- Tenet, a layer-1 blockchain, partners with Ankr to boost the adoption of Liquid Staking Derivatives (LSDs) across blockchains.
- Tenet receives discounted pricing on Ankr’s LSD integration services and covers integration costs for partners in exchange for committing LSD assets to Tenet’s network.
Tenet, the first layer-1 Blockchain to establish a DeFi Ecosystem for Liquid Staking Derivatives (LSDs), has partnered with Ankr, a leading blockchain infrastructure provider, to increase LSD adoption across all blockchains, including those where liquid staking derivatives are not yet available.
Tenet will receive discounted pricing on Ankr’s LSD integration services as part of the partnership, allowing Proof of Stake Blockchains to set up liquid staking for their assets with Ankr quickly. Furthermore, Tenet will help cover some of its partners’ integration costs in exchange for the new Blockchain committing a certain amount of LSD assets to Tenet’s network.
Today, Proof of Stake networks dominate the blockchain landscape, with the vast majority of alternative layer-one chains and application-specific blockchains (“appchains”), each having its staking token. Staking is critical in securing the network to protect it from economic attacks, which means that DeFi use cases that generate alternate sources of yield may reduce network security.
The problem is effectively solved by using liquid staking derivatives, which allow using staked assets in DeFi, increasing the network’s security as it scales.
The majority of LSD liquidity today comes from Lido, which means that smaller blockchains may have to wait a while before their chain is integrated. Ankr, on the other hand, has developed a white-label system that enables any project to establish its own LSD quickly.
Working with Tenet allows projects to take advantage of the lower-cost LSD integration services and the Tenet layer-1 LSD ecosystem, enabling users to maximize the yield on their assets by supplying them with various DeFi protocols on their network. Tenet partners will be required to commit a certain amount of LSD total value locked to Tenet Validators in exchange for enhancing its security model.
Tenet’s Diversified Proof of Stake (DiPoS) model allows for staking with any LSD asset from other chains, including ETH, BNB, ATOM, SOL, and ADA.
Greg Gopman, CEO of Tenet and former CMO of Ankr, states,
“We’re on a mission to bring LSDs to all the top Layer-1 blockchains and make Tenet the defacto place for them to earn yield and utility safely. During my time at Ankr, I was inspired by all the amazing LSD products the company launched but disappointed by their lack of use. With Tenet, we aim to change this.”
Tenet will commit to using Ankr for its RPC services and other integrations that make sense for the network’s infrastructure as part of the agreement. In addition, the two companies will organize a Liquid Staking Conference (side event) at EthCC in Paris in July 2023.
Tenet is operational on testnet and plans to launch Mainnet and its token generation event on May 25.
About Tenet
Tenet is a Layer-1 ecosystem focused on DeFi, offering liquidity and yield opportunities for liquid staking derivatives (LSDs). Tenet was co-founded by Greg Gopman, former CMO of Ankr, and Dan Peterson, former head of revenue operations at Blockdaemon, to unlock the potential of the rapidly growing LSD market worth more than $17 billion. Tenet takes an innovative approach to security by utilizing Diversified Proof of Stake, which allows LSDs to stake to its network and earn a yield on their liquid staking assets while also participating in platform governance.
About Ankr
Ankr is a one-stop portal designed to help Web3 grow. They offer multi-chain API connections, dApp development tools, and crypto-staking solutions, all powered by a global node infrastructure that spans 30+ blockchains.
In addition, Ankr, the liquid staking pioneer, develops next-generation solutions for supporting validation on multiple proof-of-stake chains through an industry-leading node delegation system and security. Ankr is the third largest Ethereum staker and the go-to staking infrastructure provider for ecosystems such as the BNB Smart Chain, Polygon, and others, with a total value of over $500M.
