Layer-1 Tenet Partners With Conflux And Qtum To Expand In China
- Tenet will collaborate with Conflux and Qtum, two blockchains with a strong presence in China, to strengthen the liquid staking industry’s foothold in the country’s marketplaces.
- Users of Conflux and Qtum will each commit a minimum of $1 million in their native tokens to help protect each blockchain.
Tenet, a layer-1 for generating yield and usefulness for fluid staking derivatives (FSD), is broadening its reach on the Cmarket by forming two vital collaborations with QTUM, a network based on Proof of Stake that amalgamates Ethereum and Bitcoin’s benefits, and Conflux, a foundational network operating on Tree-Graph, which is a hybrid consensus mechanism based on Proof of Stake and Proof of Work.
Users of Conflux and Qtum will each commit a minimum of $1 million in their native tokens to help secure each blockchain and earn Rewards from Web3 infrastructure company Ankr. Conflux and Qtum investors will then transfer their LSDs to Tenet’s network and resell them to get access to higher yield and utility.
Tenet provides a one-of-a-kind layer-1 ecosystem, with security derived in part from all partner tokens stored on its platform. Stakers get complete access to multiple DeFi yield chances on the network in exchange for each LSD staked through a Tenet LSD.
Customers that connect their assets to the network will be granted a one-of-a-kind LSD token by Ankr, a top staking infrastructure provider and Tenet partner. The LSD tokens are then staked with the layer-1 in order to produce TLSDs. By combining the original network yield, Tenet staking yield, and the DeFi protocol yield, stakers may treble their sources of income.
Conflux, which bills itself as China’s sole regulatory-compliant blockchain, has partnered with worldwide businesses and government institutions such as the city of Shanghai, McDonald’s China, and China Telecom. Qtum is a proof-of-stake blockchain that previously collaborated with Amazon Web Services China in 2018.
Tenet has also collaborated with Ankr, a supplier of staking infrastructure, to assist in developing LSD projects for its layer-1 blockchain partners. Greg Gopman, formerly CMO at Ankr, and Dan Peterson, formerly Director of Sales Operations at Blockdaemon, are co-founders of the initiative.
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