What is Tenet? All You Need to Know About TENET
In today’s digital landscape, the burgeoning field of decentralized applications (dApps) demands a platform that is both stable and secure. This need arises from the essential task facing developers: to create robust, effective dApps capable of navigating the ever-changing and frequently unpredictable digital environment. A strong foundation is vital for these applications to thrive, ensuring their operational integrity and user trust. Addressing this crucial need, Tenet (TENET) emerges as a groundbreaking solution. It offers an innovative and adaptable framework, specifically designed to elevate the development and functionality of dApps across various sectors.
What is Tenet (TENET)?
Tenet is poised to revolutionize the Cosmos ecosystem by introducing the Ethereum Virtual Machine (EVM). This integration brings the robustness of Ethereum’s decentralized virtual machine to Cosmos, enabling developers familiar with Ethereum’s toolset and SDKs to effortlessly create and deploy applications on the TENET Chain.
The development of Tenet is spearheaded by a team of seasoned professionals. Greg Gopman, the CEO, co-founded Akash Network and served as CMO at Ankr. His expertise is complemented by COO Dan Peterson, who brings valuable experience from his time as a Revenue Operations Specialist at Blockdaemon. Adding to the team’s strength is Alex Cheng, a former senior product manager at Tendermint-Cosmos.
Further bolstering Tenet’s development are advisors like Andrew Carr, an OpenAI fellow, and Camyar Matini, the Director of Growth Strategy at Blockdaemon. Their insights and experience are invaluable in guiding Tenet’s strategic direction and technological advancements.
Tenet holds the distinction of being the inaugural Layer 1 blockchain to implement the Diversified Proof of Stake (DiPoS) system. This unique model enables holders of Liquid Staking Derivatives (LSD) to participate as validators. It achieves this by allowing them to stake a variety of assets, thus diversifying their investment and involvement in the network’s security and consensus processes. This innovative approach sets Tenet apart in the blockchain space, offering a novel method for network participation and asset utilization.
How Does Tenet Work? DiPoS and Liquid Staking Derivatives
Proof of Stake (PoS) has become a favored consensus model in blockchain, known for scalability and lower fees. This popularity has led to powerful smart contract economies and increasing mainstream interest. However, innovation within PoS models has been scarce, a gap Tenet aims to fill with its Diversified Proof of Stake (DiPoS).
DiPoS maintains all PoS benefits, such as scalability and low fees, while enhancing security beyond traditional models. Unlike standard PoS which relies on a single native asset for staking, DiPoS allows for multiple assets, even from different chains, to be staked. This interchain staking fosters economic partnerships, broadening asset diversity and yield opportunities.
Implemented using the Cosmos SDK, DiPoS integrates as an additional module, enabling this new staking mechanism without major blockchain architecture changes. The governance system of Tenet oversees the incorporation of new Liquid Staking Derivatives (LSDs), tokenized staked assets representing value and rewards. These LSDs are tradable, merging their staking yield with DiPoS rewards.
With DiPoS, validators stake a diverse basket of assets, including Ethereum (ETH), Cosmos (ATOM), Polygon (MATIC), Polkadot (DOT), BNB Chain (BNB), and Cardano (ADA), alongside TENET. This diversity enhances security, diluting the potential for single-entity dominance.
In essence, Tenet’s DiPoS offers a groundbreaking approach to blockchain security and economics. It refines PoS by enabling a wider range of staked assets and introducing LSDs, marking a significant step towards a more secure, diversified, and dynamic blockchain ecosystem.
Source: tenet.org
Liquid Staking Derivatives (LSDs)
Liquid Staking Derivatives (LSDs) are revolutionizing the stablecoin landscape by addressing key challenges of capital efficiency, decentralization, and scalability. LSDC, a notable example within the LSDfi ecosystem, exemplifies this innovation by utilizing yield-bearing collateral, governed by its holders.
In Tenet’s ecosystem, LSDs create cross-chain economic alliances. By staking LSDs from one chain onto another, users earn rewards on the new chain while retaining their original stake, enhancing both liquidity and security. This model mathematically strengthens the security of involved chains, as the overall security is the aggregate of the individual securities of all staked assets.
