VNO Buyback & Burn Program
Last updated
Last updated
VNO Buyback & Burn Program is our latest initiative to enhance the value of our VNO token and strengthen our commitment to our community. We utilize a portion of the commissions earned from our yield-generating tokens to repurchase and burn VNO tokens.
With the launch of Cronos zkEVM in August 2024, three new yield generating tokens zkCRO, vETH and vUSD powered by Veno are now live.
zkCRO is backed by LCRO which returns up to 50% of the commissions earned from the staking yield back to VNO stakers via the reservoir. The reservoir allows you to lock your VNO and receive a part of CRO commissions earned.
We aim to achieve two things with this program:
Token Value Appreciation: By reducing the circulating supply of VNO, we aim to increase its value over time and reward VNO holders and lockers.
Community Appreciation: This program demonstrates our dedication to our community and our belief in the long-term potential of Veno Finance.
Buyback: A portion of the commission earned from vUSD, vETH, LETH and LTIA are used to purchase VNO tokens from the open market via decentralized exchanges.
Burn: All tokens purchased will be burned immediately by transferring them to the burn address, permanently reducing the maximum token supply of VNO.
Frequency: We will buy back and burn VNO roughly once every quarter, taking into account market conditions, in order to maximize the value of the buyback.
Circulating supply: The circulating supply figures will be adjusted to take into account the burned VNO tokens.
Buyback & Burn History: For full transparency, buybacks will be executed on decentralized exchanges and shared publicly. After each burn, we will publish the amount of VNO burned together with the involved transactions here so our community can verify them.
Note that all the existing incentive programs such as Veno Garden, Veno Fountain, and the Veno Reservoir remain unchanged.
Coming soon…
