TENET — An Ever-growing Cross-Chain AMM Super Connector
Tenet has always been committed to building DeFi connectors and toolkits on Ethereum, Polkadot, Binance Smart Chain to accelerate liquidity, DeFi transaction accumulation, long tail asset loan solutions and so on. The basic function of Tenet is serving as a cross-chain Automated Market Maker (AMM) connector that provides a decentralized Liquidity Tap for various tokens, and adopt dynamic algorithm to seek more fair, rich and effective incentive measures for liquidity providers.
Now TENET Bridge V2 has been launched, more liquidity is injected by the effective cross-chain swap in collaboration with DREP Crossing. TENET’s potential is being leased out step by step. On the next stage, TENET will further build stronger liquidity tap and crack out new grounds in cross-chain NFT application.
TENET’s Pumping Up Liquidity
As interoperability continues to be the pain point of AMM, Tenet connects the popular DeFi protocol through the issuing of $TEN token. In 2020, the decentralized financial agreement released a series of new and exciting passive income opportunities. Decentralized AMM (Automatic Market Maker) exchanges, such as Uniswap, Balancer and Curve, have become very popular platforms, and liquidity mining is gaining incredible developing momentum. Defi agreements have developed rapidly, while there are still some pain points. For liquidity mining, the bottlenecks are: complex intelligent contracts for project teams; secondly, increasing costs, slower transaction processing and cumbersome user experience for liquidity providers using multiple AMMs at the same time.
TENET hopes to meet the above challenges through cross-chain AMM “super connector”. This project provides decentralized liquidity diverters for various tokens, and connects decentralized exchanges in several popular blockchains. TENET’s advantages lie in its innovation in Layer2 cross-chain Defi solution.
We hope to create a ecology with faster addressing speed and smoother user’s experience through cross-chain AMM connectors, Layer 2 solutions, customizable design solutions and powerful mobility generators. The platform also provides faster cross-platform and cross-chain asset exchanges through AMM Integration Framework, which makes it easier to interact with different blockchain and AMM. The liquidity provider deposits its LP tokens in TENET, and then obtains mining rewards from the creator of the liquidity faucet and TENET agreement.
New Grounds in Cross-chain Application.
Since the successful launching of TENET Bridge V2, TENET community has seen more updating in cross-chain swap and liquidity incentives. In latest TENET version, multiple tokens and chains are supported, cross-chain swap became more user-friendly. TENET aims to build a cross-chain and cross-platform toolkit protocol that serves as a relatively easy entrance for all DeFi participants. TENET allows the demand side to customize all parameters of the liquidity tap, and help them reach out to more TENET effectively. Next, our team will work on the “AMM Integration super connector + NFT” direction.
Recently, the prices of collections and artworks with NFT as the main storage carrier have risen sharply, which has caused remarkable wealth effect, leading many users to habitually equate NFT with collectibles. While the NFT we discussed here is no collectibles like somewhat souvenirs after users provide liquidity through TENET connector, it is LP NFT representing your ownership of the funds deposited by you, and any user who gets this NFT has the right to redeem its corresponding funds. If you sell or transfer this NFT, your redemption right of the previously deposited funds will also be transferred.
TENET’s liquidity mining rewards and LP ownership in the future can all take the shape of NFTs. NFT has strong descriptive ability and is suitable for expressing complex and changeable financial contracts. Instead of ERC20, which emphasizes homogenity, TENET’s LP token NFT use ERC721. ERC721 has strong individuality. Every NFT has unique characteristics representing different transaction messages. This move will substantially widen the scenarios of TENET liquidity tap and cross-chain NFT, making TENET connector evolving into a higher level in keeping up with latest Defi and NFT-fi development.
The future for TENET is bright with many developments underway, the most exciting being NFT aggregation and stabler AMM connecting. Overall, keep an eye on TNET as the team is working hard towards an AMM super connector with large liquidity and cross-chain NFT potentials.