For instance, Tenet’s network security, initially dependent on its native asset A, is bolstered when LSDs representing assets B and C from other chains are added. This results in a security value derived from StakedA, LSD_B, and LSD_C, showcasing the power of cross-chain synergy.
Tenet’s DiPoS module allows native stakers to propose new assets for inclusion in the staking pool, subject to governance approval. These new assets, once accepted, enrich the diversity and strength of the staking ecosystem.
Popular LSDs like wstETH and cbETH can be staked on Tenet, offering users a dual benefit: earning block rewards from Tenet while accruing the underlying ETH staking yield. This dual-income model is highly attractive for investors.
Moreover, tLSDs in Tenet represent a unique financial instrument, combining two yield sources and serving as premium collateral in the expanding LSDfi protocols. This structure, coupled with Tenet’s chain-level emission distribution mechanism, provides a trifecta of yield opportunities, enhancing capital efficiency and benefiting the broader DeFi space.
Overall, Tenet’s integration of LSDs marks a significant stride in blockchain security and economic optimization, offering a sophisticated, multi-layered yield system that benefits the entire DeFi ecosystem.
Tenet Use Cases
Tenet’s innovative blockchain platform opens a world of possibilities, offering a range of applications that extend far beyond the conventional. Here are just a few of the myriad use cases that Tenet brings to the table:
- Cross-Chain Functionality: Tenet enables seamless exchange and utilization of liquidity and assets across multiple blockchains, enhancing interoperability and efficiency within the blockchain ecosystem. This feature is crucial for users who operate across various networks, allowing for smooth transactions and broader accessibility.
- Enhanced Network Security: Utilizing a diversified staking model, Tenet significantly bolsters the security of its blockchain. This approach spreads the risk across a variety of assets, reducing vulnerabilities associated with single-asset reliance and ensuring a more stable and secure network.
- Yield Opportunities: Tenet opens up unique opportunities for earning yields through the staking of Liquid Staking Derivatives (LSDs) from different blockchains. This functionality provides users with a way to earn additional returns on their investments, while also maintaining the stability of their original stakes.
- DeFi and Governance Integration: The platform seamlessly integrates with decentralized finance (DeFi) applications, expanding the range of financial services and products. Moreover, Tenet grants governance rights to its token holders, allowing them to have a voice in the platform’s development and decision-making processes.
In conclusion, Tenet’s diverse range of use cases, from enhancing cross-chain interactions to providing innovative yield opportunities and robust security features, demonstrates its potential as a versatile and impactful player in the blockchain and DeFi space.
What is the TENET Coin?
TENET token powers Tenet’s ecosystem, serving as the primary gas token for transactions. Its maximum supply is capped at 1.2 billion units, of which 216 million (18%) are already in circulation (January 2023).
The $TENET token, central to the Tenet Protocol, serves various key functions. Primarily as the native gas token, it’s used for transactions and smart contract operations on the Tenet chain. Additionally, $TENET facilitates network governance through a vote-locking system, allowing holders to convert their tokens to vote-escrowed $TENET (veTENET), thus participating in decision-making processes. This system grants influence over the distribution of block rewards and DeFi protocol incentives.
The token is also crucial for network validation, offering staking opportunities and functioning within the Tenet ecosystem’s applications, such as Eva, where it’s employed for financial transactions. Other utilities of the $TENET token include access to discounted transactions in the Eva AI wallet, opportunities to stake in the LSDC stability pool, and participation in the Tenet DAO for community governance. $TENET token holders engage in the Tenet ecosystem by locking their tokens to receive veTENET, enabling them to play a pivotal role in guiding the ecosystem’s value allocation, such as the distribution of block rewards and incentives in DeFi protocols.
The Tenet token distribution includes 30% for block rewards, 10% for the team, 6% for advisors, 10% for public sale and KOLs, 5% each for liquidity and marketing, 10% for ecosystem development, 15% for the treasury, 4% for airdrops, and 5% in reserve.
