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Tenderize V2 Review 2026: Validator-Specific Liquid Staking

Tenderize V2 is a liquid staking protocol that lets users stake to a validator of their choice and receive a token that stays usable in DeFi. It targets a niche of networks, and its small TVL means the main risks are liquidity and smart-contract exposure.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

6.4/10

Mixed

Visit Tenderize V2

Our verdict on Tenderize V2

6.4/10

Tenderize V2 suits users who want to choose their validator and still keep a tradable, collateral-ready staking token, especially on networks like Sei, The Graph, Livepeer and Polygon. Its main strength is the per-validator design combined with instant exits through TenderSwap. The main caveat is size: TVL is around $272,000, fees beyond a small swap fee are unpublished, and audit details are not named, so treat it as a higher-risk niche protocol.

Score breakdown

How Tenderize V2 scores

Security: 5.5/10
Ease of use: 6.5/10
Fees: n/a
Features: 7.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Tenderize V2?

Tenderize V2 is a liquid staking protocol from Tenderize Labs Ltd. It markets itself as Liquid Staking 2.0, with the tagline stake, earn, borrow. Users stake to a validator of their choice and get a liquid token that can be swapped, used as collateral or deployed in DeFi.

The protocol supports a mix of networks. The homepage lists Sei, Livepeer, The Graph and Polygon with sample APYs, and Hyperliquid with an October 2025 date. DefiLlama tracks it on Ethereum and Arbitrum with about $272,000 in TVL and an entry date of February 2024.

The main difference from large liquid staking providers is the per-validator design. Each validator can have its own permissionless vault and token, which the project says avoids pushing stake toward a few large operators. Tender Tokens add a managed option that spreads stake automatically.

How Tenderize V2 works

You stake a supported network's token with Tenderize and receive a liquid staked token in return. In the Liquid Delegation model, each validator has its own vault and ERC20 token, minted at 1:1 against your stake, so the token represents a position with that specific validator. Tender Tokens work differently: they stake automatically across a curated group of validators.

Because the staked position is a token, it can be held, swapped or used in DeFi while rewards accrue. Normally, unstaking requires waiting through an unbonding period set by the underlying network. Tenderize offers TenderSwap, a DEX built for its own staked tokens, so holders can swap out for liquid assets right away at the cost of a small fee.

The ecosystem also includes a lending side, where staked positions can serve as collateral for borrowing stablecoins and lenders can supply stablecoins. Tenderize frames this design as protecting against the centralization that traditional liquid staking can cause, by keeping stake spread across many validators.

7 features

Key features

Validator-specific vaults

Each validator on a network can have its own permissionless liquid staking vault and ERC20 token, so you keep control over which validator you back.

Liquid Delegation tokens

Liquid Delegations are liquid staked tokens minted at 1:1 against your stake with a chosen validator, for users who want control over risk and diversification.

Multi-validator Tender Tokens

Tender Tokens automatically stake across a diverse set of high-performing validators curated by the protocol, spreading risk without manual choices.

TenderSwap instant exits

A purpose-built DEX for Tenderize's liquid staked tokens that lets holders swap into liquid assets instantly for a small fee.

Borrow against stake

The homepage describes using staked positions as collateral to borrow stablecoins, with lenders able to supply stablecoins to borrowers.

Decentralization focus

The protocol states it aims for liquid staking without compromising a decentralized validator set, avoiding the centralizing pull of traditional liquid staking.

Multiple staking networks

The homepage lists Sei, Livepeer, The Graph, Polygon and Hyperliquid, covering networks that are less served by large liquid staking providers.

Pros and cons

What we like

Per-validator tokens let users choose and keep exposure to a specific validator rather than a pooled set.
No lockups on staked positions, and TenderSwap offers an instant exit for a small fee.
Option to spread stake automatically across curated validators with Tender Tokens.
Staked positions can be used as collateral to borrow stablecoins.
Covers networks such as Sei, Livepeer, The Graph and Polygon, which have fewer liquid staking options.
DefiLlama lists two audits and the code is public on GitHub.

