Veno Finance, a liquid staking protocol focused on the Cronos chain, experienced a 100% increase in its total value locked (TVL) on Tuesday, September 17. The TVL increased from $22.5 million at the beginning of the week to a record $50 million, according to data from DefiLlama.
Veno users can stake CRO, Cronos’ native coin, and receive a liquid staking token (LST) in exchange, which they can use to multiply yield through various DeFi opportunities. The liquid staking platform supports other tokens as well, including ATOM, DAI, and Wrapped Ether (WETH).
Cronos is an Ethereum-compatible blockchain network developed by Crypto.com, a centralized crypto exchange and wallet provider. It is a high-speed layer 1 focused on DeFi and gaming, leveraging Cosmos SDK technology.
About one month ago, Cronos Labs launched Cronos zkEVM, an Ethereum layer 2 network that uses zero-knowledge (zk) rollups to achieve security and privacy while scaling Ethereum.
On September 17, Veno’s TVL on Cronos zkEVM exploded from zero to nearly $8 million. Ethereum-related deposits surged from zero to $20 million. This TVL increase on Ethereum and Cronos zkEVM has contributed to the 100% surge in Veno’s total liquidity value.
As a result, Veno is now the largest liquid staking protocol on Cronos zkEVM and the second-largest dapp on the new chain after H2 Finance DEX.
CRO has a 70% share of total deposits, with nearly $34 million in TVL.
CRO holders lock their tokens on Veno to receive LCRO and aim for an annual percentage yield (APR) of 7.4%. Data shared by Veno shows that the number of CRO stakers has increased to over 23,700.
In addition to the increase in CRO deposits related to Ethereum and Cronos zkEVM, Veno has experienced a surge in WETH deposits at nearly $8 million.
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