The Lion Square is the city's most famous square and is known as "Lions", because of the Morosini Fountain. The square’s real name is "Eleftheriou Venizelou Square ", in honor of the Cretan politician and prime minister.

During the Venetian period, the square was the "Piazza delle Biande": the Square of the Cereals (or Grains). Along the Handakos Street, there was a long narrow three-story building with vaulted spaces on the ground floor. This building was the granaries of the city. For this reason, the grain bazaar was usually held in the square.

Fondaco is a large three-story building built in 1591, along Handakos Street, near the Gate Voltone of the Byzantine Walls. This building housed the public granaries during the Venetian period. It was located opposite the Ducal Palace. That's why, the town's square was renamed "Grain Square ". The building stood out for its long, narrow size and for the 32 vaulted arcades located on its ground floor. Today, these arcades host local shops.