Yo Greg, good to see you here. And for everyone who just joined, apologies for the technical issues earlier. There was some connection issues, so we had to restart the space. But Greg, welcome. Thanks, thanks for to be here.
Yeah, before I do it, I just want to see if we should wait a couple more minutes for some more people to join. I know that it's like that.
normally takes a couple minutes for people to find the links so maybe like good luck. Yeah, no worries.
And Greg, if you guys could just push this new link into some of your other communities, that would be very helpful.
Let me see if I can retweet it.
Yeah, I think yeah, I think you guys just just get started because I'm just a bit worried of time as well. Yeah, so let's just go over and overview, right? Maybe a little bit about your background as well as tenant. Sure. I've been in the space for
for about six years now working full time mostly worked in infrastructure on layer ones. Most recent place where I was at I was a CMO company called Anchor and KR which is one of the largest infrastructure companies in the space and they brought a lot of LSD products to different chains. They actually brought
more LSDs to more change than anyone else. They're on like 10 different chains. I'll tell people a little bit what LSDs are because that's really core to understanding 10 it and kind of like what we're going through in this like D5 revolution happening right now. So the most outside of Bitcoin, most other
top points are layer one coins like Ethereum and they operate on a mechanism called proof of stake when you stake your tokens you earn rewards typically with the blockchain. A couple years ago they came up with the idea of making when you stake your tokens you get back a derivative of that token called an LSD kind of like
and IOU that says you have those tokens staked and you're earning this much rewards on those tokens. And the idea is that you can then take this IOU token, the LSD and go use those cladder on and do other things. And so there's about $950 billion in proof of stake tokens right now and about $17 billion
of LSD tokens. So, and every proof of stake token can be in LSD tokens. So, this has quickly become the largest part of the industry of the DeFi industry. And so, what we really focus on at TENET is finding ways to add utility and value to these LSDs. And when I was at Anchor, we were issuing all these LSDs
for all these different chains but no one was really doing anything with them. We would we would fight to find places to earn like one or two percent yield like additional yield to give them some value but it was really hard and so there's been a big a big push from people in the industry to find ways to add utility and value to these other
And that's really what what tenant does. The first way we do it is we change the proof of stake mechanism of our chain. So we're a layer one block changes like a theorem, but instead of just taking our native tight tenant token, it can also stake LSDs from every other major proof of stake chain, BNB, Ethereum, Phantom, Applatch.
Conflex, cutum, there's a bunch of them. You can stake those LSDs from those chains onto tenet with the tenet token and earn block rewards. Then what happens is you get back another LSD for that token that allows you to use that within our DeFi ecosystem. So you earn rewards when you stake to your native chain.
your own rewards when you take the 10th chain with your LSD and then you can use that LSD to earn additional rewards within our ecosystem. So you're on triple rewards with 10th. And so we really kind of focus on being a new layer of DeFi. So they call this LSDFi and there's a couple of their players in space really focusing on
of these LSD items kind of like tentatives and it's kind of going through like its own revolution right now as far as like what's capable and how people are kneeled and what those yields are. >> God, I think that's a great overview of what LSD is.
as well as what you guys are building at Tenet. I'd like to dive deeper into what kind of system you guys apart from these other players. I mentioned that there are a few others. This is a relatively new, I guess, a new space you call it, LSD5 Summer, right? So how does Tenet really differentiate itself and what makes it unique?
So there's a trio of new blockchains that are coming out this year where you can stake LSDs to the validator network. And there's some of the most anticipated tokens to launch this year. One is Tenet, another one's called Baruchain, and the third one's called the Egan layer. And we kind of all operate on the same
concept of trying to add utility to these LSDs and court people over to play in our ecosystems. Pretty much we all have the same functionality of stake LSDs to the network, but then after that everything changes. EGLEAR has a more infrastructure thing that they try to get everyone to like gain the
they try to get everyone to play afterwards, adding more layers of infrastructure on top of their initial infrastructure. Bear chain takes it through kind of like a DGen rabbit hole. You hop through a couple hoops with like a perp and then NFT and things like that. And in Tenet we just have a really simple way where we issue back a new LSD and then a Tenet LSD.
