Discover how Tenet and Ankr are collaborating to promote the adoption of liquid staking derivatives (LSDs) across multiple blockchains, expanding the reach of DeFi ecosystems and blockchain infrastructure.
To increase the adoption of liquid staking derivatives (LSDs) across all blockchains, including those where they are not yet available, Tenet, the first layer-1 blockchain to develop a DeFi Ecosystem for LSDs, has partnered with Ankr, a leading provider of blockchain infrastructure.
About partnership
As part of the partnership, Tenet will offer subsidized rates on Ankr’s LSD integration services, allowing Proof of Stake Blockchains to swiftly develop liquid staking for their assets. Tenet will also cover some of its partners’ integration costs if the new Blockchain commits a certain number of LSD assets to Tenet’s network.
Most alternative layer-one chains and “appchains” are proof-of-stake networks with their own staking token. Staking protects the network from economic risks, therefore DeFi use cases that generate other yield may compromise network security.
Moreover the problem is effectively resolved, boosting network security as it scales, by implementing liquid staking derivatives that permit employing staked assets in DeFi.
Since Lido currently provides the majority of LSD liquidity, smaller blockchains may have to wait a while before their chain is merged. The white-label system that Ankr has developed, on the other hand, enables every project to swiftly set up their own LSD.
Tenet, a layer-1 LSD ecosystem, offers asset yield maximization and cheaper LSD integration services, benefiting projects and strengthening security through pledging a portion of the LSD value to Tenet Validators, supporting multiple chains and enhancing security compared to single-token Proof of Stake. Tenet aims to become the go-to platform for LSDs on top Layer-1 blockchains, with CEO Greg Gopman leading the mission and partnering with Ankr for RPC services and network infrastructure. The mainnet launch and token issuance event are set for May 25, and a Paris Liquid Staking Conference at EthCC is planned for July 2023.
Tenet
Liquid staking derivatives (LSDs) have access to liquidity and yield potential through Tenet, a Layer-1 ecosystem that focuses on DeFi. Greg Gopman, the former CMO of Ankr, and Dan Peterson, the former head of revenue operations at Blockdaemon, founded Tenet with the intention of exploiting the potential of the rapidly growing LSD market, which is currently valued at over $17 billion. By utilizing Diversified Proof of Stake, which enables LSDs to stake to its network, receive yield on their liquid staking assets, and take engage in the platform’s governance, Tenet adopts a novel strategy for security sharing.
Ankr
Ankr is a one-stop shop created to aid Web3‘s expansion. A global node architecture powers their multi-chain API connections, dApp development tools, and crypto staking solutions across more than 30 different blockchains. As the inventor of liquid staking, Ankr develops cutting-edge solutions with an industry-leading node delegation system and security to support validation on various proof-of-stake chains. Ankr is the third-largest Ethereum staker with a Total Value Locked of over $500M and the go-to supplier of staking infrastructure for ecosystems like the BNB Smart Chain, Polygon, and others.
