Description

Overview:

Tenderize goes back to the roots of staking and creates an almost enshrined liquid staking experience, with individual LSTs per validator. These validator specific LSTs serve as permissionless white-label liquid staking infrastructure, can easily be composed into aggregators and are highly synergetic with restaking or Distributed-Validator-Technology (DVT).

Tenderize is building ecosystem, at the moment consisting of TenderVaults, TenderSwap and BeefBank, targeting launch of their v2 on mainnet on 29th January 2024. TenderVaults is Liquid staking vault that accepts user deposits, staking them to a the validator chosen by the user, minting and burning tTokens - for more details see this. TenderSwap is a cost-effective, application-specific DEX that offers instant liquidity for holders of Tenderize’s liquid staked tokens (tTokens) - for more details see this. Steaks Dollar is an over-collateralised, LST-backed stablecoin, that allows borrowing a USD-pegged token (”Steaks Dollar or SD”) by collateralising staked assets in the form of Tenderize’s LSTs. It is the first of a kind decentralised stablecoin backed by a basket of various liquid staked assets - for more details see this.

The native token of Tenderize, WAGYU, is a utility and governance token. $WAGYU is backed by the protocol’s treasury, which captures revenue from various sources within the protocol. WAGYU is redeemable for a proportional share of the treasury through inverse bonding. This redemption mechanism strongly correlates protocol performance with token value, resulting in incentive alignment amongst major stakeholders, including validators, delegators and WAGYU holders. For more details see this. As well can reccomend to read through this twitter thread.

Previously Tenderize raised 3M usd at 25M USD valuation, now raising 1,5M USD at 30M USD valuation. Raised funds will be used mainly to extend the team and prolong the runaway. Current investors are TRGC, Figment, Daedalus and most probably other tier 1 VC will invest. Currently there is only 300k USD left in the round, we got pre-secured alocation of 100k USD for Angels squad. Tenderize plans to have public sale in late April and TGE right after.

Positives:

• Tenderize is building a white label solution that anyone will be able to use and create their own LST - any validator will be able to use their staked assets as a collateral, mint Tenderfi stable coin and use it further. It will possibly create various LSTs and unlock idle funds that are now locked, helping to decentralise whole staking ecosystem.
• Already confirmed +10M USD of TVL coming from +30 launch partners
• Token utility - backed by treasury - see in description in detail
• Short vesting - only 18months, no cliff
• Mainnet launch of Tenderize v2 scheduled on 1.2.2024
• After launching of refferal system there was a huge influx of new followers on Twitter, team is now working on growing the community"

Negatives:

• There are risks connected to slashing, as every LST built on top of Tenderfi will be single asset staked and have access to liquidity pool that is backing the whole ecosystem, meaning that if validators are slashed, tTokens will suffer the penalty
• Stablecoin created by Tenderize will not be battle tested, there might occur problems related to this stable coin in the future
• Risk of protocol not being used by stakers, for project to suceed, it will require a lot of business development work, onboarding new validators

Disclaimer

• • Risk of Loss: Investing in cryptocurrency projects carries inherent risks, including the risk of losing your entire investment. Be prepared to potentially lose all the funds you invest.
• • No Guarantees: There are no guarantees of profits, returns, or success when participating in projects. Past performance is not indicative of future results.
• • No Financial Advice: The information provided is not financial advice. Consult with a financial advisor if you are uncertain about participating.
• • Due Diligence: It's your responsibility to conduct thorough due diligence on the project, team and tokenomics before participating. Make informed decisions.
• • Community and Social Hype: Be aware that investment decisions based solely on social media hype or community sentiment can be risky and speculative.
• • Backup Your Private Keys: Ensure you have securely stored your private keys or seed phrase. Losing access to them may result in permanent loss of your assets.