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

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As interoperability continues to be an issue for AMMs, Tenet connects popular DeFi protocols using the native $ TEN token.

In 2020, decentralized financial protocols opened up a range of new and exciting passive income opportunities. Decentralized AMM (Automatic Market Maker) exchanges like Uniswap, Balancer and Curve have become hugely popular platforms, with liquidity mining and yield farming becoming increasingly popular. As of 2021, the total value set in DeFi protocols is already over $ 17 billion.

Although decentralized financial protocols have developed rapidly in a short period of time, there are still some weaknesses in the DeFi area. When it comes to liquidity mining, complex smart contracting for project teams and cumbersome user experiences for liquidity providers using multiple AMMs at the same time are bottlenecks that require attention if the space is to be further matured.

With the support of DREP Signal Labs, a blockchain incubator supported by the DREP Foundation, Tenet aims to address these challenges as a cross-chain AMM super-connector. The project offers a decentralized liquidity tap for different tokens and connects the decentralized exchange via several popular blockchains.

Complexity of the DeFi sector

Projects, token issuers and liquidity miners face bottlenecks when traversing the current DeFi landscape. On the demand side, token issuers face complex and risky challenges in designing smart contracts for use in various AMMs as they need to ensure that the token rewards for liquidity providers are proportionally distributed.

On the liquidity provider side, AMMs based on various public chains mean that income farming faces higher fees, more transaction time, and an overall cumbersome user experience.

Layer 2 Cross Chain DeFi Innovation

Tenet is trying to solve the above problems with a cross-chain AMM connector, layer 2 solutions, customizable design solutions and a deep liquidity generator. The platform also offers a faster cross-platform and cross-chain exchange of assets via an “AMM Integration Framework” protocol, which makes the interaction with various blockchains and AMMs easier and faster. Liquidity providers deposit their trading pair of LP tokens in Tenet and in return receive mining rewards from both the Liquidity Tap Creators and the Tenet protocol.

White Label Liquidity Tap

Tenet offers DeFi projects a whitelabel geyser solution that can be used to quickly and easily create incentive liquidity pools for various protocols in Ethereum and Binance Smart Chains. Using the project’s Layer 2 AMM connector or Liquidity Tap, token issuers can start a pool and stimulate it with their own native token or Tenets native $ TEN token (or both) and then redirect TEN incentives using an easy-to-use token Use interface.

Projects can relatively easily fully customize the liquidity pools with incentives, and various parameters can be tweaked, e.g. B. AMM platform options in the initial stage, native token issuance protocol options, mining cycles, initial incentive requirements and options for exercising mining revenues.

Polka starter IDO

Tenet conducted a public sale of TEN tokens on January 5, 2021 at 7:00 UTC on Polkastarter, a platform that has had several successful project launches over the past few weeks.

A total of 300,000 TEN ERC20 tokens were sold at a price of USD 1 per 1 TEN with two separate pools. The first pool contained $ 200,000 TEN tokens available for a public whitelist pool, the second contained $ 100,000 TEN available to those who owned 3,000 POLS tokens for more than 7 days . The maximum individual upper limit was 1 ETH.

PancakeSwap IFO

The project also conducted a public token sale on PancakeSwap on the same day (January 5, 2021), and 1,000,000 TEN BEP20 tokens (13% of the total TEN supply) were sold during the first farm offer. The price per token has been set at $ 1 per TEN token at the same price as the Polkastarter sale.

Image by David Mark from Pixabay