April Development Update
May 5, 2023 • 2 min read
Hello Chefs! It has been a busy first quarter filled with lots of behind the scene work that will soon come to fruition. We are proud to announce that Tenderize is nearing completion for a first private testnet, with the onboarding of the first validators as launch partners just around the corner.
To be more precise, we have been hard at work on the four following components:
Liquid Staking Vaults
The Tenderize protocol's main component is the liquid staking vaults, which allows each validator to have its own LST (liquid staking token). These vaults have been designed to be highly efficient and modular, making it easier for validators to participate in the staking process.
The protocol's architecture includes a robust framework that enables LST owners to obtain liquidity and trade their staked tokens while retaining the rights and benefits associated with the tokens.
Highly Efficient and Modular Smart Contracts
The Tenderize protocol is built on highly efficient and modular smart contracts specifically designed for liquid staking vaults and LSTs. These smart contracts are the bread and butter of the protocol, making it possible for validators to stake their tokens and earn rewards. Smart contracts offer significant benefits, like increased scalability, crucial in the highly competitive DeFi ecosystem.
New AMM Paradigm with Shared Liquidity
We have developed a new automated market maker (AMM) paradigm specifically designed for liquid staking. This new AMM paradigm enables multiple LSTs to share liquidity for their underlying asset, making our revolutionary approach to liquid staking possible.
The AMM also offers a more efficient and cost-effective solution for liquidity providers by eliminating the need to deposit and withdraw tokens from multiple LSTs.
New User Interface
We have also developed a new user interface for the Tenderize protocol. This new interface is designed to feel similar to the applications of the protocols we support but with a unified and greatly improved user experience.
The interface is also integrated with liquid staking, making it easier for users to participate in the staking process. The user interface provides users with a clear and intuitive dashboard, allowing them to monitor their staked tokens and rewards.
Modular Typescript SDK
Finally, we have developed a modular Typescript SDK that allows anyone to easily integrate various parts of the Tenderize protocol into their applications and APIs. This SDK is designed to be user-friendly, making it easier for developers to build applications on top of the Tenderize protocol.
The SDK includes comprehensive documentation and examples, enabling developers to quickly and efficiently integrate the Tenderize protocol into their existing applications.
Overall, we are excited about our progress on the Tenderize protocol. We believe that this protocol has the potential to revolutionize the staking process and make it more accessible to a broader audience.
The protocol's innovative features, including liquid staking vaults, highly efficient smart contracts, shared liquidity, and user-friendly interface and SDK, position Tenderize to become a leading player in the DeFi ecosystem. We look forward to sharing more updates as we move closer to launching the first private testnet.
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