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TenX Protocols Inc. (TSXV: TNX) ("TenX" or the "Company"), a blockchain infrastructure company building staking solutions for the next generation of blockchain networks, is pleased to announce that the Tezos Foundation has delegated approximately 7.8 million XTZ to TenX, of which 6 million XTZ has been staked with a TenX-operated validator on the Tezos network.
The delegated and staked XTZ support TenX's validator operations on the Tezos network and reinforce the Company's broader strategy of operating revenue-generating staking infrastructure across multiple blockchain ecosystems. On the Tezos network, delegation and staking are distinct activities. Delegated tokens remain liquid while contributing to the validator's baking and voting power, supporting its participation in transaction validation and network consensus. Staked XTZ, meanwhile, is temporarily locked and further increases the validator's baking power while also contributing to the economic security of the network. By operating validator infrastructure and staking on the Tezos network, TenX earns validator-related fees, creating a recurring revenue stream for the Company.
The Tezos network is an important component of TenX's validator-first operating model, which focuses on deploying infrastructure on blockchain networks with strong governance, technical maturity, and long-term ecosystem development. The delegation further strengthens TenX's participation in the Tezos ecosystem as the Company continues expanding its validator footprint across next-generation blockchain networks.
"Receiving this delegation from the Tezos Foundation is an important validation of the infrastructure we are building at TenX," said Mat Cybula, CEO of TenX. "It supports our role in helping secure the Tezos network while also contributing to the recurring revenue profile of our validator business. We view this as another step in executing our broader strategy of building institutional-grade staking infrastructure across high-quality blockchain ecosystems."
Additional Information Regarding the Delegation
The delegation and staking described in this news release is non-custodial and is made at the discretion of the Tezos Foundation. There is no fixed term, expiry date, or minimum duration associated with the delegation, and the Tezos Foundation may undelegate or unstake its XTZ at any time. The Company does not incur any incremental third-party costs as a result of receiving this delegation.
TenX currently charges a 10% commission on staking rewards generated through assets supported by its validator on the Tezos network. The financial impact of the delegation will depend on several factors, including the amount of XTZ delegated or staked with the validator, network reward rates, validator performance, and how long the assets remain with the validator. Accordingly, the Company cannot quantify the financial impact of the delegation with certainty at this time. The Company does not currently expect the delegation, on a standalone basis, to be material to its current financial results, though it supports TenX's broader strategy of building recurring revenue through validator operations.
About TenX
TenX Protocols Inc. is a technology company focused on generating recurring revenue from the crypto asset economy. The Company operates institutional-grade staking infrastructure, earns cash flow from its inventory of crypto assets, and provides infrastructure, advisory, and development services across high-throughput blockchain networks. Through proprietary staking, hosted solutions, and strategic protocol partnerships, TenX gives public market investors exposure to the growth of next-generation blockchains and the broader Web3 ecosystem.
To learn more about TenX, visit www.tenx.inc.
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About Tezos
Tezos is an open-source and energy-efficient blockchain designed to empower institutions, developers, and businesses and facilitate value transfer in a digital environment. It is designed for the scalable deployment of decentralized applications. As one of the first Proof-of-Stake blockchains, Tezos is globally supported and valued for its strong governance, long-term upgradability, and smart contract capabilities. For more information about Tezos, visit www.tezos.com.
Contact
Mat Cybula, CEO
info@tenx.inc
Jennifer Karkula, Head of Communications
info@tenx.inc
(437) 476-0740
Forward-Looking Statements
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in our securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290607
