Veno Finance Announces LCRO Backing for Cronos ZkEVM zkCRO Token
Hello CRO Fam,
We are most excited to announce that zkCRO, the native token of the upcoming Cronos zkEVM will be backed by LCRO, Veno’s liquid staked CRO.
What is zkCRO and Cronos zkEVM?
Cronos zkEVM is the upcoming Layer 2 Chain, developed by Cronos Labs with the help of engineers from Crypto.com, VVS Finance, Tectonic, Fulcrom and yours truly, Veno Finance.
It is built on top of the ZK Stack, using Zero-Knowledge Proofs, the same technology that powers zkSync Era. Cronos zkEVM will be secured by the Ethereum blockchain, utilizing its over 900 ‘000 validators. And recently Cronos Labs launched its testnet version of Cronos zkEVM, which is ready to be tried out.
zkCRO is the native token of Cronos zkEVM and will be used to pay for gas fees. However, Cronos zkEVM will also support Account Abstraction which allows dApps deployed on the network to pay the gas for you.
What is LCRO?
LCRO is Veno’s liquid staked CRO. Just by holding LCRO you can earn CRO staking yield. The good thing about LCRO is that you can sell it any time on an exchange such as VVS Finance, Ferro or even on the Crypto.com Exchange. This is unlike normal CRO staking, where your CRO is locked up for a set time period. In the future, thanks to the roadmap of Cronos POS Chain, it should be possible for LCRO to originate from CRO staked on multiple validators.
Why zkCRO and LCRO?
LCRO is the perfect choice to back zkCRO. It offers auto compounded CRO staking yield to zkCRO holders while also providing the liquidity necessary to allow users to convert zkCRO back to CRO without any lock up period. Stay tuned to learn more about zkCRO, how to get it and what you will be able to do with it.
Why Cronos zkEVM?
Cronos zkEVM will be fully interconnected with Ethereum and other hyperchains, allowing seamless transfer of assets across networks. Its application state is secured on the Ethereum network but users can use it paying only a fraction of the fees they would pay on Ethereum. And thanks to account abstraction, users will be able to enjoy a smoother experience without having to worry about gas fees.
We are proud to support the scaling of Etherum and the expansion of the Cronos Ecosystem by providing our liquid staking infrastructure to the Cronos zkEVM hyperchain. This is a big opportunity for us to introduce CRO staking yield to a larger audience, and help everyone enjoy the benefits of liquid staking.
Come with us on this journey on https://veno.finance
About Veno Finance:
Veno Finance is a leading liquid staking protocol on the Cronos and ZkSync Era. It enables users to unlock the liquidity of their staked assets while earning staking rewards. By bridging the gap between staking and DeFi, Veno Finance provides users with flexibility, liquidity, and enhanced earning potential. For more information, visit https://veno.finance.
About Cronos Labs:
Cronos Labs is a web3 start-up accelerator focused on DeFi, GameFi, and the development of the Cronos ecosystem. Through strategic partnerships and innovative solutions, Cronos Labs aims to drive scalability, adoption, and interoperability within the blockchain industry. For more information, visit https://cronoslabs.org.
About zkSync:
zkSync is a cutting-edge zero-knowledge (ZK) technology designed to scale Ethereum and bring crypto to the mainstream. It offers a trustless, secure, and scalable solution for achieving progress and prosperity in the digital age. To learn more about zkSync, visit https://zksync.io.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Cryptocurrency investments are subject to market risks, and individuals should conduct their own research before making any investment decisions.
