KuCoin AMA With Tenet (TENET) — First to Market in Building Multiple New DeFi Primitives
Dear KuCoin Users,
Time: May 26, 2023, 13:00 - 13:43 (UTC)
Official Website: https://tenet.org/
Whitepaper: Click to view
Greg Gopman — CEO of Tenet
Tenet AMA: Q&A from KuCoin
Q: Tell us about TENET
Greg: Tenet is a DeFi-focused EVM Layer-1 bringing liquidity and yield opportunities to LSDs by allowing them to re-stake to our network and be utilized in Tenet's DeFi Ecosystem.
We are first to market in building multiple new DeFi primitives, all of which we believe have the power to revolutionize the industry. LSDs are now the largest vertical in DeFi ($18B), yet people have yet to determine how to extract liquidity and utility from them. Tenet solves that. Our core technology revolves around four (4) innovations:
● Diversified PoS (DiPoS) consensus - LSDs from other PoS chains are staked to Tenet's validators, increasing network security and inclusivity.
● Staked positions are represented as Liquid LSDs (LLSDs) that can then be utilized in our DeFi ecosystem, all powered by $veTenet, our voting escrow token, which controls all the reward gauges of block rewards and native apps in our ecosystem.
● Tenet's native app ecosystem for LSDs includes an LSD stablecoin (LSDC), the first ever stablecoin backed by a basket of decentralized, interest-bearing collateral and secured by omnichain governance; and
● An LSD DEX, Metadrome, bringing deep liquidity to LSDs on the Tenet network and creating Meta LSDs; a diversified-risk representation of a basket of LSDs.
Q: Share some info about the Tenet team.
Greg: We're a team of industry veterans building DeFi projects in the space for the past few years. Core team members include I, Greg Gopman (CEO). I was previously CMO at Ankr, the biggest LSD protocol on BSC. Head of ecosystem growth at Kadena ($1B+ blockchain). Co-Founder Akash (early Cosmos SDK chain, peaking at $450M).
I am also working with Dan Lashin (CTO), previously CTO at Minter. We have been developing DeFi on Cosmos since 2019. Notable development portfolio includes custom Cosmos DEX and wallet.
Also with Alex Cheng (CPO), previously Sr Product Manager at Tendermint-Cosmos ($10B+ Layer 1) and Composable Finance (DeFi Ecosystem), brings deep expertise and connections with the Cosmos ecosystem to the team.
Q: What kind of goals Tenet has, and what is its differentiated competitiveness?
Greg: First, we are a layer-1, so our goal is to bring a lot of attention and TVL onto our chain and foster a growing ecosystem of teams to build on us. We need to build lots and lots of infrastructure to make a good environment for people to build on and then have a grants program and investors to help those teams flourish. We have our full roadmap on Tenet if anyone is interested in what we have going on.
Q: With the recent advent of ChatGPT, many crypto projects are incorporating AI features and more. Let us know how you are also linking Tenet with such emerging technologies.
Greg: We had some nifty AI plans for our mobile wallet EVA. We built a web3 GPT model to interact with people, but we still need to find out where we want it to be. It's still lackluster.
Our goal is to use ai to simplify chatting about DeFi for retail users unfamiliar with things. All the functionality lives in the EVA application, available on Tenet for download.
Most of our core product involves LSDs and the LSDFi space, though. AI is just one of the fun things we play within our app.
Q: Why is Tenet based on Cosmos?
Greg: It isn't easy, but we are cosmos EVM, the same as other EVMs. The best of both the cosmos world and the Ethereum EVM world. It allows us to work with all chains and cosmos chains easily.
Q: Having AI supposed to learn based on the data it receives, are you sure that current blockchain capacities are enough for real artificial intelligence to step forward?
Greg: We use AI sparingly, just the same as chat-up, and only in our EVA app. We made a ChatGPT and web3 knowledge bank so it can interact with people on DeFi questions, but our core focus is helping LSDs earn additional yield.
Q: Tenet’s revenue model: how do you make money as a business?
Greg: We have many ways to make money, mainly through fees generated in our ecosystem and on gas.
Free-Ask from KuCoin Community to the Tenet Team
Q: Tell us about your partners.
Greg: So far, our main partner is ANKR, who we work with to issue LSDs. Also, Conflux and QTUM, who we are helping to make LSDs. Our other big partners are Layer Zero and Multichain at the moment.
Q: Can you tell us the motivations and benefits for investors to hold your token TENET long-term?
Greg: Tenet is in the hottest part of the market this year — LSDFi. It stands to be the biggest narrative of 2023 with LSDFi Summer of Tenet, EigenLayer, and BeraChain.
LSDs are the market's largest segment, with 18B in liquidity now. And will continue to grow to hundreds of billions of TVLs.
Q: What is the most ambitious goal of your project?
Greg: To become a top 25 project!
Q: Do you guys feel satisfied by seeing your progress and achievements till now, when you look back to the day you started this project?
Greg: We have a lot of stuff to build. We're making amazing progress and moving faster than any other team. But that said, the next 100 days will be crucial to our long-term success. So it should be an exciting ride!
KuCoin Post AMA Activity — Tenet (TENET)
🎁 Participate in the Tenet AMA quiz now for a chance to win 10 USDT!
The form will remain open for five days from publishing this AMA recap.
TENET AMA Giveaway Section
KuCoin and Tenet have prepared a total of 2,000 USDT to give away to AMA participants.
1. Pre-AMA activity: 1,000 USDT
2. Free-ask section: 50 USDT
3. Flash mini-game: 400 USDT
4. Post-AMA quiz: 550 USDT
. . .
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