Blockchain
Like most of the industry’s most advanced blockchain protocols, the Tenet Blockchain provides users with the flexibility they need to thrive on the L1 outfit.
Tenet, a brand new layer-1 blockchain protocol, has announced the launch of its testnet, creating a channel to build on the potential of Liquid Staking Derivatives (LSD) protocols. As mentioned in a press release shared with Coinspeaker, the Tenet protocol is coming out of its stealth mode, allowing developers to interact and experiment with the protocol.
There are thousands of blockchain protocols in circulation today, each with its own unique value proposition. In Tenet’s case, it seeks to increase the opportunities around LSD pools by allowing users to redeploy their assets on Tenet’s network and participate in Tenet’s DeFi ecosystem.
LSD platforms eliminate the hassle associated with staking assets in traditional Proof-of-Stake (PoS) protocols. LSD platforms still allow users to leverage locked tokens in a way that can generate additional value for strikers. Tenet will increase these opportunities inherent in LSD platforms for all users.
Tenet is the brainchild of Greg Gopman, the CEO and COO Dan Peterson, both of whom are former executives at Ankr and Blockdaemon, respectively. They designed the Tenet protocol to address some of the key challenges existing L1 networks face. The Tenet blockchain is secured using the Diversified Proof of Stake (DiPoS).
DiPoS allows users to bet on Tenet using any of the native tokens of the blockchains it supports. These tokens include Ethereum (ETH), Binance Coin (BNB), Cosmos (ATOM), Solana (SOL), and Polygon (MATIC). By lowering barriers to entry in this way, Tenet enables asset preservation by leveraging the combined security of each of the underlying chains.
Another key offering from the Tenet blockchain is the ability to mint a Universal Stablecoin interest-free. This stablecoin allows holders to earn a profit on future LSD proceeds on the protocol.
Tenet Blockchain and the anchored flexibility
Like most of the industry’s most advanced blockchain protocols, the Tenet Blockchain provides users with the flexibility they need to thrive on the L1 outfit. The Tenet protocol comes with built-in native meters. This allows veTenet token holders to send rewards to the pools they choose.
All in all, Tenet’s design hinges on taking advantage of the deep liquidity in the LSD world, which saw parabolic growth last year that even surpassed Decentralized Exchanges (DEXs) Total Value Locked (LSDs).
“At Ankr, we helped bring Liquid Staking Tokens to eight Blockchains and build out some of the best LSD infrastructure in the industry, but no one was using it. Tenet was truly a golden opportunity to get to market first by leveraging best-in-class technology with nearly $20 billion in untapped liquidity,” said Greg Gopman, co-founder and CEO of Tenet.
To support the growth of the Tenet protocol, the team plans to roll out a grant program in the near future. It also aims to hold a hackathon to encourage developers to come and build on the network.