Two former executives at Ankr Network and Blockdaemon, have joined hands to launch Tenet, the first Layer 1 blockchain built to serve as a hub for Liquid Staking Derivatives (LSDs). Greg Gopman, formerly CMO at Ankr Network, and Dan Peterson, formerly the Revenue Operations Specialist at Blockdaemon are the brains behind Tenet, which also aims to make staking easier for users. As of yesterday, developers have access to Tenet’s Testnet.
Tenet’s DeFi strategy
The L1 protocol, which is compatible with EVMs, aims to improve LSDs’ access to liquidity and yield. It does this by facilitating users’ access to Tenet’s DeFi ecosystem and re-staking of assets on Tenet’s network.
The re-staked LSDs can be used to leverage DeFi opportunities on Tenet in the same way that any other LSD or LLSD. Also, users can mint the Universal Stablecoin without interest. This allows them to get an “advance” on future LSD yields. Notably, LSDs have recently surpassed DEXs to become the largest market segment in Defi, with $17.5B in TVL, signaling that Tenet could be on course for significant growth.
Tenet validators can utilise a novel mechanism called Diversified Proof of Stake (DiPoS). This is significantly different from other Cosmos chains which rely on their own native token for Proof of Stake security. DiPoS enables Tenet network validation via re-staking LSDs from various L1 ecosystems supported by Tenet (ETH, BNB, ATOM, SOL, and Matic, among others).
Leveraging the shared security of all the L1 ecosystems the Tenet chain impacts, this method guarantees the system’s resilience over time. Many chains in the ecosystem have long acknowledged that the absence of shared security is a barrier to widescale adoption.
Tenet is the first L1 ecosystem to feature native gauges, enabling token holders to allocate rewards to the pools of their choice using their veTenet tokens. In order to increase the value of veTenet, many projects will offer “bribes” to channel incentives to their tokens.
Mobile wallet and grants program
The Tenet platform’s vision is bolstered by the Eva mobile wallet, an app designed with users in mind. The wallet uses an artificial intelligence chat-bot to teach customers about DeFi and automates their interactions with the Tenet chain in order to maximise yield.
Greg Gopman, co-founder of Tenet, said, “Tenet was really a golden opportunity for being first to market in utilizing best-in-class technology with almost $20B in untapped liquidity.”
As a DeFi-centric L1 platform, Tenet is inviting developers working on DeFi protocols or app that would benefit from LSD liquidity to sign up. To get developers interested in the Tenet blockchain and ready for its fair community launch, the company is preparing to launch a grants programme and a global DeFi hackathon series in the coming months.