# Overview

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At its core, a liquid staking protocol needs three key components: a mechanism to mint tokenized version of staked assets, a liquid market to trade these tokenized assets, and a mechanism to collateralize the tokenized assets.
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In Tenderize V2, these core components are:

* **TenderVault -** Liquid staking vault that accepts user deposits, staking them to a the validator chosen by the user, minting and burning tTokens.
* **TenderSwap** - A decentralized exchange featuring shared, fractional liquidity which can be accessed by any TenderToken holder.
* **BeefBank** - A borrowing facility to deposit tTokens as collaterl to mint SteaksDollar, a stablecoin pegged to the US dollar. 

Additional components include:

* **TenderTokens (tTokens)** - Elastic supply ERC-20 tokens which represent staked assets and earned rewards 1:1. Price is pegged to the underlying, unstaked asset. 
* **Productive Treasury** - Protocol revenue is directed to the on-chain treasury, once there, it is compounded by providing liquidity on TenderSwap.