Source: Tenet Protocol - Medium
Tenet Main Features
Liquid Staking Dollar Coin (LSDC)
Tenet introduces the Liquid Staking Dollar Coin (LSDC), a decentralized stablecoin backed by a diverse basket of liquid staking derivatives, including ETH, BNB, ATOM, and ADA. This innovative stablecoin is overcollateralized, ensuring stability and resilience against market volatility. LSDC is minted against these LSD assets, such as ETH and BNB derivatives, which are staked to secure the Tenet network. Users can borrow LSDC against their staked assets, maximizing capital efficiency and unlocking additional yield. This process involves depositing collateral into the Collateralized Liquid Interest Position (CLIP), allowing continued interest generation from the staked assets. The introduction of LSDC into Tenet’s ecosystem offers a robust alternative to traditional stablecoins, combining decentralized finance’s benefits with a pegged currency’s stability. This leads to the next feature, the Stability Pool, which plays a crucial role in maintaining the liquidity and solvency of the LSDC ecosystem.
Source: tenet.org
Stability Pool
The Stability Pool in Tenet’s ecosystem, essential for system solvency, acts as a liquidity buffer for liquidated CLIPs, ensuring the LSDC supply is always backed. Users, known as Stability Providers, contribute LSDC to the pool, where they gradually lose a portion of their deposit but gain a share of the liquidated collateral. This exchange often results in a net gain, as CLIPs are typically liquidated at favorable collateral ratios.
Participation in the Pool not only helps maintain the system’s stability but also offers the potential for profit from liquidations. Moreover, Stability Providers are eligible for TENET rewards, decided by Native Gauge voting. This innovative mechanism of maintaining solvency and incentivizing user participation leads into another key feature of Tenet’s ecosystem, the Eva Wallet.
Eva Wallet
The Eva Wallet, a cornerstone of Tenet’s ecosystem, is a non-custodial, AI-enhanced Web3 wallet, offering a simplified and secure interface for retail investors. Integrated into the TENET ecosystem, it allows users to stake assets, optimize LSDs, and engage with on-chain actions seamlessly. Eva stands out as one of the first applications built on Tenet, leveraging DeFiGPT to provide AI features like an up-to-date crypto market chatbot. Designed for ease of use, it makes blockchain transactions as intuitive as traditional banking, allowing self-custody of assets and straightforward interactions with DeFi applications.
Unique for its voice command capability, Eva uses advanced machine learning algorithms for accurate voice-to-text conversions, enabling users to interact intuitively with the crypto market. With failsafe and security measures, Eva ensures authorized transaction signing. Its keyless feature reduces barriers for new users, encouraging a shift from centralized blockchain services to decentralized solutions. The recent public release of Eva Wallet marks a significant step towards enhancing user engagement in the blockchain space.
Tenet Oracle
Tenet Oracle, evolving from the Chainlink oracle codebase, is a cornerstone in Tenet’s LSDfi ecosystem, providing crucial support for its native products. It particularly excels in calculating price feeds for tLSD assets based on underlying LSD asset prices. This decentralized oracle network is pivotal for reliable, tamper-proof inputs and outputs for complex smart contracts within Tenet. It extends Chainlink’s functionality, bridging smart contracts with real-world data.
Key features include reliable data feeds from a decentralized oracle network, seamless connectivity with off-chain data, and proven node operators from Tenet’s professional validator network. The architecture comprises oracles, node operators, and aggregators working cohesively to ensure data accuracy and security. Off-Chain reporting enhances scalability and decentralization, streamlining data aggregation and ensuring integrity. Tenet Oracle is a testament to advanced blockchain capabilities, enhancing the LSDfi infrastructure with innovation and efficiency.
Tenet Bridge
Tenet Bridge, empowered by LayerZero technology, is a key innovator in blockchain interoperability within the Tenet ecosystem. LayerZero’s omnichain interoperability protocol enables efficient message transmission across different blockchains, enhancing DeFi applications like trading, borrowing, and lending, and facilitating high-volume transactions for gaming and media dApps. This technology also allows for smooth NFT transfers across the most liquid markets.