Watch out for

TVL is small, at roughly $272,000, so liquidity and community scrutiny are limited compared with large liquid staking protocols.
Instant exits through TenderSwap cost a fee, and the size of that fee is not published on the homepage.
Validator-specific tokens add smart-contract risk on top of the underlying chain's staking and slashing risk.
The WAGYU token's details sit in separate documentation, and DefiLlama lists no token for the protocol.
Audit count is listed as two, but the auditors and reports are not named.
Displayed APYs, such as the high figure for Livepeer, are variable and can change quickly.

Tenderize V2 fees

Tenderize does not publish a full fee schedule on its homepage. The one cost it mentions is a small fee on TenderSwap when you instantly unstake instead of waiting through the normal unbonding period.

Other costs, such as any protocol fee on staking rewards, borrowing rates and network gas on Ethereum, Arbitrum or other chains, are not stated. Users should check the documentation and the app before depositing.

Is Tenderize V2 safe?

DefiLlama lists two audits for Tenderize V2, but the auditors, dates and findings are not named. The code is published on GitHub. Users should still treat any liquid staking contract as carrying smart-contract risk, plus the slashing and validator risk of the underlying network.

Tenderize does not publish team names or regulatory status on its homepage; the footer names Tenderize Labs Ltd. With a TVL of about $272,000, the protocol is small, so liquidity on TenderSwap may be thin during stress and borrowing markets may be shallow. Do not stake more than you can afford to lose.

7 steps

How to get started with Tenderize V2

1
Read the documentation and the explainer to understand how Liquid Delegation and Tender Tokens differ.
2
Check that the network you want, such as Sei, Polygon, The Graph or Livepeer, is supported and note its current APY.
3
Open the app and connect a compatible wallet holding the network's staking asset.
4
Choose a specific validator for a Liquid Delegation, or a Tender Token for automatic multi-validator spread.
5
Stake and receive the liquid staked token in your wallet.
6
Decide whether to hold it, use it as collateral to borrow stablecoins, or swap it on TenderSwap, noting the exit fee.
7
Start with a small amount until you are comfortable with the unbonding and swap process.

Open Tenderize V2

Who Tenderize V2 is for

Tenderize V2 is for stakers who care which validators they support, such as users of Livepeer, The Graph, Polygon or Sei, and want their stake to stay liquid for DeFi use. It also fits institutions and power users who manage validator diversification themselves. It is less suited to people who want the deepest liquidity or the most established brand.

Tenderize V2 FAQs

What is Tenderize V2?

Tenderize is a liquid staking protocol branded as Liquid Staking 2.0. Users stake to validators on supported networks and receive liquid staked tokens that can be swapped, used as collateral or held in DeFi, rather than waiting through lockups.

Which networks does Tenderize support?

The homepage lists Sei, Livepeer (LPT), The Graph (GRT) and Polygon (MATIC), with Hyperliquid (HYPE) shown with an October 2025 date. DefiLlama tracks the protocol's value on Ethereum and Arbitrum.

What is the difference between Liquid Delegation and Tender Tokens?

A Liquid Delegation is a liquid staked token tied to one validator, minted at a 1:1 ratio against your stake. A Tender Token instead spreads stake across a set of validators that the protocol curates, so risk is diversified automatically.

How do I exit a position without waiting for unbonding?

TenderSwap is an application-specific DEX that gives holders of Tenderize's liquid staked tokens instant liquidity. You pay a small fee to swap the staked position for liquid assets instead of waiting through the unbonding period. The exact fee is not stated on the homepage.

What yields does Tenderize show?

The homepage shows APY figures per network, for example 4.60% for Sei, 5.5% for Polygon, 14.5% for The Graph and 65% for Livepeer. These are variable rates shown at a point in time, not guarantees.

Has Tenderize been audited?

DefiLlama lists two audits for the protocol, but the auditors and reports are not named in the material available. Check the documentation for audit reports and remember that audits do not remove smart-contract risk.

Does Tenderize have a token?

The homepage names WAGYU as the value accrual and governance token of the Tenderize ecosystem and points to separate documentation for details. DefiLlama lists no token for the protocol.

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