Tenet, a new blockchain protocol, has emerged from stealth mode and launched its Testnet. The protocol is the first Layer-1 blockchain designed to support Liquid Staking Derivatives (LSDs) and was created by former executives from Ankr and Blockdaemon. Tenet is compatible with the Ethereum Virtual Machine (EVM) and allows users to restake their assets on Tenet’s network to increase liquidity and yield opportunities.
Unique Mechanism for Security
Unlike other Cosmos chains, which rely on their native tokens for Proof of Stake security, Tenet uses a unique mechanism called Diversified Proof of Stake (DiPoS). This mechanism allows users to validate the Tenet network by restaking LSDs from other L1 ecosystems supported by Tenet, such as ETH, BNB, ATOM, SOL, and Matic. This ensures the long-term security of the Tenet chain by leveraging the joint security of each L1 ecosystem it services.
Simplifying the Staking Experience
Tenet aims to simplify the staking experience for users by offering the Eva mobile wallet app, which uses an AI chatbot to educate users about DeFi and automates interactions with the Tenet chain through optimized yield strategies. Tenet also offers the first L1 ecosystem with native gauges, allowing veTenet token holders to direct rewards to the pools they choose.
Tenet plans to roll out a grants program and a global DeFi hackathon series in the coming months to engage developers worldwide. The protocol is inviting DeFi protocols and developers interested in taking advantage of LSD liquidity to sign up for the Testnet and familiarize themselves with the platform. Tenet aims to unlock the potential of the rapidly growing LSD market, which is currently valued at over $17 billion.