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Tenet, a layer-1 ecosystem dedicated to broadening the application of liquid staking derivatives (LSD), has forged a comprehensive partnership with LayerZero, a prominent omnichain interoperability protocol valued at over $3 billion. Through this partnership, Tenet, built on the Cosmos SDK blockchain, will harness the power of LayerZero’s omnichain framework to establish robust connections with other blockchain networks. This integration will facilitate seamless liquidity transfers to and from Tenet, enhancing its accessibility within the broader blockchain ecosystem.
Greg Gopman, the co-founder of Tenet, said: “The partnership with LayerZero is critical for Tenet’s success, as our protocol is cross-chain native at its core. While the initial integration is helpful in connecting our chain to the large LayerZero network to leverage its cross-chain liquidity, it also enables us to create truly omnichain LSDs for any asset. This reduces the barriers of entry and sets us up as the leading LSD ecosystem for all of DeFi.”
Expanding Possibilities for Tenet’s LSDs
In the initial phase, the partnership entails the establishment of a LayerZero endpoint on Tenet. This integration enables individuals to create projects and tokens supported by LayerZero technology, effectively connecting Tenet to a diverse range of networks operating on the protocol. The integration has already been successfully implemented and is now operational on the Tenet network.
In the forthcoming phases of the partnership, Tenet’s LSDs will undergo significant advancements, transforming them into fully-fledged omnichain tokens with the support of LayerZero. Tenet operates as a network specifically designed to enhance the functionality of LSDs from various chains, employing an innovative consensus model called Diversified Proof-of-Stake (DiPoS). Through this groundbreaking technology, Tenet empowers the utilization of LSDs as the staking asset, resulting in a substantial bolstering of the overall security of the Tenet network.
Tenet is also introducing a bridge supported by LayerZero technology, enabling seamless bridging of omnichain LSDs across any chain within the LayerZero network. Collaboratively, the teams will strive to extend this technology to newly integrated chains within Tenet’s LSD network, enabling staking capabilities. Through a complete integration with LayerZero, the omnichain Tenet LSDs will become effortlessly transferable, usable, and redeemable on any of the networks supported by LayerZero. This advancement ensures a seamless and secure experience for cross-chain liquid staking.
Creating a Dynamic DeFi Ecosystem for LSDs
The core objective of the Tenet network revolves around establishing a dynamic decentralized finance (DeFi) ecosystem for LSDs, filling a void that has been present in numerous comparable initiatives. Through Tenet, users gain the ability to merge three distinct yield sources into one comprehensive offering. These sources include the original asset’s yield, the yield obtained from staking with Tenet, and the yield generated through Tenet’s DeFi protocol encompassing lending and decentralized exchanges (DEXs). This comprehensive approach empowers users to optimize their yield potential within a unified framework.
Tenet has successfully formed strategic partnerships with prominent layer-1 chains, marking significant milestones in its expansion. Notably, Tenet has recently made notable strides in the Asian market through collaborations with Conflux and Qtum. However, the partnership between Tenet and LayerZero stands out as a remarkable advancement in the evolution of the DeFi ecosystem specifically tailored for LSDs. This partnership represents a substantial leap forward in the development and growth of Tenet’s LSD-focused DeFi ecosystem.
Tenet, an innovative Layer-1 ecosystem within the DeFi space, is intricately woven into the Cosmos network, fostering a robust infrastructure for liquidity provision and yield generation through LSDs. Co-founded by Greg Gopman, the former CMO of Ankr, a prominent issuer of multichain LSDs, Tenet aims to unlock the immense potential of the rapidly expanding LSD market, which presently boasts a valuation exceeding $17 billion. What sets Tenet apart is its distinctive approach, combining security through Diversified Proof of Stake and leveraging L1-native gauges to enable users to earn yield on their liquid staking assets while actively participating in the platform’s governance structure.
LayerZero Labs, the visionary group behind the renowned blockchain messaging protocol, LayerZero, has revolutionized the landscape of decentralized communication. With its cutting-edge messaging infrastructure, LayerZero effortlessly integrates with more than 30 blockchains, facilitating transparent and secure cross-chain messaging through a user-friendly interface. By leveraging LayerZero, developers gain the power to construct interoperable and omnichain decentralized applications (dApps), paving the way for the emergence of a unified digital asset ecosystem. LayerZero Labs’ pioneering efforts are reshaping the future of blockchain connectivity and fostering a new era of seamless interoperability.