1 year ago
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Tenet Testnet Released
Layer 1 blockchain Tenet, which aims to become a hub for Liquid Staking Derivatives (LSD), announced today that it has launched its testnet.
Tenet is an Ethereum Virtual Machine (EVM) compatible L1 blockchain based on technology from Cosmos, a project to achieve blockchain interoperability.
Validators on the Tenet network operate by adopting Diversified Proof of Stake (DiPoS) and staking LSD from other Tenet-supported L1 ecosystems.
What is layer 1 blockchain
The L1 blockchain is the basic layer of blockchain technology and is responsible for the verification of distributed ledgers and transactions. Typical examples include Ethereum (ETH), BNB Chain (BNB), Cosmos (ATOM), Solana (SOL), and Polygon (MATIC).
Cryptocurrency Glossary
LSD is a mechanism that allows you to receive derivative tokens (LSD) issued 1:1 through smart contracts and operate them in DeFi while receiving cryptocurrency staking rewards. LSD is used in blockchains that use PoS (Proof of Stake) as a consensus algorithm.
connection:Liquid Staking (LSD) Tops DeFi Market, ETH Staking Demand Increases
LSD re-staked on the Tenet network can be used like any other LSD and operated in DeFi (decentralized finance) on Tenet. Use cases such as DEX (distributed exchange), lending, and stable coin issuance are assumed, and interest can be obtained with LSD.
Co-founder of Tenet
The project was co-founded by Greg Gopman, former chief marketing officer at leading LSD protocol Ankr, and Dan Peterson, former revenue operations specialist at Blockdaemon, a $3 billion enterprise-valued staking firm. Regarding the history of Temet, Mr. Gopman said:
At Ankr, we introduced Liquid Staking Tokens to 8 blockchains and helped build the best LSD infrastructure in the industry, but no one used it. Tenet was a great opportunity to be the first to market, leveraging nearly $20 billion in untapped liquidity and best-in-class technology.
Ankr Liquid Staking is one of the LSDs available on the BNB chain. You can stake BNB tokens and issue aBNBb tokens and aBNBc tokens. Total BNB deposits (TVL) on Ankr remain at ¥9.1 billion ($68 million).
Towards the establishment of Tenet, the company analyzed competitors such as EigenLayer, a “re-staking” protocol for Ethereum (ETH), and searched for a better model. Tenet also has a gauge function that directs interest to the pool using a token called veTenet, and a “bribery” function that monetizes its voting rights. Peterson said:
We have taken a user-centric path, making the staking and LSD experience simpler and safer for ordinary users.
The Tenet project team is inviting DeFi protocols and developers interested in leveraging LSD liquidity on other L1 chains to join the testnet. We will also be rolling out a grant program and a DeFi hackathon series to build community while preparing for the mainnet launch of the Tenet blockchain in the coming months.
What is a validator
A node that verifies the validity of data recorded on the blockchain, and has a role such as verifying transaction history.
Cryptocurrency Glossary
connection:Ether “Re-Staking”, EigenLayer Launches Testnet
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