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Tenet Bonds With LayerZero to Push LSD Omnichain Adoption

AA News - George Georgiev 2023-05-31 00:00

Tenet is a layer-1 network that’s focused predominantly on the expansion of use cases related to liquid staking derivatives (LSDs).

  • According to a press release shared with CryptoPotato, Tenet has forged a partnership with LayerZero aimed at boosting the adoption of LSDs.
  • LayerZero, in turn, is an omnichain interoperability protocol that’s currently valued at over $3 billion.
  • The first stage of the initiative would be to set up a LayerZero endpoint on Tenet. It will enable anyone to create tokens and projects backed by the omnichain technology. In essence, this will connect Tenet to the numerous networks that are powered by LayerZero.
  • Speaking on the matter was Greg Gompan, co-founder of Tenet, who said:

The partnership with LayerZero is critical for Tenet’s success, as our protocol is cross-chain native at its core. While the initial integreation is helfpul in connecting our chain to the large LayerZero network to leverage its cross-chain liquidity, it also enables us to create a truly omnichain LSD for any asset. This reduces the barriers of entry and sets us up as the leading LSD ecosystem for all of DeFi.

The post Tenet Bonds With LayerZero to Push LSD Omnichain Adoption appeared first on CryptoPotato.