And we ask you to use that 10-dollasty within our ecosystem. And then we're building an Omni-chain LSD bridge with layer 0 that will allow the 10-dollasty and the LSD is created within our network to kind of be used all around the space across Web 3. And so I think at our
The core, that's for sure the first way that makes this different. Second, we're first to market, so we launched our token about a week ago. We haven't launched our full DeFi ecosystem yet, it will happen over the next month or so. But our competitors haven't launched at all yet. So we're first to market, which also makes this different. And then we're doing a couple
other new products that are in the space yet that our core is Hennett. Another really big thing in differentiator with us and also as opposed to other layer ones is that Hennett is not just a blockchain network but we also have a couple core components in our product suite. We have
an LSD Dex, we have an over-clatter life stablecoin called the LSDC, and then we have an LSD lending platform. So those all work with the penit token and they all feed fees back into the penit token. They're all needed apps that our core team works on. And so we have a, I would say a larger product suite
We bring to market. We're market first and we try to do things in a much more simple and less complex way. Even though this is a pretty complex talk for retail users who aren't familiar with a lot of these LSDs and these tools. But this is the simplest way to bring these products to market and try to help people
safely earned additional rewards with our tokens. So you mentioned that you guys just launched the token I think last week, right? So in terms of the the app that you also mentioned that sort of feed back into the the tenant ecosystem, what stage are those at? Or
are they live, are they sort of working progress, or where you guys at the moment? Yeah, I'd say everything will be live in our full product suite in the next 100 days. And then there's various different roll outs on top of those three products that I named. We also have an LSD bridge that's kind of the first of
It's kind that we're doing the layer zero and so that will be out pretty soon. I believe I in the next two to three weeks sometime in June and so that will be a pretty Revolutionary product. I would say for the future of what LSDs can do and what's capable and for sure what's capable within the tenant network and then additionally we have a DeFi friendly mobile wall
called the EBA, which is made to be the simplest form of how users can play in DFI without actually knowing it's DFI. It will be the first mobile wallet that has things like Keyless Wallet sign on as well as LSD, Minting, an issuance directly in the wallet, and a yield optimizer amongst other
things of an AI chatbot. So we have a couple different ways that we're building out simultaneously and different kind of launch points. We started out, I guess with evoc, because we wanted to have something right away that people would be able to play with, knowing that the other products would take a little bit longer. But I'd say
And I would say like there's not much to do tenant today like this being one week after launch, but if you give us like, you know, if you look at a window like two weeks down the road, 60 days down the road, 90 days down the road, like we have a very, very full and complex product suite that will, I think we'll have a sad one of them.
most ambitious procsweets of all crypto actually. So we'll take a little bit of time but we will, I think we will turn some heads. Got it. Greg, I'd like to take a step back here and go over your decision to
build a tent based on cosmos, which is, I believe that's the case, right? So can you talk to us a little bit about that sort of thinking behind that? I think some people find it difficult, so why do she's cosmos? Cosmos used to be extremely difficult
to actually my first blockchain company that I was a part of here on the industry in 2017. We chose to build on Cosmos because it is a fantastic, fast, scalable infrastructure layer that Tendermen's built with them. But it didn't really connect with the other EVM layer of everything being built on Ethereum.
