Veno Finance has announced its integration with the zkSync Era blockchain, offering Ethereum users new liquid staking solutions and yield farming opportunities within its DeFi ecosystem.
Veno Finance Expands to zkSync Era
Leading liquid staking protocol Veno Finance has extended its reach to zkSync Era, a Layer-2 scaling solution for the Ethereum blockchain. By allowing users to stake their ETH and receive Liquid ETH (LETH) tokens, Veno opens up a world of yield farming possibilities on the zkSync platform. This strategic move leverages the simplified staking processes of Veno, facilitating a bridge between zkSync Era and the Ethereum mainnet, and automating staking and withdrawal of ETH for users.
LETH Tokens and Yield Farming
Through the Veno protocol, users staking ETH on zkSync Era are rewarded with LETH tokens, which can be used to earn additional yields across DeFi protocols. This not only incentivizes participation but also serves as a testament to Veno’s commitment to enhancing the utility and liquidity of staked assets.
Introducing VNO Token and Incentive Mechanisms
In a bid to further incentivize liquidity providers, Veno plans to introduce its native VNO token on the zkSync Era blockchain. VNO holders will have the opportunity to engage in various liquidity-providing activities, such as locking VNO in the Fountain to earn more VNO or in the Reservoir to receive Real Yield rewards in ETH.
NFT Receipts: A Novel Feature
A standout feature of Veno’s service is the issuance of NFT receipts upon LETH withdrawal, allowing users immediate access to the value of their unstaked assets. These NFTs serve as proof of withdrawal and can be utilized within the Cronos and zkSync Era ecosystems, offering additional liquidity options during the waiting period for staked ETH.
Veno’s First-Mover Advantage on zkSync Era
By becoming the first Ethereum liquid staking protocol on zkSync Era to support native staking and withdrawals, Veno has secured a significant first-mover advantage. This is underscored by Veno’s impressive growth metrics, with a doubling of its total value locked (TVL) in the past three months and a tenfold increase in unique stakers over the past year.
Recent Milestones and Expansion
Veno’s expansion onto zkSync Era follows the successful launch of its Veno Gardens platform and other key developments, including being the first to enable ATOM staking on Cronos and the introduction of a CRO Liquidity Strategy to optimize rewards for users.
About Veno Finance and zkSync Era
Veno Finance, a liquid staking protocol incubated by Cronos Labs, offers staking solutions across multiple chains. Its receipt token system, designed to maximize composability, underscores Veno’s commitment to innovation and user-friendly DeFi services. zkSync Era, leveraging zero-knowledge proof technology, has emerged as a robust Layer-2 scaling solution, reducing transaction fees and enhancing Ethereum’s scalability.
The Future of Veno Finance and zkSync Era
As Veno Finance continues to grow and evolve, its integration with zkSync Era represents a significant advancement in liquid staking and DeFi. The collaboration between Veno Finance and zkSync Era exemplifies the potential for innovative solutions to enhance the Ethereum network’s functionality, providing users with more efficient, cost-effective ways to stake and utilize their digital assets. With a focus on cost savings, enterprise-grade node infrastructure, and an insurance module to secure funds, Veno Finance is well-positioned to drive forward the mainstream adoption of Web3 technologies.