Integrating the Omnichain Fungible Token (OFT) standard from Layer Zero Labs, Tenet Bridge fosters interoperability across blockchains. OFT’s adaptable token contract enables the external composition of tokens over a variety of dApps, creating a unified standard for protocols and blockchains. This integration allows users to effortlessly swap and use tokens on any dApp across any chain. Tenet Bridge’s role is pivotal in seamlessly bridging LSD tokens, TENET tokens, tLSDs, and stablecoins to and from the Tenet network, enhancing blockchain connectivity and efficiency.
Is TENET a Good Investment?
Tenet, with its strategic focus on expanding Liquid Staking Derivatives (LSDs) and a committed team establishing key partnerships, is gaining attention in the DeFi space. Its innovative Diversified Proof of Stake (DiPoS) model is designed for network scaling and enhanced security. However, it’s important to note that this approach relies significantly on other chains, which could influence its future trajectory. As a DeFi project, Tenet’s growth and novel approach to blockchain technology make it a noteworthy project in the evolving digital finance landscape.
How to Own TENET?
To own TENET, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy TENET.
News on Tenet
According to an official announcement on November 2, 2023, Tenet is commencing its mainnet journey, a significant milestone for the LSDfi ecosystem. Their updated website offers a comprehensive view of upcoming developments, including the launch of restaking and the introduction of LSDC. These advancements are poised to play a crucial role in shaping the future of LSDfi with a strong focus on precision and professionalism. Stay tuned for further updates as Tenet progresses in this transformative phase.
Useful References
For the latest updates about Tenet, you can visit:
Take Action on TENET
Check out TENET price today, and start trading your favorite currency pairs.
Related articles
What Are Altcoins?
What Is Ethereum 2.0? Understanding The Merge
What Is Dogecoin?
What is Tenet? All You Need to Know About TENET
What is Tenet (TENET)?
How Does Tenet Work? DiPoS and Liquid Staking Derivatives
What is the TENET Coin?
Tenet Main Features
Is TENET a Good Investment?
How to Own TENET?
News on Tenet
Useful References
Take Action on TENET
In today’s digital landscape, the burgeoning field of decentralized applications (dApps) demands a platform that is both stable and secure. This need arises from the essential task facing developers: to create robust, effective dApps capable of navigating the ever-changing and frequently unpredictable digital environment. A strong foundation is vital for these applications to thrive, ensuring their operational integrity and user trust. Addressing this crucial need, Tenet (TENET) emerges as a groundbreaking solution. It offers an innovative and adaptable framework, specifically designed to elevate the development and functionality of dApps across various sectors.
What is Tenet (TENET)?
Tenet is poised to revolutionize the Cosmos ecosystem by introducing the Ethereum Virtual Machine (EVM). This integration brings the robustness of Ethereum’s decentralized virtual machine to Cosmos, enabling developers familiar with Ethereum’s toolset and SDKs to effortlessly create and deploy applications on the TENET Chain.
The development of Tenet is spearheaded by a team of seasoned professionals. Greg Gopman, the CEO, co-founded Akash Network and served as CMO at Ankr. His expertise is complemented by COO Dan Peterson, who brings valuable experience from his time as a Revenue Operations Specialist at Blockdaemon. Adding to the team’s strength is Alex Cheng, a former senior product manager at Tendermint-Cosmos.
Further bolstering Tenet’s development are advisors like Andrew Carr, an OpenAI fellow, and Camyar Matini, the Director of Growth Strategy at Blockdaemon. Their insights and experience are invaluable in guiding Tenet’s strategic direction and technological advancements.
Tenet holds the distinction of being the inaugural Layer 1 blockchain to implement the Diversified Proof of Stake (DiPoS) system. This unique model enables holders of Liquid Staking Derivatives (LSD) to participate as validators. It achieves this by allowing them to stake a variety of assets, thus diversifying their investment and involvement in the network’s security and consensus processes. This innovative approach sets Tenet apart in the blockchain space, offering a novel method for network participation and asset utilization.
