- Bemo has launched the first liquid staking protocol on the TON blockchain in collaboration with DWF Labs.
- The launch demonstrates a commitment to the development of the TON ecosystem, as it intends to reach USD 100 million in TVL by the end of the year.
- TON holders will receive staked TON (stTON) after depositing TON on Bemo. Users can begin staking with as little as 1 TON.
Bemo, a leading DeFi platform and liquid staking provider, has launched the first liquid staking protocol on the Open Network (TON) blockchain.
The DeFi platform and DWF Labs, a leading digital asset market maker and top Web3 investment firm, collaborated on the launch.
How does TON liquid staking work?
According to the Bemo website, Bemo liquid staking allows TON token holders to earn passive income through rewards while maintaining complete control over their funds. In addition, the stTON tokens received in exchange for staked TON allow users to earn staking yield while maintaining asset control and the ability to increase yield with DeFi applications.
This allows the staked TON (stTON) received to be transferred, traded, or used in the DeFi ecosystem.
Users can begin staking with as little as one TON, significantly less than the commonly required minimum stake of 10,000 TONs on other platforms.
DWF Labs becomes the first LP to stake TON
Bemo noted that as the DeFi ecosystem expands, investor interest in liquid staking services is increasing.
According to the details shared by the bemo team with CoinJournal, the partnership with DWF Labs demonstrates both the teams’ commitment to developing the TON ecosystem and the massive investment potential that TON offers.
Bemo is seeking more institutional investors and private clients as part of its expansion plans. By the end of the year, it hopes to have reached $100 million in TVL.
Lido (stETH), Coinbase Wrapped Staked Ether (CBETH), and Rocket Pool (rETH) are significant competitors in the expanding liquid staking environment. Each platform has more than a billion dollars in staked coins.
According to the announcement, DWF Labs is the first liquidity provider to stake Toncoin (TON) tokens on the TON network.