blockchainreporter.net
Tenet, the pioneering layer-1 blockchain focused on building a DeFi Ecosystem for Liquid Staking Derivatives (LSDs), has entered into a partnership with Ankr, a prominent blockchain infrastructure provider. The partnership aims to foster the widespread adoption of LSDs across all blockchains, including those that currently lack liquid staking derivative solutions.
By leveraging Ankr’s robust infrastructure capabilities and Tenet’s innovative approach to LSDs, the collaboration seeks to unlock new opportunities and expand the reach of liquid staking derivatives, bringing their benefits to a broader range of blockchain networks.
Under this partnership, Tenet will benefit from discounted pricing on Ankr’s LSD integration services, which provide a seamless liquid staking setup for blockchain assets. Furthermore, Tenet will support its partners by covering a portion of the integration costs, contingent upon the commitment of a specific quantity of LSD assets to Tenet’s network by the new blockchains.
Securer and Cheaper LSD Integration Services
As of today, Proof of Stake networks have become prominent in the blockchain industry, encompassing a significant portion of alternative layer-one chains and application-specific blockchains, commonly known as “appchains.” These networks typically have their own staking tokens, and staking plays a crucial role in safeguarding the network against economic attacks.
However, the emergence of DeFi applications that generate alternative yield sources poses a challenge to network security. To address this issue, the adoption of liquid staking derivatives offers an effective solution. These derivatives enable the utilization of staked assets within the DeFi ecosystem, effectively resolving the conundrum and bolstering the network’s security as it expands. While LSD liquidity is predominantly sourced from Lido, smaller blockchains often face delays in their integration.
Ankr addresses this challenge by offering a versatile white-label system that enables swift implementation of custom LSD solutions for any project. Through the partnership with Tenet, projects can enjoy the combined benefits of cost-effective LSD integration services and access to the Tenet layer-1 LSD ecosystem. This ecosystem empowers users to maximize their asset yields by participating in various DeFi protocols available on the network.
In return, Tenet partners are required to allocate a specific value of LSD assets to Tenet Validators, which enhances the security framework of the platform. By leveraging the synergy between Tenet and Ankr, the partnership aims to foster greater inclusivity and efficiency in the liquid staking landscape, enabling a broader range of blockchains to unlock the benefits of LSDs.
Tenet offers a groundbreaking model called Diversified Proof of Stake (DiPoS), setting it apart from traditional single-token Proof of Stake mechanisms. DiPoS enables staking with a diverse range of LSD assets from various chains, including but not limited to ETH, BNB, ATOM, SOL, and ADA. This innovative approach ensures that Tenet’s security is enhanced through partial backing from all supported networks.
Efficient and Reliable RPC Services and Infrastructure
Under the partnership, Tenet will leverage Ankr’s robust RPC services, ensuring efficient and reliable communication between network nodes. Additionally, both companies will explore other synergistic integrations that enhance the overall infrastructure of the network. In a joint effort to promote the adoption and advancement of liquid staking, Tenet and Ankr will organize a dedicated side event, the Liquid Staking Conference, at EthCC in Paris in July 2023.
This conference aims to bring together industry experts, enthusiasts, and stakeholders to discuss the latest developments and opportunities in the liquid staking space. Excitingly, Tenet is currently live on testnet, marking a significant milestone in its journey. The network is preparing for the highly anticipated launch of its Mainnet and token generation event, scheduled for May 25. This milestone event will officially introduce Tenet’s token and further propel the network’s growth and adoption.
Greg Gopman, CEO of Tenet and former CMO of Ankr, said: “We’re on a mission to bring LSDs to all the top Layer-1 blockchains and make Tenet the de facto place for them to safely earn yield and utility. During my time at Ankr, I was inspired by all the amazing LSD products the company launched but disappointed by their ultimate lack of use. With Tenet, we aim to change this.”
Unlocking DeFi Opportunities Through LSDs
Tenet, a DeFi-focused Layer-1 ecosystem, is set to revolutionize the liquid staking derivatives (LSDs) market under the leadership of co-founders Greg Gopman and Dan Peterson, former head of revenue operations at Blockdaemon. With the LSD market currently valued at over $17 billion, Tenet aims to tap into its immense potential by providing liquidity and yield opportunities to stakeholders.
Differentiating itself from traditional approaches, Tenet adopts a unique strategy known as Diversified Proof of Stake (DPoS). Through DPoS, Tenet enables LSDs to stake their assets on the network, thereby earning attractive yields and actively participating in the platform’s governance. This shared security model enhances the overall security and integrity of the ecosystem.
Ankr stands at the forefront of Web3 innovation, providing an all-in-one portal that supports the expanding needs of the ecosystem. With a robust suite of offerings, including multi-chain API connections, dApp development tools, and crypto staking solutions, Ankr is dedicated to driving the growth and accessibility of Web3 technologies. One of Ankr’s groundbreaking achievements is pioneering liquid staking, revolutionizing the way proof-of-stake chains are validated.
Leveraging its industry-leading node delegation system and robust security measures, Ankr enables seamless and secure staking across multiple chains. As a testament to Ankr’s success, Ankr currently boasts a Total Value Locked of over $500 million, establishing them as the third-largest Ethereum staker in the industry.
Ankr’s influence extends beyond Ethereum, as they serve as the go-to staking infrastructure provider for prominent ecosystems like the BNB Smart Chain and Polygon. With its global node infrastructure supporting over 30+ blockchains, Ankr empowers developers, enterprises, and users to unlock the full potential of Web3 applications and services.