Mahe, Seychelles, May 24th, 2023, Chainwire
Tenet, a layer-1 ecologicalย 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 Ethereumย (ETH) and Bitcoin, and Conflux, a layer-1 network operating on a hybrid Proof of Stake and Proof of Work consensus mechanism wasย known Tree-Graph.
Thanks to the partnerships, CFX and QTUM stakers will be able to attract their assets to the Tenet blockchainย tech and โrestakeโ 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 cryptoย token representing the underlying staked cryptoย tokens. The LSD cryptoย token can beย executedย in Decentralizedย Finance to earn more yield, provide liquidity or swap it using decentralized protocols.
Tenet offers a unique layer-1 ecologicalย system whose security is derived partially from all the partner cryptoย tokens restaked on its platform. In return, stakers get full access to numerous Decentralizedย Finance yield opportunities on the chain through a Tenet LSD for each LSD they stake.ย
Users bridging their assets to Tenet will receive a unique LSD cryptoย token announced by Ankr, a leading staking infrastructure provider and Tenet partner. The LSD cryptoย tokens can then be staked with Tenet to generate the TLSDs. Thisย allows stakers to triple their sources of yield by including the original networkโs yield, Tenet staking yield, and Tenet Decentralizedย Finance protocol yield.
Tenet has partnered with Ankr, a staking infrastructure provider, toย assist launch LSD initiatives for its partner layer-1 blockchainsย teck. The project is co- established by Greg Gopman, previously CMO at Ankr, and Dan Peterson, previously Head of Revenue Operations at Blockdaemon.ย
Conflux is the 1st publicly regulated blockchainย 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, McDonaldโs China, China Telecom and others.ย
The CFX cryptoย token is asย ofย now currentlyย worth an approximate $800 Million marketย cap and $1.5B fully diluted valuation, with 10 percent of the networkโs supply being staked. Owingย to its positioning as the only chain with regulatory support in China, it has wholeย lotย 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 blockchainย tech launched in 2017. With a wholeย lotย of presence in Asia and a growing western community, Qtum offers a development platform with elastic scalability, perfect for onboarding the Webย 3.0 revolution. With a 6 Billion dollar peak marketย capitalization, Qtum will be instrumental in growing Tenetโs adoption and security as one of the 1st foundations to offer Tenet and Ankr-backed LSDs to their community.
โThe Asian market isย frequently siloed from Western cryptocurrency projects, but it is a key avenue of expansion for any project wishing to become truly successful,โ stated Greg Gopman, co- founder of Tenet. โPartnering with Conflux and Qtum is a win-win for all involved, as the networksโ stakers get two extra sources of yield and much greater flexibility with their own customized LSD, while we receive extra security and anย opportunity to tap into the enormous Asian blockchainย tech community.โ
As Confluxโs Worldwide BD Lead, Dora has expressed his excitement about the new partnership with Tenet, stating, ยจWe 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 ecologicalย system, and the integration of LSDs wonโt be only give our stakers theย potential to maximize their yield but likewise expandย the flexibility and utility of their assets.ยจ
Miguel Palencia, Qtum Co- Founder and COO had this to say: โPartnering with Tenet allows Qtum to be one of the 1st blockchainsย 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.โ
About Tenet
Tenet is a DeFi-focused Layer-1 ecologicalย system built on the Cosmos network, supplying liquidity and yield opportunities for liquid staking derivatives (LSDs). Tenet intendsย to unlock theย capacity of the rapidly growing LSD market, which is asย ofย 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 platformโs governance.
About Conflux
Conflux is a permissionless Layer 1 blockchainย tech connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchainย tech environment with zero congestion, minimalย charges, and improved network security. As the only regulatory compliant public blockchainย tech in China, Conflux provides a unique advantage for projects building and expanding into Asia.ย
About Qtum
Qtum was established in 2016 as a scalable Proof-of-Stake development platform. Qtumโs capacity to merge BTCโs base UTXO model with the EVM allows more options for blockchainย tech developers. Qtum strives to stay upstream with the latest Bitcoinย (BTC) and Ethereumย (ETH) updates, like Taproot, SegWit, and Evmone. Qtumโs staking model is permissionless, which allows any users toย joinย the validation process without the need for masternodes or delegation.ย
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