Tenet unveils testnet for on-chain liquid staking derivatives

Tenet, a liquid staking derivatives (LSD) hub created by former executives from Ankr and Blockdaemon, has unveiled its testnet for developers to engage with the platform.

Tenet: enhancing LSD liquidity and yield

Co-founded by Greg Gopman, former CMO at major LSD protocol Ankr, and Dan Peterson, previously a revenue operations specialist at Blockdaemon, Tenet, an Ethereum-compatible layer-1 protocol, was created to enhance liquidity and yield opportunities for LSDs. 

The project allows users to re-stake derivatives from other established liquidity protocols on Tenet’s network. The network runs a unique mechanism called the diversified proof-of-stake (DiPoS).

DiPoS allows the Tenet network to leverage the security of platforms like Ethereum and Polygon. By re-staking the derivatives from other layer-1 blockchains, Tenet ensures its blockchain’s long-term safety and stability.

The derivatives obtained from re-staking on the Tenet network, called liquid lending and staking derivatives (LLSD), function similarly to any other LSD; they unlock decentralized finance (DeFi) opportunities for users within the Tenet ecosystem. 

Tenet also introduces native gauges, a unique feature within layer-1 ecosystems. These gauges allow the Tenet token holders to fully control their rewards, utilizing any pool of their choice.

To simplify the user staking experience, Tenet introduces the Eva mobile wallet, a retail-friendly app that utilizes an artificial intelligence (AI) chatbot to educate users about DeFi and streamlines interactions with the Tenet blockchain, providing optimized yield strategies for optimal returns.

Greg Gopman, the co-founder of Tenet, expressed excitement about the project, saying:

 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 presented a golden opportunity to leverage best-in-class technology with almost $20b in untapped liquidity.

Dan Peterson, a co-founder of Tenet, emphasized the project’s user-centric approach, stating:

 We analyzed what other projects like Berachain and Eigen Layer were doing and realized there was a better way to position ourselves to best address the market. We’ve chosen a user-centric path, making the staking and LSD experience simpler and more secure for the average user.

Tenet targets the LSD market

The LSD market is currently valued at $17b. Tenet plans to capitalize on the current security infrastructure while providing yield for its users.

Apart from the founders’ expertise, Tenet’s core team is also experienced. The project also garners invaluable support from advisors at Lido, Ankr, and OpenAI, bolstering its expansion and growth efforts.