In a ground-breaking move, LayerZero, a cutting-edge omnichain interoperability protocol, and Tenet, an innovative Layer-1 ecosystem built around liquid staking derivatives, have teamed up to introduce the Tenet Bridge. With the help of LayerZero’s cutting-edge capabilities, this technological marvel enables seamless integration between LSDs and the Tenet network, bridging the gap between various chains within the LayerZero ecosystem. Notably, the bridge expands the decentralized finance landscape by bringing omnichain compatibility to LSDfi.
With the ability to transfer LSDs from six different chains within the LayerZero network to the Tenet ecosystem, the Tenet Bridge, which is now operational on the Tenet mainnet, represents a significant accomplishment. This action prepares the ground for Tenet’s own stablecoin, LSDC, and the soon-to-be-released restaking services. The inclusion of significant LSDs like rETH, stETH, ankrBNB, and MaticX, as well as well-known stablecoins like DAI, USDT, and USDC, in the bridge’s compatibility roster, is of utmost importance.
The Tenet Bridge’s capacity to extend its reach outside of the immediate network is one of its distinctive qualities. The bridge efficiently makes it possible to send TENET tokens to networks that have LayerZero endpoints. This accomplishment occurs at the same time as the launch of TENET’s Omnichain Fungible Token (OFT) version. For a seamless conversion from the old ERC20 version of TENET to the new OFT version, holders can use a dedicated migration portal. Additionally, during this transition, liquidity will be moved from the ERC20 to the OFT versions of the Ethereum network.
The DeFi Architect at Tenet, Gareth Fenney, expressed enthusiasm for the launch and emphasized the opportunities it provides LSD holders. He praised LayerZero’s technology for enabling the development of an innovative product within a reliable framework.
The excitement was shared by Seena Foroutan, Global Head of Business Development at LayerZero, who also noted how Tenet’s initiatives fit into the larger picture of an omnichain future. Foroutan emphasized the strategic application of LayerZero’s capabilities to promote network interoperability and innovation.
Both the Tenet Bridge and the TENET OFT contract underwent thorough public testing prior to their deployment on the mainnet. The launch of the bridge represents a significant step toward Tenet’s mainnet launch and a turning point in the beta testing period. The start of Tenet’s lockdrop campaign is the next important milestone. This campaign will open the door for LSDs to be recreated on Tenet’s validator network, with increased yield and active involvement in ecosystem governance promised. More information about Tenet’s lockdrop launch campaign will be released in the coming weeks as the mainnet launch draws near. Stakeholders are encouraged to stay informed and involved.
Using the migration portal accessible at migrator.tenet.org, users who previously held $TENET ERC-20 tokens can now seamlessly switch to the new $TENET OFT version. The bridge’s capabilities can now be accessed thanks to this migration process. Additionally, the transition for token holders has been made seamless thanks to the successful completion of the liquidity migration from Uniswap to the new TENET OFT version.
Tenet and LayerZero’s partnership ushers in a new era of interoperability, broadening the possibilities for decentralized finance and paving the way for increased utility and innovation within the blockchain ecosystem.