Tenet Blockchain opens Testnet as it seeks to increase LSD capabilities

Tenet, a brand new layer-1 blockchain protocol has announced the launch of its testnet, creating a channel to build on the potential of Liquid Staking Derivatives (LSD) protocols. As contained in a press release shared with Coinspeaker, the Tenet protocol is coming out of its stealth mode, allowing developers to interact and experiment with the protocol.

There are thousands of blockchain protocols today, each with its own unique value proposition. As for Tenet, it seeks to improve the possibilities surrounding LSD pools by allowing users to 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 use locked tokens in a way that can generate additional value for stakers. Tenet will enhance these possibilities inherent in LSD platforms for all users.

Tenet is the brainchild of CEO Greg Gopman and COO Dan Peterson, who are both former heads of Ankr and Blockdaemon respectively. They designed the Tenet protocol to address some of the core challenges experienced by existing L1 networks. The Tenet blockchain is secured using Diversified Proof of Stake (DiPoS).

DiPoS enables users to stake Tenet using any of the native tokens of the blockchains it supports. 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 enables asset preservation using the combined security of each of the underlying chains.

Another important offer from the Tenet blockchain is the possibility to mint a Universal Stablecoin interest-free. This stablecoin will enable holders to earn a return on future LSD returns on the protocol.

Tenet Blockchain and the embedded flexibility

Just like most of the most advanced blockchain protocols in the industry, Tenet Blockchain gives users the flexibility they need to thrive with the L1 outfit. The Tenet protocol comes with built-in native meters. This allows veTenet token holders to direct rewards to the pools of their choice.

All in all, Tenet’s design relies on leveraging the deep liquidity in the LSD world that saw parabolic growth surpassing 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 was using it. Tenet was really a golden opportunity to be first to market using best-in-class technology with nearly $20 billion in untapped liquidity, says Greg Gopman, co-founder and CEO of Tenet.

In an effort to fuel the growth of the Tenet protocol, the team plans to roll out a grant 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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