Cronos community.
Choosing Cronos as our home was an obvious decision in hindsight. The EVM compatibility allowed us to hit the ground running, leveraging the robust DeFi infrastructure already in place. Meanwhile, the interoperability unlocked by building on Cosmos opened up a world of possibilities.
We were particularly excited by the cross-chain opportunities enabled by Cronos' IBC integration. This has already allowed us to easily bridge tokens to other Cosmos chains like Crypto.org and Cosmos Hub for staking opportunities.
While we are proud of Veno's rapid traction on Cronos, none of it would be possible without our wonderful community. It is their support that motivates us every day to keep innovating and creating more value. There is still so much potential ahead, and we are thankful to continue this journey with such amazing partners.
For a user new to Veno, where can they learn more about your project and get started with liquid staking?
We have a few places to start for users who want to start earning with Veno. As a starter users can visit our website: https://veno.finance
For anyone who is absolutely new to DeFi and Liquid Staking, we recommend following our guide on how to earn with Veno Finance. It will walk you step by step from funding your Cronos wallet to manually building your own optimized yield strategy on top of CRO staking.
Also check out our documentation to find all the details on each feature on Veno and a lot of guides and tutorials on how to use them.
If any questions arise that need answering our wonderful community is always willing to help out:
Telegram: https://t.me/VenoFinance
And don’t miss out on any new Veno updates and follow us on
Twitter/X: https://twitter.com/VenoFinance
Telegram: https://t.me/s/VenoFinanceAnn
Medium: https://medium.com/@VenoFinance