What is Veno Finance? Veno Finance is a liquid staking protocol built on Cronos blockchain, upon which Veno was built Cosmos. So what makes Veno stand out? Let’s find out with Weakhand.
To understand more about Veno Finance, please read the articles below:
- What is Liquid Staking? Develop Forever With L1 Wars
- Rocket Pool and Lido Finance: The battle for the throne of Liquid Staking
- Liquid Staking Will Continue to Grow Strongly in the Future
- What Will Liquid Staking Projects Look Like After the Upcoming Shanghai Update
- What Are Liquid Staking Derivatives (LSD)? Top 5 LSD Projects with Great Growth Potential
What is Veno Finance?
Overview of Veno Finance
Veno Finance is a liquid staking protocol on the Cronos blockchain, allowing users to stake CRO (Cronos), based on proof-of-stake, without having to lock them up. The tokens (or rather the versions issued by Veno) can be freely traded while still being staked into the protocol.
Veno Finance solves the liquidity problem for users participating in staking.
Currently Veno Finance supports and develops into the Cosmos ecosystem. Helps users easily participate in Cronos and Cosmos ecosystem activities.
Users who participate in staking CRO on Veno can receive APY up to 8.5%, receive APY up to 22.5% when staking ATOM.
Operating mechanism of Veno Finance
Veno allows users to deposit coins (CRO, ATOM) into it after the project, it will be staking and share a part of the profits with users. Besides, the project returns users synthetic tokens (LCRO, LATOM) for users to use in DeFi protocol platforms that accept that synthetic token. Specifically:
- Step 1: User deposits 10 CRO (10 ATOM) into Veno Finance.
- Step 2: Veno Finance immediately sends these 10 CRO (10 ATOM) to partner Validators who are participating in staking on Cronos or Cosmos.
- Step 3: Veno Finance will send 10 LCRO (10 LATOM) (synthetic token) and users can hold 10 LCRO (10 LATOM) to participate in activities such as farming, staking, lending, borrowing,… on Cronos or Cosmos to earn more profits.
- Step 4: User burns 10 LCRO (10 LATOM) and Veno will return 10 CRO (10 ATOM) and 1 tradable NFT to the user.
Users will still receive normal staking profits while holding stToken to participate in various DeFi activities (Farming, Lending, Trading,…).
Veno Finance’s goal
- Allows users to earn staking rewards without completely locking up their capital;
- Reduce the risk of losing staking funds due to software errors or malicious third parties;
- Providing LToken tokens for other applications and protocols (e.g. as collateral in lending or other transactional DeFi solutions);
- Provides an alternative to exchange staking, self-staking.
Veno Finance’s Development Roadmap
State 1:
- Stake and Unstake $CRO.
- Set up the Veno authenticator.
- Mint NFTs upon Unstake $CRO.
- Integrate $LCRO into the ecosystem.
Phase 2:
- $VNO token launch and ecosystem integration.
- Launch of Reservoir, Fountain and Garden.
- Penalty with Vault.
- Improved UI/UX.
Stage 3:
- Expand Veno authenticator list.
- NFT integration with Garden.
- Trusted bridge.
Future roadmap
- Staking liquidity for other L1 tokens.
- Other Veno features and partnerships.
- Addition of stake tokens.
- Strategies for protocols.
- Provides detailed, transparent information about protocol performance.
- Continuous improvements in usability and utility.
- Improved liquidity & Unstaking experience.
Core Team
Updating
Investor
Updating
Partner
Updating
Tokenomics
Basic information about VNO Token
- Token Name: Veno Finance
- Code: VNO
- Blockchain: Cronos
- Contract: 0xdb7d0a1ec37de1de924f8e8adac6ed338d4404e9
- Total supply: 2,000,000,000
Token Allocation
- Team: 6% equivalent to 120,000,000 VNO.
- IDO: 0.125% equivalent to 2,500,000,000 VNO.
- Marketing and Partnerships: 12% equivalent to 240,000,000 VNO.
- Community Development: 24% equivalent to 480,000,000 VNO.
- Ecosystem and Treasury: 19.875% equivalent to 397,500,000 VNO.
- Liquidity Management: 28% equivalent to 560,000,000 VNO.
- Staking Incentives: 10% equivalent to 200,000,000 VNO.
VNO Token Release
- Team: Linear Vesting for 48 months.
- IDO: Unlock 50% TGE, Vesting 10%/month.
- Marketing and Partnerships: 100% TGE
- Community Development: 100% TGE.
- Ecosystem and Treasury: 100% TGE.
- Liquidity Management: Linear Vesting for 48 months.
- Staking Incentives: Linear vesting for 48 months.
VNO Token Use Case
- Lock VNO received rewards.
- Join farming. farming.
VNO Token Exchange
Currently VNO tokens are traded on the exchanges: Gate and VVS Finance.
Project Information Channel
- Website: https://veno.finance/
- Twitter: https://twitter.com/VenoFinance
- Medium: https://medium.com/@VenoFinance
- Discord: https://discord.com/invite/xQK8f8wu26
- Telegram:
Summary
The article aims to provide readers with what Veno Finance is, how it works, and how to generate more profit for staking your assets. Each application may have some unique risks. Therefore, please do your due diligence before staking your assets.