The Seychelles-based exchange Kucoin has added another trading pair to its roster. Users are now able to trade TENET/USD. The exchange is also offering lavish incentives for some of those who deposit and trade. Can the new incentives help counter the “cheap rumors” that a KuCoin official complained about recently?

Kucoin is now listing TENET in a trading pair with USD. Trading became available on May 25, and withdrawals can take place from May 27.

Moreover, to mark the occasion, KuCoin has announced a campaign in which qualified users can vie for rewards from a prize pool worth 40,000 USDT.

What is TENET?

Tenet is an Ethereum Virtual Machine (EVM) Layer-1 protocol focusing on Decentralized Finance (DeFi). It brings liquidity and yield opportunities to Liquidity Staking Deposits (LSDs).

Tenet allows LSDs to stake their assets within its network and participate in Tenet’s DeFi ecosystem. This is achieved through a new consensus mechanism called Diversified Proof-of-Stake (DPoS). DPoS enables LSDs, including stEth, to actively engage in the validation process.

DPoS achieves network consensus with validators who stake more than one type of asset. 

By diversifying the assets required to maintain control, the risk of a single entity dominating the network is eliminated. This also helps lower the chances of a successful network attack.

KuCoin Has Faced FUD

Earlier this year, KuCoin was the subject of rumors of a potential insolvency. The fear, uncertainty, and doubt (FUD) entered new heights around the time of the banking crisis in March,

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Author: Josh Adams

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