Veno Finance Official is a key player in the Cronos DeFi Ecosystem, providing a liquid staking solution that unlocks the value of staked CRO. This guide will provide a technical overview of Veno Liquid Staking and its Liquid CRO token, LCRO.
Core Concept: The Liquid Staking Derivative
Staking CRO natively on the Cronos chain requires a 28-day unbonding period, rendering your capital illiquid. Veno solves this by issuing a liquid staking token, LCRO, when you stake.
LCRO (Liquid CRO): This is a yield-bearing token that represents your claim on the staked CRO. The exchange rate between LCRO and CRO increases over time as the underlying validators accrue staking rewards. It's fully liquid and can be used across the Cronos ecosystem.
Step-by-Step Guide: How to Stake on Veno
Navigate to Veno: Go to the official Veno Finance app.
Connect Wallet: Connect a wallet compatible with the Cronos network (e.g., Crypto.com DeFi Wallet or MetaMask).
Go to Staking: Select the "Stake" tab for CRO.
Enter Amount: Input the amount of CRO you wish to stake. The interface will show the amount of LCRO you will receive based on the current exchange rate.
Confirm Transaction: Execute the transaction. Once confirmed, you will hold LCRO and begin earning staking rewards.
Using LCRO in DeFi
The primary purpose of the LCRO Liquid Staking Token is its use in Veno Finance Yield Farming. You can take your LCRO to other Cronos protocols to provide liquidity, use it as collateral for borrowing, or trade it, all while earning the base staking yield.
For a full breakdown of the smart contract architecture, please refer to the https://sites.google.com/koinly-tax-reports.org/venofinance/.
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