How Does Tenet Work? DiPoS and Liquid Staking Derivatives
Proof of Stake (PoS) has become a favored consensus model in blockchain, known for scalability and lower fees. This popularity has led to powerful smart contract economies and increasing mainstream interest. However, innovation within PoS models has been scarce, a gap Tenet aims to fill with its Diversified Proof of Stake (DiPoS).
DiPoS maintains all PoS benefits, such as scalability and low fees, while enhancing security beyond traditional models. Unlike standard PoS which relies on a single native asset for staking, DiPoS allows for multiple assets, even from different chains, to be staked. This interchain staking fosters economic partnerships, broadening asset diversity and yield opportunities.
Implemented using the Cosmos SDK, DiPoS integrates as an additional module, enabling this new staking mechanism without major blockchain architecture changes. The governance system of Tenet oversees the incorporation of new Liquid Staking Derivatives (LSDs), tokenized staked assets representing value and rewards. These LSDs are tradable, merging their staking yield with DiPoS rewards.
With DiPoS, validators stake a diverse basket of assets, including Ethereum (ETH), Cosmos (ATOM), Polygon (MATIC), Polkadot (DOT), BNB Chain (BNB), and Cardano (ADA), alongside TENET. This diversity enhances security, diluting the potential for single-entity dominance.
In essence, Tenet’s DiPoS offers a groundbreaking approach to blockchain security and economics. It refines PoS by enabling a wider range of staked assets and introducing LSDs, marking a significant step towards a more secure, diversified, and dynamic blockchain ecosystem.
Source: tenet.org
Liquid Staking Derivatives (LSDs)
Liquid Staking Derivatives (LSDs) are revolutionizing the stablecoin landscape by addressing key challenges of capital efficiency, decentralization, and scalability. LSDC, a notable example within the LSDfi ecosystem, exemplifies this innovation by utilizing yield-bearing collateral, governed by its holders.
In Tenet’s ecosystem, LSDs create cross-chain economic alliances. By staking LSDs from one chain onto another, users earn rewards on the new chain while retaining their original stake, enhancing both liquidity and security. This model mathematically strengthens the security of involved chains, as the overall security is the aggregate of the individual securities of all staked assets.
For instance, Tenet’s network security, initially dependent on its native asset A, is bolstered when LSDs representing assets B and C from other chains are added. This results in a security value derived from StakedA, LSD_B, and LSD_C, showcasing the power of cross-chain synergy.
Tenet’s DiPoS module allows native stakers to propose new assets for inclusion in the staking pool, subject to governance approval. These new assets, once accepted, enrich the diversity and strength of the staking ecosystem.
Popular LSDs like wstETH and cbETH can be staked on Tenet, offering users a dual benefit: earning block rewards from Tenet while accruing the underlying ETH staking yield. This dual-income model is highly attractive for investors.
Moreover, tLSDs in Tenet represent a unique financial instrument, combining two yield sources and serving as premium collateral in the expanding LSDfi protocols. This structure, coupled with Tenet’s chain-level emission distribution mechanism, provides a trifecta of yield opportunities, enhancing capital efficiency and benefiting the broader DeFi space.
Overall, Tenet’s integration of LSDs marks a significant stride in blockchain security and economic optimization, offering a sophisticated, multi-layered yield system that benefits the entire DeFi ecosystem.
Tenet Use Cases
Tenet’s innovative blockchain platform opens a world of possibilities, offering a range of applications that extend far beyond the conventional. Here are just a few of the myriad use cases that Tenet brings to the table:
- Cross-Chain Functionality: Tenet enables seamless exchange and utilization of liquidity and assets across multiple blockchains, enhancing interoperability and efficiency within the blockchain ecosystem. This feature is crucial for users who operate across various networks, allowing for smooth transactions and broader accessibility.
- Enhanced Network Security: Utilizing a diversified staking model, Tenet significantly bolsters the security of its blockchain. This approach spreads the risk across a variety of assets, reducing vulnerabilities associated with single-asset reliance and ensuring a more stable and secure network.
