Tenet and LayerZero Unite for a Collaboration to Broaden Use of Liquid Staking Derivatives
In a landmark partnership, Tenet, a layer-1 ecosystem focused on expanding liquid staking derivatives (LSD), joins forces with LayerZero, an omnichain interoperability protocol, facilitating seamless transfer of liquidity and enabling the creation of genuinely omnichain LSDs across diverse blockchain networks.
Today a landmark partnership was announced between Tenet and LayerZero. Tenet, an innovative layer-1 ecosystem centering around the expansion of liquid staking derivatives’ (LSD) applications, secured a partnership with LayerZero, an established omnichain interoperability protocol commanding a valuation exceeding $3 billion.
The collaboration aims to empower Tenet, a blockchain built atop the Cosmos SDK, to harness the capabilities of LayerZero’s omnichain architecture, securing robust connections across the blockchain ecosystem. Additionally, this partnership enables an uncomplicated liquidity transfer into and out of the Tenet ecosystem.
The initial phase of the collaboration focuses on instituting a LayerZero endpoint on the Tenet platform. This feature allows users to establish projects and tokens supported by LayerZero’s robust technology and, consequently, links Tenet to a wide assortment of networks powered by the same protocol. The Tenet network has already made this integration live.
Future stages of the partnership are planned to incorporate Tenet’s LSDs, which, with LayerZero’s support, can transform into authentic omnichain tokens. In addition, Tenet is committed to enhancing LSDs’ utility from other chains by utilizing a unique consensus model named Diversified Proof-of-Stake (DiPoS). This technology permits using LSDs as the staking asset, significantly amplifying the overall security of the Tenet network.
Furthermore, Tenet plans to launch a bridge, underpinned by LayerZero’s technology, to enable these omnichain LSDs to traverse between any chain within the LayerZero network. The collaborative teams also aim to introduce this technology to new chains amalgamated within Tenet’s network of stackable LSDs.
The complete integration of LayerZero will allow omnichain Tenet LSDs to be transferrable, usable, and redeemable across any networks supported by LayerZero. This facilitates a seamless and secure experience of cross-chain liquid staking.
The Tenet network focuses primarily on cultivating a robust decentralized finance (DeFi) ecosystem for LSDs, filling a significant gap in similar initiatives. With Tenet, users can amalgamate up to three different yield sources, including their original asset’s yield, the yield from staking to Tenet, and the yield from Tenet DeFi protocols such as lending and DEXs.
Greg Gopman, the co-founder of Tenet, expressed the importance of the partnership with LayerZero for Tenet’s success. Gopman emphasized their protocol is fundamentally cross-chain, making this collaboration pivotal. The integration connects Tenet’s chain to LayerZero’s extensive network, creating genuinely omnichain LSDs for any asset. This significantly reduces the entry barriers and positions Tenet as the dominant LSD ecosystem for all of DeFi.
Having secured several significant partnerships with major layer-1 chains, Tenet has recently extended its reach to the Asian market via Conflux and Qtum. This alliance between Tenet and LayerZero marks a significant stride towards developing an LSD-focused DeFi ecosystem.
Tenet is a DeFi-focused layer-1 ecosystem built on the Cosmos network, delivering liquidity and yield opportunities for liquid staking derivatives (LSDs). Greg Gopman, ex-CMO of Ankr, co-founded Tenet. Tenet strives to unleash the potential of the rapidly expanding LSD market, currently worth over $17 billion. It adopts a unique approach, sharing security through Diversified Proof of Stake and utilizing L1-native gauges for users to earn a yield on their liquid staking assets and partake in the platform’s governance.
LayerZero Labs, the team behind the leading blockchain messaging protocol LayerZero, has developed an advanced messaging infrastructure that effortlessly connects over 30 blockchains. It facilitates transparent and secure cross-chain messaging from a user-friendly interface. Developers building on LayerZero can create interoperable, omnichain dApps, paving the way for a unified digital asset ecosystem.