I would end up being like the majority of the industry and about a year or two years ago a new Cosmos project launched called Evmos, which was supposed to be an EVM layer between the Cosmos. I would call it developer friendly ecosystem, the EVM-MOS Ethereum friendly ecosystem, or like the Cosmos friendly ecosystem and the Ethereum
So that's the best of both tech worlds. And so we use that ebemos layer as a core that we've forked off of to start building on, start building a tenant and then on top of that we built our diversified proof of stake consensus layer that allows us to stake LSDs to the validators and to
the network. While Cosmos is cumbersome and doesn't really connect well with a lot of parts of what's out there in Web3, an EVM version of Cosmos actually gets you the best of both worlds where we're able to connect with all different EVMs and do things really simply and integrate really fast as well as be a part of Cosmos IPC zones and connecting with the
the cosmos ecosystem that's been built. And so our idea for doing that was just we wanted to do something that would connect us with the most parts of the industry that there are and kind of allow our the LSD ecosystem that we're building out to play with all the zones of the cosmos layer and all the different layer ones that are built in there as well as all the EVM layer ones.
And so it took a lot of people, a lot of projects like us aren't built on Cosmos, I would say. But we found a way to do it that would allow us to kind of like catch the most bees with the least amount of honey, something like that. And talk to us a little bit about these,
business model that you guys have is it mainly based off network transaction fees or do you guys make revenue in other forms? We have these three different products within our native products. So we have the LSDC over collateral
stablecoin. We have the LSD lending protocol and LSD AMM decks that we're building out. They're all very custom and different from what's been built before. Each one of those products when you use them, they charge very small fees, but those fees come back into tenants, ecosystem, and tenants token holders. We also earn fees with gas, but to be honest,
on the proof of stake networks, gas is pretty minimal. Most of these proof of stake chains barely cover their -- they don't cover enough to pay for their foundation with their gas fees. On one point, it's great because gas is cheap and you can do a lot of things on the chain. On the other part, you have to find other ways to make revenue.
So that's part of the reason why we went off and built these other core products that are attached to it. They said that we can have a pretty flourishing yield and revenue stream coming into the tentative ecosystem. Awesome. And before I'd like to move on to the audience section, I have two more questions for you.
to highlight the, sorry, I like to talk a little bit about what you guys have been working on the security side of things. Obviously there's been a ton of hacks this past year. So how safe is Tenet? Tenet uses
There's two mechanisms that fall into where people will play in a safe way on tenant and there are around the safest things you can do currently in the industry. On one, people are bridging things over to tenant using layer 0.
like Omnitrain framework is buy and wide consider by like most people in the industry and most like you know highly technical developers and industry to be a very safe way to use bridging and for moving things around and so we we have that full integration kind of getting set up right now in the next couple weeks and so we're pretty happy about that there is a lot of
standard bridge risk. We've seen a lot of bridge exploits and smart contract exploits on those bridges that have happened kind of over the last two years. But Layer 0 is a different type of bridging network and relay network and messaging network so that it avoids some of those exploits and pitfalls of other bridges. So we're pretty happy to work with them to make the first
LSD, OmniChainBridge with them. The second thing that you do with TAN is you're staking things directly to our validators and our network with your LSDs. And so that's a fine one I considered like some of the safest activity that you can do with DFI is just like standard validator staking.
Then there's, I would say there's, you know, as you get another LST back and you can use that within our DeFi ecosystem. We have tenants native apps which, you know, we secure and we feel very, very safe with, but then we'll have third party apps. And so once you go down the DeFi rabbit hole, kind of like, you know, more things can happen. But like if you're just doing standard bridging things#
taking your LSDs to 10 in earning yield, that's probably the safest way you'll be able to earn LSD yields out there. Additionally, we've learned from some of our advisors and some of the partners that we work with. They've had issues in the past with hacks or exploits. So there are certain safety
mechanisms put in place now with some of these things we're doing with large tokens over across networks and crosschains. And so they have these kill switches that people make when there's suspicious activity or fragile activity or lots of funds are moving across the way. You're able to kind of like put a
pause on it for the moment and make sure that everything is in line if there is some fraudulent activity you're able to stop them from getting across in a fast way. And so we also are looking into building these kill switches, which we've learned from some partners. And all those things combined, we think make a pretty safe ecosystem for everyone to play.
