Mahe, Seychelles, May 24th, 2023, Chainwire
Tenet, a layer-1 ecological system 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 advantages of Ethereum (ETH) and Bitcoin, and Conflux, a layer-1 network operating on a hybrid Proof of Stake and Proof of Work consensus mechanism was known Tree-Graph.
Thanks to the partnerships, CFX and QTUM stakers will be able to attract their assets to the Tenet blockchain tech and “restake” them to unlock more yield for their assets. LSDs allow holders to reap the full advantages of staking on the original network, while having full control over their assets through a liquid crypto token representing the underlying staked crypto tokens. The LSD crypto token can be executed in Decentralized Finance to earn more yield, provide liquidity or swap it using decentralized protocols.
Tenet offers a unique layer-1 ecological system whose security is derived partially from all the partner crypto tokens restaked on its platform. In return, stakers get full access to numerous Decentralized Finance 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 crypto token announced by Ankr, a leading staking infrastructure provider and Tenet partner. The LSD crypto tokens can then be staked with Tenet to generate the TLSDs. This allows stakers to triple their sources of yield by including the original network’s yield, Tenet staking yield, and Tenet Decentralized Finance protocol yield.
Tenet has partnered with Ankr, a staking infrastructure provider, to assist launch LSD initiatives for its partner layer-1 blockchains teck. The project is co- established by Greg Gopman, previously CMO at Ankr, and Dan Peterson, previously Head of Revenue Operations at Blockdaemon.
Conflux is the 1st publicly regulated blockchain tech in China, offering a unique hybrid PoW and PoS consensus, likewise 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 crypto token is as of now currently worth an approximate $800 Million market cap and $1.5B fully diluted valuation, with 10 percent of the network’s supply being staked. Owing to its positioning as the only chain with regulatory support in China, it has whole lot of traction in the region. By working together with Conflux, Tenet can tap into a major market while bringing the advantages of LSDs to the Asian community.
Qtum is a decentralized Proof-of-Stake blockchain tech launched in 2017. With a whole lot of presence in Asia and a growing western community, Qtum offers a development platform with elastic scalability, perfect for onboarding the Web 3.0 revolution. With a 6 Billion dollar peak market capitalization, Qtum will be instrumental in growing Tenet’s adoption and security as one of the 1st foundations to offer Tenet and Ankr-backed LSDs to their community.
“The Asian market is frequently siloed from Western cryptocurrency projects, but it is a key avenue of expansion for any project wishing to become truly successful,” stated 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 an opportunity to tap into the enormous Asian blockchain tech community.”
As Conflux’s Worldwide BD Lead, Dora has expressed his excitement about the new partnership with Tenet, stating, ¨We are thrilled to partner with Tenet and attract the power of LSDs to our community. This partnership aligns with our mission to foster a truly decentralized ecological system, and the integration of LSDs won’t be only give our stakers the potential to maximize their yield but likewise expand 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 1st blockchains teck 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 ecological system built on the Cosmos network, supplying liquidity and yield opportunities for liquid staking derivatives (LSDs). Tenet intends to unlock the capacity of the rapidly growing LSD market, which is as of now 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 take part in the platform’s governance.
Conflux is a permissionless Layer 1 blockchain tech connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain tech environment with zero congestion, minimal charges, and improved network security. As the only regulatory compliant public blockchain tech in China, Conflux provides a unique advantage for projects building and expanding into Asia.
Qtum was established in 2016 as a scalable Proof-of-Stake development platform. Qtum’s capacity to merge BTC’s base UTXO model with the EVM allows more options for blockchain tech developers. Qtum strives to stay upstream with the latest Bitcoin (BTC) and Ethereum (ETH) updates, like Taproot, SegWit, and Evmone. Qtum’s staking model is permissionless, which allows any users to join the validation process without the need for masternodes or delegation.