Veno Finance, a liquid staking protocol on the Cronos chain, saw a 100% increase in its total value locked (TVL) on Tuesday, September 17. According to DefiLlama, TVL surged from $22.5 million to a record $50 million. Users can stake Cronos’ native coin, CRO, and receive a liquid staking token (LST) to enhance yield through various DeFi opportunities. The platform also supports ATOM, DAI, and Wrapped Ether (WETH).

Cronos, an Ethereum-compatible blockchain developed by Crypto.com, focuses on DeFi and gaming. Recently, Cronos Labs launched Cronos zkEVM, an Ethereum layer 2 network using zero-knowledge rollups. Veno’s TVL on Cronos zkEVM jumped from zero to nearly $8 million, with Ethereum-related deposits reaching $20 million. This contributed to Veno becoming the largest liquid staking protocol on Cronos zkEVM and the second-largest dapp on the chain.

CRO holders, who make up 70% of total deposits, aim for an annual percentage yield (APR) of 7.4%. The number of CRO stakers has increased to over 23,700. Additionally, WETH deposits surged to nearly $8 million.