Tenet Brings LSDFi summer to China By Bringing LSDs to Conflux and QTUM
Mahe, Seychelles, May 24th, 2023, Chainwire
Tenet, a layer-1 ecosystem for creating yield and utility for liquid staking derivatives (LSD), is expanding its presence on the Cmarket through two key partnerships with QTUM, a Proof of Stake network combining the benefits of Ethereum and Bitcoin, and Conflux, a layer-1 network operating on a hybrid Proof of Stake and Proof of Work consensus mechanism called Tree-Graph.
Thanks to the partnerships, CFX and QTUM stakers will be able to bring their assets to the Tenet blockchain and “restake” them to unlock more yield for their assets. LSDs allow holders to reap the full benefits of staking on the original network, while having full control over their assets through a liquid token representing the underlying staked tokens. The LSD token can be used in DeFi to earn more yield, provide liquidity or swap it using decentralized protocols.
Tenet offers a unique layer-1 ecosystem whose security is derived partially from all the partner tokens restaked on its platform. In return, stakers get full access to various DeFi yield opportunities on the chain through a Tenet LSD for each LSD they stake.
Users bridging their assets to Tenet will receive a unique LSD token issued by Ankr, a leading staking infrastructure provider and Tenet partner. The LSD tokens can then be staked with Tenet to generate the TLSDs. This enables stakers to triple their sources of yield by including the original network’s yield, Tenet staking yield, and Tenet DeFi protocol yield.
Tenet has partnered with Ankr, a staking infrastructure provider, to help launch LSD initiatives for its partner layer-1 blockchains. The project is co-founded by Greg Gopman, previously CMO at Ankr, and Dan Peterson, formerly Head of Revenue Operations at Blockdaemon.
Conflux is the first publicly regulated blockchain in China, offering a unique hybrid PoW and PoS consensus, as well as full support for EVM smart contracts. The network has been integrated by a number of partners such as the City of Shanghai, McDonald’s China, China Telecom and others.
The CFX token is currently trading at an approximate $800 million market capitalization and $1.5B fully diluted valuation, with 10% of the network’s supply being staked. Due to its positioning as the only chain with regulatory support in China, it has significant traction in the region. By working together with Conflux, Tenet can tap into a major market while bringing the benefits of LSDs to the Asian community.
Qtum is a decentralized Proof-of-Stake blockchain launched in 2017. With a significant presence in Asia and a growing western community, Qtum offers a development platform with elastic scalability, perfect for onboarding the Web3 revolution. With a 6 billion dollar peak market cap, Qtum will be instrumental in growing Tenet’s adoption and security as one of the first foundations to offer Tenet and Ankr-backed LSDs to their community.
“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.”
Tenet is a DeFi-focused Layer-1 ecosystem built on the Cosmos network, providing liquidity and yield opportunities for liquid staking derivatives (LSDs). Tenet aims to unlock the potential of the rapidly growing LSD market, which is currently valued at over $17 billion. Tenet takes a unique approach by sharing security through Diversified Proof of Stake, while using L1-native gauges to let users earn yield on their liquid staking assets and participate in the platform’s governance.
Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security. As the only regulatory compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia.
Qtum was founded in 2016 as a scalable Proof-of-Stake development platform. Qtum’s ability to merge Bitcoin’s base UTXO model with the EVM allows more options for blockchain developers. Qtum strives to stay upstream with the latest Bitcoin and Ethereum updates, like Taproot, SegWit, and Evmone. Qtum’s staking model is permissionless, which allows any users to participate in the validation process without the need for masternodes or delegation.