This Project Looks to Bridge Multi-Chain Gaps as the Layer 2 of DeFi

As interoperability continues to prove a pain point for AMMs, Tenet connects popular DeFi protocols via the native $TEN token.

2020 saw decentralised finance protocols unlock a suite of new and exciting passive income opportunities. Decentralised AMM (automatic market maker) exchanges such as Uniswap, Balancer and Curve have become hugely popular platforms, with liquidity mining and yield farming growing in popularity. Entering 2021, the total value locked in DeFi protocols is already over $17 billion.

Although decentralised finance protocols have evolved rapidly in a short space of time, there are still several pain points that exist within the DeFi space. When it comes to liquidity mining, complex smart contract creation for project teams and cumbersome user experiences for liquidity providers that use several AMMs at once are bottlenecks that require attention if the space is to mature further.

Backed by DREP Signal Labs, a blockchain incubator supported by the DREP Foundation, Tenet looks to tackle these challenges as a cross-chain AMM “super connector”. The project provides a decentralized Liquidity Tap for various tokens and connects decentralized exchanges on several popular blockchains.

DeFi Sector Complexity

Projects, token issuers and liquidity miners all face bottlenecks when traversing the current DeFi landscape. On the demand side, token issuers encounter complex and risky challenges when designing smart contracts for use across various AMMs, as they must ensure that there is a proportional distribution of token rewards for liquidity providers.

On the liquidity provider side, AMMs based on different public chains mean that those yield farming face increased fees, more time spent transacting and a cumbersome overall user experience.

Layer 2 Cross Chain DeFi Innovation

Tenet looks to address the aforementioned issues with a cross-chain AMM connector, layer 2 solutions, customizable design solutions and a deep liquidity generator. The platform also offers faster cross-platform and cross-chain assets exchanging via an “AMM Integration Framework” protocol, making interactions with different blockchains and AMMs easier and faster. Liquidity providers deposit their trading pair LP Tokens in Tenet, and in turn are given mining rewards from both the liquidity tap creators and the Tenet protocol.

White Label Liquidity Tap

Tenet offers DeFi projects a whitelabel geyser solution to quickly and easily create incentivized liquidity pools on various protocols across both Ethereum and Binance Smart Chains. The project’s Layer 2 AMM connector, or Liquidity Tap, allows token issuers to start a pool and incentivize it with their own native token or Tenet’s native $TEN token (or both) then redirect TEN incentives to it by use of an easy-to-use interface.

Projects can fully customise incentivised liquidity pools with relative ease, and various parameters can be tweaked such as AMM platform options in the initial phase, native token issuance protocol options, mining cycles, initial incentive requirements and mining revenue exercise options.

Polkastarter IDO

Tenet conducted a public sale of TEN tokens on 5th January 2021 at 7:00 UTC on Polkastarter, a platform that has hosted several successful project launches in recent weeks.

In total, 300,000 TEN ERC20 tokens were sold at a price of $1 USD per 1 TEN, with two separate pools. The first pool held $200,000 worth of TEN tokens available to a Public Whitelist Pool, the second held $100,000 worth of TEN available to those who have held 3,000 POLS tokens for more than 7 days. The maximum individual cap was 1 ETH.

PancakeSwap IFO

The project also conducted a public token sale on PancakeSwap on the same day (5th January 2021) and 1,000,000 TEN BEP20 tokens (13% of the total TEN supply) were sold during the Initial Farm Offering. The price per token was set at the same rate as the Polkastarter sale at $1 USD per TEN token.

 
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