- Yield Opportunities: Tenet opens up unique opportunities for earning yields through the staking of Liquid Staking Derivatives (LSDs) from different blockchains. This functionality provides users with a way to earn additional returns on their investments, while also maintaining the stability of their original stakes.
- DeFi and Governance Integration: The platform seamlessly integrates with decentralized finance (DeFi) applications, expanding the range of financial services and products. Moreover, Tenet grants governance rights to its token holders, allowing them to have a voice in the platform’s development and decision-making processes.
In conclusion, Tenet’s diverse range of use cases, from enhancing cross-chain interactions to providing innovative yield opportunities and robust security features, demonstrates its potential as a versatile and impactful player in the blockchain and DeFi space.
What is the TENET Coin?
TENET token powers Tenet’s ecosystem, serving as the primary gas token for transactions. Its maximum supply is capped at 1.2 billion units, of which 216 million (18%) are already in circulation (January 2023).
The $TENET token, central to the Tenet Protocol, serves various key functions. Primarily as the native gas token, it’s used for transactions and smart contract operations on the Tenet chain. Additionally, $TENET facilitates network governance through a vote-locking system, allowing holders to convert their tokens to vote-escrowed $TENET (veTENET), thus participating in decision-making processes. This system grants influence over the distribution of block rewards and DeFi protocol incentives.
The token is also crucial for network validation, offering staking opportunities and functioning within the Tenet ecosystem’s applications, such as Eva, where it’s employed for financial transactions. Other utilities of the $TENET token include access to discounted transactions in the Eva AI wallet, opportunities to stake in the LSDC stability pool, and participation in the Tenet DAO for community governance. $TENET token holders engage in the Tenet ecosystem by locking their tokens to receive veTENET, enabling them to play a pivotal role in guiding the ecosystem’s value allocation, such as the distribution of block rewards and incentives in DeFi protocols.
The Tenet token distribution includes 30% for block rewards, 10% for the team, 6% for advisors, 10% for public sale and KOLs, 5% each for liquidity and marketing, 10% for ecosystem development, 15% for the treasury, 4% for airdrops, and 5% in reserve.
Source: Tenet Protocol - Medium
Tenet Main Features
Liquid Staking Dollar Coin (LSDC)
Tenet introduces the Liquid Staking Dollar Coin (LSDC), a decentralized stablecoin backed by a diverse basket of liquid staking derivatives, including ETH, BNB, ATOM, and ADA. This innovative stablecoin is overcollateralized, ensuring stability and resilience against market volatility. LSDC is minted against these LSD assets, such as ETH and BNB derivatives, which are staked to secure the Tenet network. Users can borrow LSDC against their staked assets, maximizing capital efficiency and unlocking additional yield. This process involves depositing collateral into the Collateralized Liquid Interest Position (CLIP), allowing continued interest generation from the staked assets. The introduction of LSDC into Tenet’s ecosystem offers a robust alternative to traditional stablecoins, combining decentralized finance’s benefits with a pegged currency’s stability. This leads to the next feature, the Stability Pool, which plays a crucial role in maintaining the liquidity and solvency of the LSDC ecosystem.
Source: tenet.org
Stability Pool
The Stability Pool in Tenet’s ecosystem, essential for system solvency, acts as a liquidity buffer for liquidated CLIPs, ensuring the LSDC supply is always backed. Users, known as Stability Providers, contribute LSDC to the pool, where they gradually lose a portion of their deposit but gain a share of the liquidated collateral. This exchange often results in a net gain, as CLIPs are typically liquidated at favorable collateral ratios.
Participation in the Pool not only helps maintain the system’s stability but also offers the potential for profit from liquidations. Moreover, Stability Providers are eligible for TENET rewards, decided by Native Gauge voting. This innovative mechanism of maintaining solvency and incentivizing user participation leads into another key feature of Tenet’s ecosystem, the Eva Wallet.
