EX Ankr and Blockdaemon CEOs Launch Liquid Staking Derivatives L1 Chain

• Liquid Staking Derivatives’ Layer 1 blockchain is named Tenet.
• Blockchain will create a hub for Liquid Fairness Derivatives (LSD).
• The Tenet testnet went dwell as we speak, permitting builders to work together and experiment with the platform.

Former Ankr and Blockdaemon executives joined arms to create Tenet, the primary Layer 1 blockchain designed to create a Liquid Staking Derivatives (LSD) hub.

The Tenet Testnet was launched as we speak, permitting builders to work together and experiment with the platform.

Options of the Tenet protocol

Tenet is an Ethereum Digital Machine (EVM) suitable Layer 1 protocol. It’s designed to offer extra liquidity and yield to LSD, permitting customers to reinvest their property within the community and take part within the community’s DeFi ecosystem.

Not like different Cosmos chains that depend on their very own native PoS safety tokens, Tenet verifiers can use a singular mechanism known as DiPoS (DiPoS). DiPoS permits revalidation of LSDs from different L1 ecosystems supported by Tenet, reminiscent of Ethereum, BNB Chain, Cosmos, Solana, and Polygon.

Migrating LSD from different blockchains ensures the long-term safety of the Tenet chain by leveraging the shared safety of every Tier 1 ecosystem it serves.

Commenting on the launch of Tenet’s Testnet, Tenet founder Greg Gopman mentioned:

“Ankr, we helped introduce Liquid Staking Tokens to eight Blockchain chains and constructed the most effective LSD infrastructure within the business, however nobody was utilizing it. Tenet had a extremely nice alternative to be first-to-market with best-in-class expertise with practically $20 billion. USD of unused liquidity. We analyzed the efficiency of different tasks reminiscent of Berachain and Eigen Layer and realized that there’s a higher technique to place ourselves out there. We’ve got taken a user-centric path to make betting and the LSD expertise simpler and safer for the common person.

Use of LSD in Tenet

Re-adding LSD to Tenet can be utilized like LSD or LLSD to benefit from DeFi alternatives within the Testnet ecosystem.

Along with the advantages of lending funds and DEX, Tenet customers may even be capable of mint Common Stablecoin interest-free, permitting them to obtain an “advance” on future LSD income.

Tenet additionally presents the primary L1 ecosystem with native meters that permit veTenet token holders to earn direct rewards to chose swimming pools.