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Layer 1 Blockchain Tenet Partners With Conflux and Qtum for More Exposure in China
The partnerships are aimed at increasing the liquid staking industry’s presence in Chinese markets.
Updated May 24, 2023, 1:30 p.m. Published May 24, 2023, 1:30 p.m.
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Tenet - a liquid staking layer 1 blockchain built on the Cosmos network - will team with Conflux and Qtum, two blockchains with a heavy presence in China, to deepen the roots of the liquid staking industry in that country’s markets.
Conflux and Qtum users will both stake a minimum of $1 million worth of their native tokens to help secure each blockchain and receive liquid staking derivatives (LSD) that is issued by Web3 infrastructure firm Ankr. Conflux and Qtum stakers will then bring their LSDs to Tenet’s network and restake them as a means to access increased yield and utility, Tenet CEO Greg Gopman told CoinDesk in an interview.
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The partnerships are meant to integrate Tenet into the Asian blockchain community that is “often siloed from Western crypto projects,” read the announcement.
“One of the first markets we wanted to go after was the Chinese market because… they’ve been kind of out of the LSD process for most of what’s been happening so far,” said Gopman. “So we thought that was a really exciting market to start to invigorate.”
Conflux, which claims to be the only regulatory-compliant blockchain in China, has collaborated with international brands and government entities like the city of Shanghai, McDonald’s China and China Telecom. Qtum is a proof-of-stake blockchain that had previously partnered with the China division of Amazon Web Services in 2018.
Read more: ‘Chinese Ethereum’ Conflux Draws Spotlight As Hong Kong Welcomes Retail Traders
The price of TENET - the native token for the Tenet ecosystem - is currently not available on CoinGecko. Conflux’s CFX token has decreased 2.6% to 31 cents in the past 24 hours, while the QTUM token has remained flat at $2.72 in the same period.
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