Mahe, Seychelles, May 3rd, 2023, Chainwire
Former executives from Ankr and Blockdaemon have joined their expertise to create Tenet, the first Layer 1 blockchain built to create a hub for Liquid Staking Derivatives (LSDs). Tenet is emerging from stealth mode and unveiling its Testnet today, enabling developers to interact and experiment with the platform.
Tenet is an EVM-compatible L1 protocol, designed to bring additional liquidity and yield opportunities to LSDs by allowing users to re-stake their assets on Tenet's network and participate in Tenet's DeFi ecosystem. Unlike other Cosmos chains that rely on their own native token for Proof of Stake security, Tenet validators can make use of a unique mechanism called Diversified Proof of Stake (DiPoS).
In a nutshell, DiPoS allows validating the Tenet network by re-staking the LSDs from other L1 ecosystems supported by Tenet, such as ETH, BNB, ATOM, SOL and Matic. This ensures the long-term security of the Tenet chain by leveraging the joint security of each L1 ecosystem it services. The lack of shared security has been long-recognized as an adoption roadblock for many chains in the ecosystem.
The LSDs re-staked to the Tenet network will be usable like other LSDs (or, an LLSD) to take advantage of DeFi opportunities on Tenet. In addition to DEXs and lending pools, they will also be able to mint the Universal Stablecoin interest free, allowing them to receive an “advance” on their future LSD yields, which became the largest market vertical in Defi this year, surpassing DEX's with $17.5B in TVL.
Tenet also offers the first L1 ecosystem with native gauges, which allow veTenet token holders to direct rewards to the pools they choose. Oftentimes, projects will offer “bribes” to direct rewards to their tokens, increasing the utility of veTenet.
The Tenet product vision is aimed at simplifying the staking experience for users. One of the pillars of this vision is the Eva mobile wallet, a retail friendly mobile app that uses an AI chat-bot to educate users about DeFi and automates interactions with the Tenet chain through optimized yield strategies.
The project is co-founded by Greg Gopman, previously CMO at major LSD protocol Ankr, and Dan Peterson, formerly the Revenue Operations Specialist at Blockdaemon, the largest independant infrastructure and staking firm in crypto, valued at +$3B. Four more experienced core members round out technical and BD expertise, while advisors from Lido, Ankr and OpenAI will offer invaluable support to expand and grow the protocol.
Greg Gopman, co-founder of Tenet, said, "At Ankr, we helped bring Liquid Staking Tokens to eight Blockchains and built out some of the best LSD infrastructure in the industry, but no one used it. Tenet was really a golden opportunity for being first to market in utilizing best in class technology with almost $20B in untapped liquidity.
"We analyzed what other projects like Berachain and Eigen Layer were doing and realized that there was a better way to position ourselves to best address the market," added Dan Peterson, co-founder of Tenet. “We’ve chosen to take a user-centric path, making the staking and LSD experience simpler and more secure for the average user.”
Tenet is inviting DeFi protocols and developers interested in taking advantage of LSD liquidity to sign up for the Testnet and familiarize themselves with the platform. In the coming months, Tenet plans to roll out a grants program and a global DeFi hackathon series to engage developers worldwide, while preparing for the fair community launch of the Tenet blockchain.
Tenet is a DeFi-focused Layer-1 ecosystem built on the Cosmos network, providing liquidity and yield opportunities for liquid staking derivatives (LSDs). Co-founded by Greg Gopman, former CMO of Ankr, and Dan Peterson, former Revenue Operations at Blockdaemon, Tenet aims to unlock the potential of the rapidly growing LSD market, which is currently valued at over $17 billion. Tenet takes a unique approach by sharing security through Diversified Proof of Stake, while using L1-native gauges to let users earn yield on their liquid staking assets and participate in the platform's governance. Tenet Website, Tenet Twitter.