Tenet Blockchain Opens Testnet as It Seeks to Boost LSD Functionalities

Just like most of the most advanced blockchain protocols in the industry, the Tenet Blockchain grants users 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 conduit to build on the potential of Liquid Staking Derivatives (LSD) protocols. As contained in a press release shared with Coinspeaker, the Tenet protocol is emerging from its stealth mode, making it possible for developers to interact and experiment with the protocol.

There are thousands of blockchain protocols around today, each with its own unique value proposition. In the case of Tenet, it seeks to enhance the opportunities surrounding LSD pools by allowing users to re-stake their assets on Tenet’s network and participate in Tenet’s DeFi ecosystem.

LSD platforms remove the drudgery that comes with staking assets in traditional Proof-of-Stake (PoS) protocols. With LSD platforms, users can still make use of locked tokens in a way that can generate additional value for stakers. Tenet will amplify 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 with Ankr and Blockdaemon respectively. They designed the Tenet protocol to address some of the core challenges being experienced by existing L1 networks. The Tenet blockchain is secured using the Diversified Proof of Stake (DiPoS).

DiPoS enables users to stake on Tenet using any of the native tokens of the blockchains it is supporting. These tokens include Ethereum (ETH), Binance Coin (BNB), Cosmos (ATOM), Solana (SOL) and Polygon (MATIC). By reducing the barriers to entry in this way, Tenet is making it possible for asset preservation using the combined security of each of the underlying chains.

Another important offering from the Tenet blockchain is the opportunity to mint a Universal Stablecoin interest free. This stablecoin will enable holders to earn a yield on future LSD yields on the protocol.

Tenet Blockchain and the Enshrined Flexibility

Just like most of the most advanced blockchain protocols in the industry, the Tenet Blockchain grants users the flexibility they need to thrive on the L1 outfit. The Tenet protocol comes with inbuilt native gauges. This allows veTenet token holders to direct rewards to the pools they choose.

In all, Tenet’s design is hinged on taking advantage of the deep liquidity in the LSD world which saw a parabolic growth that surpassed even Decentralized Exchanges (DEXs) Total Value Locked (LSDs) last year.

“At Ankr, we helped bring Liquid Staking Tokens to eight Blockchains and built out some of the best LSD infrastructure in the industry, but no one used it. Tenet was really a golden opportunity for being first to market in utilizing best-in-class technology with almost $20B in untapped liquidity,” said Greg Gopman, co-founder and CEO of Tenet.

In a bid to bolster the growth of the Tenet protocol, the team plans to roll out a grants program in the near future. It also aims to float a hackathon to encourage developers to come to build on the network.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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