Tenet is a user-centric blockchain platform built using the Cosmos SDK. It aims to provide a modular and flexible framework for developing powerful decentralized applications (DApps). The platform introduces a new consensus mechanism called Diversified Proof of Stake (DPOS) to power a secure and accessible DeFi ecosystem. Tenet's unique selling points include its ability to dismantle typical barriers to entry through a novel stablecoin solution and its interoperability with the broader Cosmos ecosystem, thanks to the InterBlockchain Communication Protocol (IBC). This includes popular chains like Cronos, Kava, Osmosis, Canto, and Thorchain.
The Tenet token ($TENET) plays a crucial role in the Tenet ecosystem. Users can stake their cross-chain Liquid Staking Dollars (LSDs) to the protocol and help secure the blockchain. These users can operate their own validator or delegate their stake to a third-party validator to share in the transaction fees accrued on the network. The platform uses a vote-escrow system in combination with native gauges to ensure all stakeholders in the Tenet ecosystem are fairly rewarded or incentivized.
Tenet has successfully brought the Ethereum Virtual Machine (EVM) implementation to the Cosmos ecosystem. This allows developers familiar with Ethereum’s tooling and SDKs to easily create and deploy applications on the TENET Chain. The platform is suitable for high-throughput and mainstream applications, including finance (DeFi), social apps, data storage services, and decentralized autonomous organizations (DAOs). The first applications built on TENET Chain include an in-house DEX used to provide liquidity for staked LSDs and an open lending market where users can lend/borrow LSDs and LSDC peer-to-peer.