zkCRO is the native gas token of the Cronos zkEVM blockchain.
Powered by Veno Finance, it is a liquid staked token backed by LCRO. This means that each zkCRO is backed by an amount of CRO staked on the Cronos POS chain.
The zkCRO/CRO exchange rate varies over time, to reflect accumulated rewards from CRO staking. When rewards are accumulated, the zkCRO/CRO exchange rate increases. Conversely, in case of slashing event on the Cronos POS chain, the value of zkCRO may be impacted.
When users deposit Ethereum mainnet CRO on the Cronos zkEVM native bridge, they will receive zkCRO which is a yield-bearing version of CRO. The price of zkCRO is expected to appreciate over time relative to CRO, reflecting the accumulated yield. Conversely, in case of slashing event on the Cronos POS chain, the value of zkCRO may be impacted.
zkCRO is created by the decentralized Veno Finance protocol, in partnership with Cronos zkEVM.
Users can receive zkCRO on Cronos zkEVM by depositing Ethereum CRO on the Cronos zkEVM Bridge. The deposited CRO is staked into the zkCRO contract and mints zkCRO and then bridged to the user’s wallet on Cronos zkEVM.
Given that each zkCRO is backed by LCRO locked on Cronos EVM chain, users can redeem their zkCRO on Cronos zkEVM chain and they will receive CRO on Cronos EVM chain in return. Steps involved to redeem zkCRO:
Withdraw zkCRO from Cronos zkEVM to Ethereum
Claim zkCRO & Redeem for LCRO
Unstake or sell LCRO for CRO
Users that wish to redeem their zkCRO for CRO can do so via the official Cronos zkEVM bridge. The bridge allows users to withdraw zkCRO for LCRO on Cronos EVM. LCRO can be redeemed for CRO with a 28-32 waiting period. Users that wish to receive their CRO earlier can sell their LCRO within the Cronos EVM DeFi Ecosystem.
The CRO assets will actually be bridged over to the Cronos EVM chain by Veno Finance, in order to be staked on Veno. This means that the CRO will be sent to Cronos POS chain to be staked. Veno Finance will issue LCRO (liquid CRO) to back every single zkCRO issued, and the corresponding LCRO will be locked on a smart contract on Cronos EVM.
All rewards earned are already included in the value of zkCRO. The amount CRO that can be received when redeeming zkCRO increases accordingly. So no additional actions have to be taken to redeem rewards earned.
zkCRO has been audited by Slowmist. zkCRO is operated by Veno which also operates LCRO, the backing token behind zkCRO. Veno & LCRO have been operating without incident since their launch in December 2022. Veno’s deployments on Cronos EVM are covered by a bug bounty program, incentivizing and rewarding researchers to ethically disclose any vulnerability discovered.
Cronos zkEVM Mainnet (Chain ID: 388) and Etherum Mainnet
Cronos zkEVM CRO
zkCRO
18
Ethereum: 0x28ff2e4dd1b58efeb0fc138602a28d5ae81e44e2
Cronos zkEVM: 0x000000000000000000000000000000000000800a
Cronos zkEVM Sepolia testnet (Chain-id: 282) and Ethereum Sepolia Testnet
zkCronos Testnet
zktCRO
18
Ethereum Sepolia: 0x49cE7551514f3c2Bf44B50442765Bb112d0e820
Cronos zkEVM Sepolia testnet: 0x000000000000000000000000000000000000800a
For details of contracts and their interactions involved when bridging $CRO and $zkCRO to and from Ethereum (L1) and Cronos zkEVM (L2), and unwraping of $zkCRO, visit zkCRO
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