• bemo launches its first liquid staking protocol on TON blockchain in partnership with DWF Labs.
• Users can start staking as low as 1 TON and receive staked TON (stTON).
• bemo plans to reach $100 million in Total Value Locked (TVL) by the end of 2021.
bemo Launches Liquid Staking Protocol on TON Blockchain
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 Open Network (TON) blockchain. This follows a partnership between bemo and DWF Labs, a leading digital assets market maker and top Web3 investment firm.
How Liquid Staking Works
TON holders can earn passively from their tokens when they deposit them on bemo. In return they receive staked TON (stTON) that can be transferred or traded or put to work in the DeFi ecosystem. The minimum required stake is significantly lower than other platforms—only 1 TON is needed to start!
DWF Labs Stakes First Toncoin
DWF Labs becomes the first liquidity provider to stake Toncoins (TON) tokens on the TON network, per the announcement from bemo team shared with CoinJournal. This demonstrates both teams‘ commitment towards developing the TON ecosystem and its massive investment potential.
Growing Liquid Staking Environment
Liquid staking services are gaining more investor interest as DeFi expands, competing with Lido (stETH), Coinbase Wrapped Staked Ether (CBETH), Rocket Pool (rETH). Each platform accounts for over $1 billion worth of staked coins.
Growth Plans for 2021
bemo is looking to attract more institutional investors and private clients this year, aiming to reach $100 million in Total Value Locked by December 2021.