bemo, a DeFi platform 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.
bemo and DWF Labs will allow TON holders to deposit their tokens and receive staked TON (stTON). Users can begin staking with as low as 1 TON, which is significantly lower than the widely required minimum stake of 10,000 TONs on other platforms.
The partnership with DWF Labs demonstrates the commitment the teams have towards developing the TON ecosystem and the massive investment potential it offers. bemo is aiming to reach $100 million in TVL by the end of the year and is looking for more institutional investors and private clients.
Liquid staking is gaining popularity due to investor interest in DeFi. Major rivals in the liquid staking space are Lido (stETH), Coinbase Wrapped Staked Ether (CBETH) and Rocket Pool (rETH). These platforms each account for more than $1 billion worth of staked coins.