Liquid staking Layer 1 blockchain Tenet is set to collaborate with two other blockchains with an established presence in China to gain a foothold into the country.
Blockchains Conflux and Qtum are set to stake at least $1 million of their native tokens into Tenet which was built on the Cosmos network. This is meant to secure these blockchains and enable them to receive liquid staking derivatives (LSDs) issued by the Web3 infrastructure company Ankr.
Both blockchains will then bring the LSDs they received to Tenet’s parent network, restaking them to gain access to increased yield as well as utility.
Consequently, tying up with these blockchains will bring Tenet into the wider Asian blockchain environment which, for the most part, is kept beyond the reach of Western crypto asset initiatives.
Prior to this collaboration with Tenet, Conflux previously worked with a number of global brands operating within the Chinese market, as well as government offices like the local government of Shanghai as well as China Telecom. Proof-of-stake blockchain Qtum, on the other hand, partnered with Amazon Web Services ‘ (AWS) China division back in 2018.
Tenet chief executive Greg Gopman explains that China was one of the first markets in Asia he wanted to get into as the Chinese market isn’t exactly clued up on LSDs, making it a market with a great deal of potential for his blockchain.
As of press time, Tenet’s native token remains unavailable on CoinGecko, while the value of Conflux’s CFX dropped by 2.6% within a 24-hour period. Qtum’s token remained at $2.72 within the same period.