bemo, DWF Labs launch first liquid staking protocol on TON

• bemo says DWF Labs will be the first liquidity provider to stake TON.
• TON holders will deposit TON on bemo and receive staked TON (stTON).
• Users can start staking with as low as 1 TON.

bemo, one of the leading decentralised finance (DeFi) platforms and liquid staking provider, has announced the launch of the first ever liquid staking protocol on the The Open Network (TON) blockchain.

The launch follows a partnership between the DeFi platform and DWF Labs, a leading digital assets market maker and top Web3 investment firm.

TON liquid staking- how it works

According to details on the bemo website, TON holders can earn passively from their tokens when they deposit TON on bemo. In return, they receive staked TON (stTON) that can be transferred or traded or put to work in the DeFi ecosystem.

Users can start staking with as low as 1 TON, which is significantly lower compared to the widely required minimum stake of 10,000 TONs on other platforms.

DWF Labs becomes first LP to stake TON

According to the two companies, the liquid staking will happen via bemo, and confirms the growing popularity of liquid staking services amid rising investor interest in DeFi. DWF Labs becomes the first liquidity provider to stake the Toncoin (TON) tokens on the TON network, the announcement stated.

Per details the bemo team shared with CoinJournal, the partnership with DWF Labs demonstrates both the commitment the teams have towards developing the TON ecosystem and the massive investment potential TON offers.

As part of its growth plans, bemo is eyeing more institutional investors and private clients. It aims to reach $100 million in TVL by the end of the year. 

Major rivals in the growing liquid staking environment are Lido (stETH), Coinbase Wrapped Staked Ether (CBETH) and Rocket Pool (rETH). The platforms each account for more than $1 billion worth of staked coins.