Tenet to collaborate with LayerZero for adopting cross-chain liquid staking
Reportedly, staking blockchain-based assets can remove the risk of network attacks
Tenet, a layer-1 blockchain, is expected to plug in a cross-chain decentralised finance (DeFi) system with its liquid staking derivatives, stated Cointelegraph. It is expected that this process will e executed with the collaboration of Tenet with LayerZero, a omnichain messaging regulation.
Sources revealed Tenet has plugged into LayerZero’s cross-chain protocol for expanding its DeFi ecosystem on different blockchains. Supposedly, the Cosmos-based blockchain is a DeFi-focused ecosystem that can provide liquidity and yield products for liquid staking derivatives.
As reported by Cointelegraph, staking blockchain-based assets can remove the risk of network attacks by major token holders. It is estimated that Tenet’s genesis stake in its network security was given to ETH, ATOM, BNB, MATIC, ADA and DOT.
Furthermore, “They allow you to maximize opportunities by leveraging on the liquidity of staked assets. LSDs will essentially allow PoS [proof-of-stake] native tokens to maximize their earnings potential,” Gregory Gopman, CEO, Tenet, told Cointelegraph.
(With insights from Cointelegraph)
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