TENET Price

About the coin

TENET is a decentralized finance (DeFi) focused blockchain operating as an Ethereum Virtual Machine (EVM) Layer-1. It is designed to bring liquidity and yield opportunities to Liquid Staking Derivatives (LSDs). By allowing LSDs to re-stake to its network, TENET integrates these assets into its DeFi ecosystem through a novel consensus mechanism known as Diversified Proof of Stake (PoS). This mechanism enables LSDs like stEth to participate in network validation, enhancing the security of the blockchain.

Main features

TENET stands out as the only active EVM Layer-1 on the Cosmos network, offering maximum composability of financial assets and simplifying development processes. It allows seamless movement of Cosmos assets to TENET and leverages the extensive code libraries of EVM networks such as Ethereum. The blockchain's consensus model is pioneering, as it validates through major token's liquid staking derivatives, fostering collaboration with other blockchains rather than competition. This approach makes TENET highly secure, combining the security strengths of networks like Ethereum, Polygon, and BNB Chain.

How it works

Upon staking an LSD to TENET, users receive an LLSD, which can be utilized within TENET's ecosystem. TENET introduces the Liquid Staking Dollar Coin (LSDC), an overcollateralized stablecoin minted from LSDs, marking it as the first interest-bearing stablecoin backed by a basket of liquid assets. The ability to mint LSDC from LSDs that validate TENET provides significant liquidity benefits, allowing network validators to enjoy an additional liquidity layer while earning yields from LSDs. This feature enhances the liquidity of DeFi on the TENET blockchain. Furthermore, TENET is the first blockchain to implement native gauges, akin to Curve Finance, where the TENET token can be staked for veTenet to vote on reward distribution across LSDs and applications within its ecosystem, setting a new standard for Layer-1 tokens.