Veno Finance Launches VNO Buyback and Burn Program to Boost Token Value
Reducing Supply, Increasing Value: Veno Finance's New VNO Initiative
Key Takeaways
New Initiative: Veno Finance has launched a VNO Buyback and Burn Program, using a portion of its revenue to buy back and burn VNO tokens, thus reducing the circulating supply.
Token Appreciation: By decreasing the supply of VNO, the program aims to increase the token's value over time, rewarding holders and stakers.
Ecosystem Expansion: The launch of Cronos zkEVM in August 2024 introduced new yield-generating tokens (zkCRO, vETH, vUSD), which serve as revenue sources to support the buyback and burn initiative.
Community-Centric Approach: The program demonstrates Veno Finance’s commitment to its community by prioritizing transparency and accountability, with regular updates shared via Gitbook.
Quarterly Execution: Buyback and burn events will occur roughly every quarter, considering market conditions to optimize impact.
Introduction
Veno Finance has announced a new VNO Buyback and Burn Program designed to enhance the value of its VNO token while demonstrating a continued commitment to the community. By utilizing a portion of the commissions generated from its yield-generating tokens, Veno Finance aims to repurchase and burn VNO tokens, thereby reducing the circulating supply and driving long-term value growth.
Why the Buyback and Burn Initiative?
The introduction of the VNO Buyback and Burn Program follows the recent launch of the Cronos zkEVM ecosystem in August 2024. Veno Finance has rolled out three new yield-generating tokens—zkCRO, vETH, and vUSD—within the zkEVM framework. These tokens create multiple streams of revenue for Veno, offering significant potential for the ecosystem's growth.
zkCRO: This token is backed by LCRO, which allocates up to 50% of the commissions earned from staking yields to VNO stakers through the Veno Reservoir. Locking VNO in the Reservoir enables holders to receive a share of CRO commissions.
vETH and vUSD: These tokens, which underpin the Cronos zkEVM ecosystem, add new revenue opportunities for Veno Finance.
Through the program, Veno Finance aims to achieve two primary goals:
Token Value Appreciation: By permanently reducing the supply of VNO tokens, the program seeks to increase the token's value, benefiting holders and those who lock VNO in the ecosystem.
Community Appreciation: The initiative underscores Veno Finance's dedication to its community, reflecting a firm belief in the platform's long-term potential.
How the Program Works
VNO Buyback: Veno Finance will set aside a portion of the commissions earned from vUSD, vETH, LETH, and LTIA to repurchase VNO tokens from the open market via decentralized exchanges.
VNO Burn: All repurchased tokens will be burned immediately by sending them to a designated burn address, effectively decreasing the total maximum supply of VNO.
Frequency: Buyback and burn events will occur roughly every quarter, with the timing adjusted based on market conditions to maximize value.
Circulating Supply Adjustment: The total circulating supply of VNO will be updated regularly to reflect the number of tokens burned.
Transparency and Accountability
To maintain transparency and build trust, Veno Finance will publicly share all buyback and burn transactions through its Gitbook. The community will have full visibility into the program's progress, with regular updates on the amount of VNO burned and the impact on the circulating supply.
Veno’s existing products—Veno Garden, Veno Fountain, and Veno Reservoir—will continue to operate as usual, providing users with ongoing opportunities for engagement and rewards.
A Step Toward Long-Term Growth
The launch of the VNO Buyback and Burn Program represents a significant milestone for Veno Finance. By actively reducing the circulating supply and rewarding community members, the program aligns with Veno's mission to create a sustainable and thriving ecosystem within the Cronos blockchain landscape.
For the latest updates and to join the conversation, follow Veno Finance on social media or connect with the team on Discord.