Tenant isn't one of those layer ones. We're not trying to be one of these like earn a thousand percent yield or farm like a hundred percent like our goal is to allow people to earn between like three and ten percent more on their Ethereum that currently earns them three percent and so like you know are the game we play is Lots of lots of volume
of TBL, trying to get billions of dollars of TBL from large partners and help them earn safe yield across that. So everything we do is really geared towards the safest way we can think to construct things and architect things to make all of our partners happy. Got it. And yeah, so for my last question.
Greg, I'd like to know a little bit more about the timing of launching tenant. Obviously, bear market you've been in the space for, I think you said, six years. What is it like building in the current environment? And why is it now the time for LSD5 summer?
Yeah, yeah, great, great question. I mean, LSDs have been looking for utility for years and the concept of bringing LSD to a layer one network and stake them to a layer one network kind of just started two years ago and spent a concept that people have been thinking about and trying to work on for a while.
It just so happens that we were able to move a little bit faster and kind of get things to market fast. And I do believe that our bear chain immediately will both launch this year, maybe this summer as well, kind of cementing this being LSD five summer. Additionally, you have some really, really cool projects out there that are starting to like dapp ecosystem.
systems on top of LSDs like Pendle and Chief. There was another over-cladderly stablecoin launch last week which is doing really well as well. So more and more people are starting to see that there's ways to earn safe yield with these LSDs and there's more and more interesting LSD projects and it kind of opens up a new layer of the DeFi ecosystem.
be done because why would you not want to earn additional yield in safe ways or inspiring things with your tokens because you already have the Ethereum that you have and maybe you don't want to sell it so you just like stake it or back in LSD and then use that LSD to make even more money. So it opens up kind of
of a new world of possibilities and people think about it for a long time. I just think that a lot of that is coming to fruition right now. Additionally, the LSDs, most LSDs, kind of came to the system with Ethereum staking and with the Shanghai upgrade and allowing the lock to Ethereum to kind of come back to the market.
people are realizing they don't want to sell their Ethereum, they want to keep on staking it and the concept of restaking it into an LSD and then getting that LSD back and using it is kind of very makes a lot of sense. I'd say to a lot of the larger Ethereum oil holders or back holders. And so you have a lot of liquidity entering the system, a lot of liquidity that gets put into
these LSDs and then that liquidity is looking for other things to do. And so, kind of if you just like follow the money or some people say like, "Show me the incentive, I'll show you the outcome." There is a large amount of really smart people now in the space looking at ways to use these LSDs and products to make around them.
Awesome. Yeah, so I think we have some time now for audience questions. First up, we have fortune. Go ahead and unmute yourself. Yeah, hello, Kaya.
Yeah, yeah. All right. So I just want to know for the antenna and I don't want to know for the audits in a master like a Carlos guide or street or the scene status currently for the project.
That's my first question.
Yeah, we have one audit currently. We're in the process of our second audit. Pretty much all of our D5 products before we launch them have to be audited with safety being our highest concern in the industry.
token just launched last week and so we're a pretty new product. Our full DeFi ecosystem starts its foundation kind of in two weeks when the LSD bridge comes to fruition with layer zero.
And so we kind of have a slow and steady course between, I'd say, the month of growth kind of leading into the beginning of our DeFi ecosystem right now. But most of our core products will have at least one of not two audits.
All right, next up we have Jimmy. Go ahead.
Jimmy, we can't. I don't think we can hear you.
Okay, let's move on to the next audience member. I think we have Rick up. Go ahead, Rick.
Rick, go ahead and unmute yourself please.
Let's try Tim, one second.
I see a lot of people there. Tim, go ahead. Yes, we can. Okay, so I have a question in Canada.
Yeah, of course, go ahead. Go ahead. Okay, so my question is, regarding to the project roadmap, what are your most important next period and what is your strongest advantage that you think will make you think reading the market? Thank you.
