As we approach the last quarter of 2023 and a few weeks have already passed since the launch of our liquid staking token (LST) on Ethereum mainnet named mpETH.
We are ready to start announcing some partnerships that have been in the works and so we are really looking forward to support TENET’s Diversified Proof of Stake protocol DiPoS). Now mpETH will be part of the basket of assets that their DiPoS supports, the technology behind it allows TENET to support a large number of Proof of Stake tokens in the basket, so the security mechanism is diversified allowing this L1 based on the Cosmos blockchain that reduces the probability of a network attack hindering it’s performance.
For more information on TENET, we recommend you look into their documentation.
More utility for Meta Pool ETH stakers
Now mpETH holders can go to TENET and delegate their LST in a non-custodial way by either becoming a validator or delegator to the TENET network. They will continue to earn the staking rewards from the Ethereum network plus the extra block rewards and transduction fees offered by their Diversified Proof of Stake protocol. For more information regarding the rewards offered, please check the following link.
TENET is proposing a cross/chain collaboration to strengthen the security of their blockchain, it is an interesting proposition where the Meta Pool DAO can contribute with mpETH as part of the basket of assets to secure their protocol.
Also once you delegate your mpETH you will mint tmpETH which can be used as collateral to borrow LSDC their native stablecoin that is supported by a forked version of Liquity which has been adapted to support multiple collaterals. These are interest free loans that are over collateralized in order to keep a healthy system.
Please review all their documentation in regards to borrowing against your mpETH, do your research and understand that it is an early beta release and you will be exposed to liquidation scenarios which can result in losing your liquid staking tokens. For more information read their Collateralized Liquid Interest Positions and borrowing documentation.
Evolution of DeFi and stablecoin
For many folks that do not have access to lending and borrowing digital platforms this partnership is an important step towards Meta Pool DAO to become an active platform on the Ethereum ecosystem.
Not only are we supporting decentralization efforts for the TENET blockchain, we are also supporting the growth of platforms that allow anyone to have access to a stablecoin through a non-custodial solution.
We are firm believers that Decentralized Finance is still at an early stage of development and that access to these protocols is crucial. Diversity should be at the heart of what Meta Pool DAO supports and this partnership will allow us to achieve it.
Even with the current global situation, stablecoins protocols can allow folks in emerging markets hedge against inflation and allow them easier access to digital equivalent dollars that they would otherwise have no access to. For many of us that take this for granted, this is something that the rest of the world needs.
As we venture on to supporting and building for those regions that are more vulnerable, we believe that our partnership with TENET could provide our community with diversity and access to better DeFi solutions.
Please let us know your thoughts and help us continue to grow in the Ethereum ecosystem.
Keep on staking!