Tenet, a layer-1 ecosystem for generating yield and utility for liquid staking derivatives (LSD), is growing its presence on the Cmarket through two significant partnerships with QTUM, a Proof of Stake network fusing the advantages of Ethereum and Bitcoin, and Conflux, a layer-1 network running on a hybrid Proof of Stake and Proof of Work consensus mechanism called Tree-Graph.
The collaborations will allow CFX and QTUM stakeholders to “restake” their assets on the Tenet blockchain in order to increase their payout. LSDs provide owners complete control over their assets while allowing them to profit fully from staking on the original network thanks to a liquid token that stands in for the underlying staked tokens. The LSD coin may be exchanged via decentralized protocols, used to create liquidity, or used to increase yield in DeFi.
Tenet provides a distinct layer-1 ecosystem, part of the security of which comes from partner tokens restaked on its platform. For each LSD staked, stakers have complete access to all DeFi yield chances on the chain through a Tenet LSD.
Users that connect their assets to Tenet will be given a distinctive LSD token by Ankr, a top supplier of staking infrastructure and a Tenet partner. The TLSDs may then be created by staking the LSD tokens with Tenet. Stakeholders may therefore triple their sources of revenue by combining the yield from the original network, the yield via Tenet staking, and the yield from the Tenet DeFi protocol.
Tenet has joined together with staking infrastructure vendor Ankr to assist its partner layer-1 blockchains launch LSD programs. Greg Gopman, formerly the CMO at Ankr, and Dan Peterson, formerly the Head of Revenue Operations at Blockdaemon, developed the initiative together.
Conflux, the first blockchain in China to be publicly regulated, offers a special hybrid PoW and PoS consensus along with complete support for EVM smart contracts. Several partners, including the City of Shanghai, McDonald’s China, China Telecom, and others, have integrated the network.
With 10% of the network’s supply staked, the CFX token is now trading at around a $800 million market value and a $1.5 billion fully diluted valuation. It has considerable momentum in the area being the only chain having regulatory backing in China. Tenet may get access to a big market and assist the Asian community by collaborating with Conflux.
A decentralized Proof-of-Stake blockchain called Qtum was introduced in 2017. Qtum provides a development platform with elastic scalability, ideal for embracing the Web3 revolution. It has a substantial presence in Asia and a developing western community. As one of the first foundations to provide Tenet and Ankr-backed LSDs to its community, Qtum, with a peak market valuation of $6 billion, will be crucial in boosting Tenet’s acceptance and security.
“The Asian market is often siloed from Western crypto projects, but it is a key avenue of expansion for any project wishing to become truly successful,” said Greg Gopman, co-founder of Tenet. “Partnering with Conflux and Qtum is a win-win for all involved, as the networks’ stakers get two extra sources of yield and much greater flexibility with their own customized LSD, while we receive extra security and a chance to tap into the enormous Asian blockchain community.”
As Conflux’s Global BD Lead, Dora has expressed his excitement about the new partnership with Tenet, stating, “We are thrilled to partner with Tenet and bring the power of LSDs to our community. This partnership aligns with our mission to foster a truly decentralized ecosystem, and the integration of LSDs will not only give our stakers the ability to maximize their yield but also enhance the flexibility and utility of their assets.”
Miguel Palencia, Qtum Co-Founder and COO had this to say: “Partnering with Tenet allows Qtum to be one of the first blockchains to offer Liquid Staking Derivatives. This additional reward for lending computational resources to the network keeps in line with our green philosophy, and should help further strengthen both networks.”