I think the thing that's most exciting is when people are able to start bridging over their LSDs on just has networking, staking them to our network. I think that opens up a whole new world of possibility of strategic partners that we're currently talking to and allowing them to take partner ecosystem.
that kind of goes in line with our true goal for the year, which is like our path to a billion dollars of TVL. And so that kind of all starts like that journey really begins once the LST staking begins on our chain. So that's I think the most interesting thing coming up
up and it will be pretty soon. Sorry, I forgot, what was the second part of your question? I think he asked about what makes you guys what's your strongest point to stand out against competitors, but I believe you already talked about that. Maybe you can emphasize
certain points of view if you'd like. So I really truly believe we have just a beautiful product suite that we've thought out. We have an amazing DeFi architect on our team one of the best that I've ever worked with. We have a lot of really interesting instruments in our product suite so the way that Ten
it's used and how you stake it, you can stake the tenant token to get BE tenant, which is like a voting escrow tenant and that allows you to control our reward gauges. Most people won't understand what that means. It was started by this company, Curr Finance, but it's basically you could think of it as like
When people stay toward network when they stake their LSDs when they use our different things in our proxy there's different rewards and incentive mechanisms that kind of go to each one of these these pools and so if you stake Eker B&B or you stake Inker Eath or Lido Eath or Rocket Rocket Eath or Faxi each one
one of them has their own tool which is controlled by these gauges. And so by owning tenant and taking tenant and to be tenant you're able to one earn additional fees from everything in the ecosystem but you also control these gauges and it creates this really gamified flywheel that I think is going to be really really interesting as we grow and
the partners and the foundations from other chains come to us and want to try to incentivize people to get LSDs in their products and stake them in rewards. It kind of opens up a new game-of-body ecosystem, like a hidden hand bribe ecosystem that can be built on top of it. There's a lot of really fun DeFi stuff in that.
And this is also the first time that gauges have ever been done on a base level for a layer one. Previously, they've only been done for apps so you can play this VE game with a lot of like DeFi apps and different things, but it's never ever been tried on a blockchain before. It kind of wouldn't have made sense until you had different assets in the blockchain too.
make the gauges for. And so this is another one of those innovations that opens up when you're able to do LSD staking instead of just native token staking to the blockchain. Yeah, so I think like those those two things are probably like really exciting and also really ambitious and
And you know, it's one of those things where like if I wasn't building 10 at myself, I would be really inspired at what 10 is doing and really, really, you know, excited to kind of watch how it develops and what happens in the ecosystem. Awesome. And last up, we have DC. Go ahead.
I don't think we can hear you. Yeah, he's been bending too much air.
Yeah, last airbender avatar. All right. Greg, unfortunately, I think we've kind of run out of time. So I'd like to give you the final word. Any last thoughts to like to share with our audience? Yeah. You'd like to announce. I'll just go ahead.
I'll give a shout out to KuKoin. You guys have been the best exchange or the biggest exchange we've worked for so far. It's been a pleasure. Doing the AMAs with you and the spaces, all this stuff has been great. It's been great telling your community about Tenet and also you can get Tenet on KuKoin for those people who aren't
There we also opened up our Uniswap pool recently which is like you know I guess on on Ethereum Uniswap B2 and B3 pools and so I hope people out there are inspired by what we're building and hope you know you get a chance to check us out on tenant.org and also our Twitter
We have a very exciting and big roadmap ahead that we're building out furiously to kind of get to market and get things out fast. We know our community really wants us to keep
on building things fast. And so we're doing the best we can to kind of get a dial out there. And it's going to be a very, very exciting year for D5 and for LSDs and we're excited to be a big part of that. All right. And Greg, again, apologies for the technical issues early
If you guys have any updates, I'm definitely happy to host another Twitter space with you guys later on this year. Stay tuned everyone and happy to make that announcement. I really appreciate your time Greg. Always happy to speak with you.
Okay, thanks, Tim. Bye guys. - Alright. Bye guys.