Eva Wallet
The Eva Wallet, a cornerstone of Tenet’s ecosystem, is a non-custodial, AI-enhanced Web3 wallet, offering a simplified and secure interface for retail investors. Integrated into the TENET ecosystem, it allows users to stake assets, optimize LSDs, and engage with on-chain actions seamlessly. Eva stands out as one of the first applications built on Tenet, leveraging DeFiGPT to provide AI features like an up-to-date crypto market chatbot. Designed for ease of use, it makes blockchain transactions as intuitive as traditional banking, allowing self-custody of assets and straightforward interactions with DeFi applications.
Unique for its voice command capability, Eva uses advanced machine learning algorithms for accurate voice-to-text conversions, enabling users to interact intuitively with the crypto market. With failsafe and security measures, Eva ensures authorized transaction signing. Its keyless feature reduces barriers for new users, encouraging a shift from centralized blockchain services to decentralized solutions. The recent public release of Eva Wallet marks a significant step towards enhancing user engagement in the blockchain space.
Tenet Oracle
Tenet Oracle, evolving from the Chainlink oracle codebase, is a cornerstone in Tenet’s LSDfi ecosystem, providing crucial support for its native products. It particularly excels in calculating price feeds for tLSD assets based on underlying LSD asset prices. This decentralized oracle network is pivotal for reliable, tamper-proof inputs and outputs for complex smart contracts within Tenet. It extends Chainlink’s functionality, bridging smart contracts with real-world data.
Key features include reliable data feeds from a decentralized oracle network, seamless connectivity with off-chain data, and proven node operators from Tenet’s professional validator network. The architecture comprises oracles, node operators, and aggregators working cohesively to ensure data accuracy and security. Off-Chain reporting enhances scalability and decentralization, streamlining data aggregation and ensuring integrity. Tenet Oracle is a testament to advanced blockchain capabilities, enhancing the LSDfi infrastructure with innovation and efficiency.
Tenet Bridge
Tenet Bridge, empowered by LayerZero technology, is a key innovator in blockchain interoperability within the Tenet ecosystem. LayerZero’s omnichain interoperability protocol enables efficient message transmission across different blockchains, enhancing DeFi applications like trading, borrowing, and lending, and facilitating high-volume transactions for gaming and media dApps. This technology also allows for smooth NFT transfers across the most liquid markets.
Integrating the Omnichain Fungible Token (OFT) standard from Layer Zero Labs, Tenet Bridge fosters interoperability across blockchains. OFT’s adaptable token contract enables the external composition of tokens over a variety of dApps, creating a unified standard for protocols and blockchains. This integration allows users to effortlessly swap and use tokens on any dApp across any chain. Tenet Bridge’s role is pivotal in seamlessly bridging LSD tokens, TENET tokens, tLSDs, and stablecoins to and from the Tenet network, enhancing blockchain connectivity and efficiency.
Is TENET a Good Investment?
Tenet, with its strategic focus on expanding Liquid Staking Derivatives (LSDs) and a committed team establishing key partnerships, is gaining attention in the DeFi space. Its innovative Diversified Proof of Stake (DiPoS) model is designed for network scaling and enhanced security. However, it’s important to note that this approach relies significantly on other chains, which could influence its future trajectory. As a DeFi project, Tenet’s growth and novel approach to blockchain technology make it a noteworthy project in the evolving digital finance landscape.
How to Own TENET?
To own TENET, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy TENET.
News on Tenet
According to an official announcement on November 2, 2023, Tenet is commencing its mainnet journey, a significant milestone for the LSDfi ecosystem. Their updated website offers a comprehensive view of upcoming developments, including the launch of restaking and the introduction of LSDC. These advancements are poised to play a crucial role in shaping the future of LSDfi with a strong focus on precision and professionalism. Stay tuned for further updates as Tenet progresses in this transformative phase.
Useful References
For the latest updates about Tenet, you can visit:
Take Action on TENET
Check out TENET price today, and start trading your favorite currency pairs.
Related articles
What Are Altcoins?
What Is Ethereum 2.0? Understanding The Merge