ybETH & vETH
What is ybETH?
ybETH is a yield bearing token powered by Veno Finance, backed by staked ETH. It increases in value as it accrues yield earned from ETH staking rewards. ybETH is deployed on Ethereum and can be bridged via any permissionless chain to other networks, including Cronos zkEVM.
Why ybETH
ybETH is an important building block of the elastic chain, as it embodies both the value of the staked ETH and the staking rewards earned. This enables seamless bridging of staked ETH across chains.
What is vETH?
vETH is a wrapper of ybETH on Cronos zkEVM. It splits the principle of ybETH from the yield, pegging its value 1:1 to ETH. This enables yield to be separately distributed to vETH holders. vETH can be used in place of ETH, where an ETH valued asset is desired, while continuing to earn ETH staking yield.
How to obtain vETH
Users can mint vETH directly from ETH on Ethereum using the Cronos zkEVM Bridge. This only requires a single transaction on Ethereum. Under the hood the ETH is deposited into ybETH, which is bridged to Cronos zkEVM and then wrapped into vETH.
How to redeem vETH into ETH
Redeeming vETH back to the underlying ETH is a multistep process:
Redeem vETH for the underlying ybETH
Bridge ybETH to Ethereum
Withdraw ETH from ybETH
Note that ETH withdrawn from ybETH is unstaked and hence there is a waiting period. This waiting period can vary depending on the total demand for withdrawing staked ETH on Ethereum at that time. In most cases users should be able to claim their withdrawn ETH within a day or two, but we have observed periods in which withdrawals took up to 10 days. See the user guide for a step-by-step explanation (available soon).
How to get vETH rewards
Any address holding vETH earns yield in the form of additional vETH tokens. The yield earned can be viewed on the Missions page (available soon) . The yield will be made claimable some time after the public launch of the Cronos zkEVM network. Users will be allocated claimable yield on a weekly basis based on their average balance holdings. DeFi protocols that hold vETH can forward their yield to their users. If you are the developer of a DeFi protocol holding vETH please reach out if you need technical support for claiming yield.
How does ybETH & vETH earn yield
All ETH deposited into ybETH are staked within Kiln’s staking pool. Once a day the rewards earned from staked ETH are updated in the ybETH contract, increasing the exchange rate from ybETH:ETH. Whenever this exchange rate is updated, the vETH:ybETH rate is also updated accordingly on the vETH contract on Cronos zkEVM. Ensuring that vETH stays pegged 1:1 to ETH, while minting new vETH ready to be distributed as rewards.
Are there any fees on ybETH or vETH?
There are no fees on vETH. However, all staking yield earned from the ETH staked through ybETH is subject to a 12% commission, from which half given to the staking infrastructure provider Kiln and the other half to Veno.
Contract addresses
Cronos zkEVM Mainnet (Chain ID:
388) and Etherum Mainnet
| Token Name | Symbol | Decimal | Contract Addresses |
|---|---|---|---|
Veno ETH | vETH |
| Ethereum: n/a Cronos zkEVM: 0x271602A97027ee1dd03b1E6e5dB153eB659A80b1 |
Veno yield bearing ETH | ybETH |
| Ethereum: 0x76bf2D1e6dFda645c0c17440B17Eccc181dfC351 Cronos zkEVM: |
Cronos zkEVM Sepolia testnet (Chain-id:
282) and Ethereum Sepolia Testnet
| Token Name | Symbol | Decimal | Contract Addresses |
|---|---|---|---|
Veno ETH | vETH |
| Ethereum Sepolia: n/a Cronos zkEVM Sepolia testnet: 0x8eb8f79CaB3A1c02F9A0Fc33A8E792625D6a240 |
Veno yield bearing ETH | ybETH |
| Ethereum Sepolia:0xF3DFc52db4604cbD6EdA747A70c82d7be122B545 Cronos zkEVM Sepolia testnet: 0xCb1f1cF58A8F6570933a8F3223208dF444127e71 |
For details of contracts and their interactions involved when bridging to and from Ethereum (L1 - $ETH) and Cronos zkEVM (L2 - $vETH ), visit this page.
Last updated
