Tenet and Ankr partner to bring liquid stake derivatives (LSD) to more blockchains
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Mahe, Seychelles, 16 May 2023, Chainwire
Tenet, the first tier-1 blockchain to create a DeFi Ecosystem for Liquid Staking Derivatives (LSDs), has teamed up with Ankr, a leading blockchain infrastructure provider, to increase the use of LSDs across all blockchains, including those floating staking derivatives are currently not available yet.
As part of the partnership, Tenet will have discounted prices on Ankr’s LSD integration services, which allow Proof of Stake Blockchain to easily set up liquid stakes for its assets with Ankr. In addition, Tenet will help cover some of the integration costs for its partners in exchange for the new Blockchain committing a certain amount of LSD assets to Tenet’s network.
Proof of Stake networks currently dominate the blockchain landscape, with the vast majority of alternative layer-one chains and application-specific blockchains (“app chains”) each having their own staking token. Staking is key to securing the network to protect against financial attacks, meaning that DeFi use cases that generate alternative sources of return will potentially reduce the security of the network. By adopting liquid stake derivatives, which enable the use of staked assets in DeFi, the conundrum is effectively solved – increasing the security of the network as it scales.
Most of the LSD liquidity today comes from Lido, which means that smaller blockchains may need to wait some time before seeing their chain integrated. Ankr, on the other hand, has created a white-label system that allows any project to quickly set up its own LSD.
By working with Tenet, projects will benefit from both the cheaper LSD integration services, as well as the Tenet layer-1 LSD ecosystem, which allows users to make the most of their assets by delivering them to various DeFi protocols on the network. In exchange, Tenet partners must commit a certain amount of LSD total value locked to Tenet Validators, increasing the security model.
Tenet has a unique model called Diversified Proof of Stake (DiPoS), which supports staking with all LSD assets from other chains, such as ETH, BNB, ATOM, SOL and ADA. This allows Tenet to be partially secured by all of its supported networks, dramatically improving security compared to standard single-token Proof of Stake.
“We are on a mission to bring LSDs to all the top Layer-1 blockchains and make Tenet the defacto place for them to safely earn returns and utility,” said Greg Gopman, CEO of Tenet and former CMO of Ankr . “During my time at Ankr, I was inspired by all the wonderful LSD products the company launched, but disappointed by their ultimate lack of use. With Tenet, we aim to change this.”
As part of the agreement, Tenet will commit to using Ankr for its RPC services, as well as other integrations that make sense for the network’s infrastructure. The two companies will also put together a Liquid Staking Conference (side event) at EthCC in Paris in July 2023.
Tenet is currently live on the testnet and will launch the Mainnet and its token generation event on May 25th.
About Tenet
Tenet is a DeFi-focused Layer-1 ecosystem that provides liquidity and return opportunities for liquid stake derivatives (LSD). Co-founded by Greg Gopman, former CMO of Ankr, and Dan Peterson, former Head of Revenue Operations at Blockdaemon, Tenet aims to unlock the potential of the fast-growing LSD market, which is currently valued at over $17 billion. Tenet takes a unique approach by sharing security through Diversified Proof of Stake, which allows LSDs to stake their network and earn returns on their liquid stakes and participate in the platform’s governance.
About Ankr
Ankr is an all-in-one portal built to support the growth of Web3. They offer multi-chain API connections, dApp development tools and crypto staking solutions with a global node infrastructure powering it all across 30+ blockchains. As the pioneer in liquid staking, Ankr creates next-generation solutions to support validation on multiple proof-of-stake chains with an industry-leading node delegation system and security. With a total value locked in excess of $500 million, Ankr is the third largest Ethereum player and infrastructure provider for ecosystems such as BNB Smart Chain, Polygon and more.
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