Introducing Tenderize v2: The Open-Source Protocol Tackling Centralization Issues in Liquid Staking, Paving the Way for a More Decentralized DeFi Ecosystem.
Los Angeles, California, United States, 3rd Aug 2023 – Tenderize Labs is thrilled to unveil Tenderize v2, an open-source protocol that addresses the centralization concerns surrounding liquid staking. As the decentralized finance industry experiences a surge in popularity and participation, the need for decentralized and censorship resistant web3 networks has never been more critical. Through Tenderize v2, the centralization risk is eliminated, opening doors to a liquid staking ecosystem which promotes decentralization.
“Tenderize v2 is not just a protocol—it’s infrastructure for a sustainable liquid staking DeFi ecosystem. Tenderize empowers users to stake their assets with confidence, knowing that they retain custody and are making the underlying network more decentralized. Users join a grassroots movement which values decentralization and security in parallel with financial returns.” – Alec Shaw, CEO
Previous liquid staking architectures have sparked criticism for removing the censorship resistance of the network. This happens when stake is controlled by one company. For example, Lido controls 32% of all staked Ethereum(ETH).
In order to address concerns surrounding centralization, Tenderize v2 introduces a new architecture. Unlike other liquid staking platforms which has stake managed by an individual company, Tenderize v2 instead is an open-source, publicly accessible protocol. The protocol will mint an individualized liquid staked token (LST) for each validator. These validator specific LSTs are called tTokens. A validator specific LST design ensures that stake can flow to whichever validator the market wants.
Once a user mints a tToken, they can use that new LST in DeFi. With their new LST, users can earn additional yield, borrow stablecoins against it or instantly swap to the unstaked version. To ensure liquidity for the tTokens, Tenderize v2 features TenderSwap: A decentralized exchange using a shared liquidity pool, removing the need for individual pools for each LST pair.
Tenderize v2 is launching in October – delegators or validators can join the launch cohort. Participants stake on launch day for additional token rewards.
With the launch of Tenderize v2, Tenderize Labs leads the way in revolutionizing the liquid staking landscape. By prioritizing permissionless, transparency, and self-custody, Tenderize v2 provides users with a trusted platform to participate in liquid staking and uphold the decentralized ethos of the crypto space.
To learn more about Tenderize v2 and its transformative impact on liquid staking, check out the Coinbase Web3 DApps page and visit the official website at Tenderize.me.
About Tenderize Labs
Founded in 2020, Tenderize Labs is a software development company which designed and built the Tenderize protocol. The Tenderize protocol is permissionless liquid staking infrastructure which mints validator specific LSTs which are swappable through a shared liquidity pool. Tenderize products are optimized to deliver a liquid staking DeFi (LSDfi) experience that encourages decentralization.
Media Contact
Organization: Tenderize Labs
Contact Person: Nicholas Resendez
Website: https://www.tenderize.me/
Email: nicholas@arriba.lol
Contact Number: (310) 935-1854
City: Los Angeles
State: California
Country: United States
Release Id: 0308235276
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