Veno Finance Unveils Pioneering ETH Native Liquid Staking on zkSync. Vegas Finance, Cronos’s leading liquid staking system, debuted on the zkSync Era Layer-2 blockchain scaling solution. New possibilities for yield farming inside the platform’s decentralized finance ecosystem have been introduced with the launch of the ability for zkSync Era users to stake their ETH tokens directly and obtain Liquid ETH (LETH) tokens.
Thanks to the Veno protocol, zkSync users may find it easier to support the Ethereum network. The zkSync Era automates user staking and withdrawals of Ethereum tokens by building a bridge between the Ethereum mainnet and the ETH tokens. By staking ETH natively, users of zkSync Era can earn an additional return on its DeFi protocols, and they will receive an equal number of LETH tokens in exchange.
Veno will reward LETH liquidity providers if all goes according to plan by adding its native VNO currency to the zkSync Era network. Many different options exist for VNO token holders to contribute to LETH liquidity. You can lock your VNO into the Fountain and receive rewards like more VNO based on how much and long you commit to locking up your tokens. Another option is for users to stake their ETH with Veno and get Real Yield rewards in the form of ETH. This accounts for half of Veno’s total ETH staked revenue.
ZkSync Era users can increase their VNO earnings by transferring their LETH-ETH-LP tokens into Veno Garden.
Veno also increases the odds of winning by giving users an NFT receipt whenever they withdraw LETH tokens, granting them immediate access to unstacked assets. Users can purchase their NFTs before they become usable as withdrawal evidence. However, This feature will become increasingly valuable as the Exit Queue for staked ETH expands. In such a case, the processing time for staked Ethereum withdrawals might be weeks or months, rendering the tokens inactive for extended periods.
Zimfony, Product Lead of Veno Finance, stated:
The most recent LETH withdrawal NFT from Veno offers the liquid staking arena advantages never seen before. By borrowing claim NFTs and moving them between themselves, users may easily manage their funds and hedge against market volatility. Our continued dedication to facilitating liquidity and enhancing the usability of users’ staked assets is demonstrated by this launch. With zkSync Era, one of the most exciting Ethereum scaling technologies, we can realise our vision for cross-chain liquid staking.
By announcing its compatibility with the zkSync Era blockchain, Veno becomes the first native Ethereum liquid staking protocol, allowing users to stake and withdraw Ethereum natively. With this first-mover advantage, Veno can build on a protocol that has grown significantly in the past year. For example, Veno’s total value locked (TVL) has doubled in the past three months, and the number of unique speakers has expanded tenfold in the last year.
Veno has accomplished yet another noteworthy milestone with the extension to zkSync Era, following the launch of its Veno Gardens platform that provides VNO token holders with many options to maximize their revenue potential. Furthermore, Veno pioneered the provision of ATOM staking on Cronos and unveiled the CRO Liquidity Strategy, an automated system for collecting and compounding user incentive incentives.
The world’s most popular decentralized network can reach new heights with the help of zkSync Era, one of the most rapidly expanding L2 scaling solutions on the Ethereum blockchain. A big reason for zkSync Era’s meteoric rise in popularity is its groundbreaking use of zero-knowledge proof technology, which enables lightning-fast, cheap, and secure transactions.