Tenet and Ankr partner to bring liquid staking derivatives to more blockchains

Mahe, Seychelles, May 16, 2023, Chainwire

Tenet, the first layer-1 blockchain to create a decentralized finance (DeFi) ecosystem for liquid staking derivatives (LSDs), has joined forces with Ankr, a blockchain infrastructure provider, to increase adoption of LSDs across all blockchains, including those where LSDs are currently not available yet. 

As part of the partnership, Tenet will have discounted pricing on Ankr’s LSD integration services, which allows proof-of-stake blockchains to easily set up liquid staking for their 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. Moreover, most alternative layer-1 chains and application specific blockchains (“appchains”) have their staking token.

Staking is key in securing the network to protect from economic attacks, which means that DeFi use cases that generate alternate sources of yield will potentially reduce the security of the network.

By adopting liquid staking derivatives, which allow using staked assets in DeFi, the conundrum is effectively solved; increasing the security of the network as it scales.

Most LSD liquidity today comes from Lido, which means that smaller blockchains may need to wait some time before they see their chain integrated. Ankr, on the other hand, has created a white-label system that allows any project to quickly set up their 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 earn maximum yield on their assets by  supplying them to various DeFi protocols on its network.

In exchange, Tenet partners will need to commit a certain amount of LSD total value locked to Tenet Validators, which boosts its security model.

Tenet has a unique model called diversified proof-of-stake (DiPoS), which supports staking with any LSD asset from other chains, such as ETH, BNB, ATOM, SOL and ADA. This allows Tenet to be partially secured by all its supported networks, dramatically improving security compared to standard single-token proof-of-stake. 

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 defacto 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.”

As part of the deal, 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 testnet and will launch Mainnet and its token generation event on May 25. 

About Tenet

Tenet is a DeFi-focused layer-1 ecosystem, providing liquidity and yield opportunities for liquid staking derivatives (LSDs).

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 rapidly growing LSD market, which is currently valued at over $17b.

Tenet takes a unique approach by sharing security through DiPoS, which allows LSDs to stake to its network and earn yield on their liquid staking assets and participate in the platform’s governance.

About Ankr

Ankr is an all-in-one portal built to support the growth of web3. They provide multi-chain API connections, dapp development tools, and crypto staking solutions with a global node infrastructure powering it all over 30+ blockchains.

As the pioneer of liquid staking, Ankr creates next-generation solutions for supporting validation on several proof-of-stake chains with an industry-leading node delegation system and security.

With a total value locked (TVL) of over $500m, Ankr is the third largest ethereum (ETH) staker and a staking infrastructure provider for ecosystems like the BNB Smart Chain (BSC), Polygon, and more.

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