Cronos (CRO) Labs Launches Yield Rewards for vETH and vUSD on zkEVM Network

Rebeca Moen Oct 02, 2024 18:33

Cronos (CRO) Labs has activated yield rewards for vETH and vUSD tokens on its zkEVM network, allowing users to claim accumulated rewards regularly.

Cronos (CRO) Labs has announced the activation of yield rewards for its vETH and vUSD yield-bearing tokens on the Cronos zkEVM network, according to Cronos Labs. Token holders can now claim their accumulated rewards through the designated rewards page.

Understanding Cronos zkEVM

The Cronos zkEVM network is a next-generation zero-knowledge Layer 2 solution focused on scalability, security, and innovation. It supports natively yield-generating cryptocurrencies such as vETH and vUSD, powered by Veno Finance. These tokens can be utilized across the Cronos zkEVM ecosystem, offering additional earning opportunities through the Cronos zkEVM Pioneer Program.

Earning Rewards

Rewards from vETH and vUSD tokens are accrued daily. Token holders must claim their rewards periodically, such as on a monthly basis. If the tokens are deposited into a decentralized application (dapp) on the Cronos zkEVM network, the dapp may distribute the rewards to its users and/or token holders in varying proportions.

Tracking and Claiming Rewards

All rewards can be monitored on the Cronos zkEVM Rewards page. Pending rewards accumulate daily and become claimable after a few days. Users can track both immediately claimable and pending rewards on the rewards page.

To claim rewards, users should navigate to the “Yield you earned” section on the rewards page. Rewards become claimable after Cronos zkEVM finalizes at least five transaction batches on the Ethereum network, typically taking four to seven days based on network traffic.

zkCRO Rewards

Holders of zkCRO tokens do not need to claim their rewards separately. The rewards generated by zkCRO are reflected directly in the zkCRO/CRO exchange rate, which changes over time to account for both the value of the originally staked CRO and the accumulated rewards.

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