TON Liquid Staking: Core Projects, Mechanisms & Yield

We approach the topic from both technical and ecosystem perspectives, systematically outlining the core projects and operating mechanisms of liquid staking in the TON network. This helps readers understand how the sector can generate yield while maintaining asset liquidity, and analyzes its potential impact on TON decentralization and capital activity. For the latest deployment strategies, keep reading.

Decoding the TON Ecosystem LSD Track: Analysis of Representative Liquid‑Staking Projects

The TON ecosystem LSD track refers to projects on the TON network that provide liquid staking, allowing users to earn staking rewards while keeping their assets liquid through a tokenized representation.

The TON ecosystem experienced rapid growth in 2024, with total value locked (TVL) continuously climbing. The liquid‑staking segment posted one of the highest growth rates. Liquid staking lets users earn returns on staked crypto assets without sacrificing liquidity; the derivative tokens can be traded, lent, or used in other DeFi operations.

The Potential of Liquid Staking on the TON Network

On TON, users convert staked TON into a liquid‑staking token, which lets them participate in network governance and security while retaining the ability to deploy those tokens across the DeFi ecosystem at any time. This mechanism not only enhances the network’s decentralization but also attracts additional capital, bolstering TON’s security and vitality.

According to DeFiLlama, the total TVL of TON’s liquid‑staking segment is US $303 million. If the Ton Whales project is included, the TVL rises to US $408 million (Ton Whales TVL equals US $105 million).

Tonscan data shows a network‑wide total stake of 646 million TON. Using the article’s reference price of US $5.5 per Toncoin, the liquid‑staking TVL represents roughly 11.5 % of the overall staked amount—still relatively low compared with other major blockchains.

Today, Bitaigen’s editor has compiled five representative projects: Tonstakers, Bemo, Stakee, Ton Whales, and Hipo, and provides an in‑depth analysis of their strengths and risks.

Detailed Review of TON Liquid‑Staking Projects

1. Tonstakers (tsTON)

• Product positioning: A non‑custodial liquid‑staking protocol on the TON network, with a minimum stake of 1 TON, no lock‑up period, and on‑demand deposit/withdrawal.
• Security audit: Passed CertiK audit with a score of 94.5/100; code is open‑source and publicly reviewable.
• Asset size: TVL reaches US $197 million, a ~511 % increase in 2024, with 69,358 stakers and an APY of 4.1 %.

Operating mechanism: Users deposit TON into a staking pool; Tonstakers delegates the funds to partnered validators. Block rewards earned by validators flow back into the pool, and users can redeem at any time, receiving additional TON. The tsTON token represents each user’s share of the pool and can be freely used in other DeFi protocols.

Key features

• Integrated with TON‑ecosystem DEXs, offering one‑click tsTON LP yields.
• Supports staking of newly launched tokens.

Risk‑mitigation measures

• Selects validators with solid operational histories to reduce slash risk.
• Utilizes a liquid‑staking design that forces validators to return both staked tokens and rewards even in slash events.

2. Bemo (stTON)

• Partnership background: Launched jointly by DWF Labs and Bemo as a non‑custodial liquid‑staking protocol.
• Minimum stake: 0.1 TON.
• Fee structure: 20 % of staking rewards are taken as fees—10 % goes to validators, the remaining 10 % funds platform maintenance and development.
• Asset size: TVL stands at US $71.01 million, a ~280 % rise in 2024, with a current APY of 4.21 %.

Core workflow

1. Users deposit TON via Bemo’s “Stake” function.
2. The system mints an equivalent amount of stTON at the prevailing stTON/TON rate, representing the user’s pool share.
3. Staked TON is allocated to validator nodes; network rewards, after fee deduction, are injected directly back into the pool, increasing the intrinsic value of stTON.

Withdrawal mechanism: Users trigger an “Unstake” request, which initiates a 48‑hour cooling period. After the period, the request is settled at the current exchange rate, returning TON.

Token characteristics: stTON’s price appreciates as staking rewards accrue while its supply remains fixed. It is fully backed by the staking pool and does not rely on external oracles, eliminating de‑pegging risk.

Additional yields

• Offers DEX LP pool returns; a web‑API interface lets users preview potential earnings before committing.

Innovative incentives

• stXP is Bemo’s staking‑experience token earned by holding, minting, providing liquidity, or borrowing.
• In Q4 2024, stXP will convert into the platform’s native $BMO token, with conversion ratios proportional to stXP holdings.
• 20 % of the total $BMO supply will be allocated to stXP holders, unlocking 10 %/15 %/20 % of rewards as the platform TVL reaches 10 m / 30 m / 50 m TON respectively.

Conversion conditions

• Accumulate stXP for 12 months, or
• Bemo’s TVL reaches 50 million TON (current TVL is 12.79 million TON).

Once criteria are met, stXP converts to $BMO within 12 months or sooner, with reward proportions drawn from the overall stXP pool.

3. Stakee (STAKED)

• Platform overview: A liquid‑staking platform built on TON Foundation smart contracts, operated primarily through a Telegram Bot for high convenience.
• Asset size: TVL of US $32.24 million, a ~593 % increase in 2024, with a current APY of 3.48 %.

User flow

1. Connect a TON wallet and input the desired stake amount.
2. After confirming the transaction, the system mints an equivalent amount of STAKED tokens.
3. Staking rewards accrue on‑chain, gradually increasing the value of STAKED.

Risk warnings

• Official documentation does not clarify how TON is delegated to validators, and no third‑party security audit is publicly available.
• STAKED tokens lack listed pairs on major TON DEXs or price aggregators, so actual liquidity remains to be demonstrated.

4. Ton Whales (wsTON)

• Ecosystem positioning: Offers an all‑in‑one suite of blockchain tools and services, including Whales Stake, the Tonhub mobile wallet, a blockchain explorer, and The Whales Club membership.
• Membership model: Holding one of the limited 10,000 Whales Club NFTs (current floor price ≈ 37 TON) grants access to exclusive staking pools, private chat rooms, and future perks.

Staking service

• Minimum stake of 50 TON.
• TVL of US $105 million, with APY ranging from 3.33 % to 4.22 %.
• Staked tokens are locked for 34 hours, during which they are delegated to validator nodes that generate rewards.

Security guarantees

• Contracts are developed by the TON Foundation team and have undergone multiple audits.
• A bug‑bounty program incentivizes the community to discover and remediate vulnerabilities.

Operational risk

• Using custodial wallets (e.g., exchange wallets or Telegram wallets) for staking deposits is discouraged, as the contract cannot return funds in such cases—this is the only known risk.

5. Hipo (hTON)

• Platform traits: An open‑source, decentralized liquid‑staking platform where the minimum stake is 1 TON and governance is driven jointly by the community.
• Asset size: TVL of US $3.32 million, a modest ~22 % growth in 2024, with a current APY of 4.07 %.

Token mechanics

• After staking, users receive an equal amount of hTON, representing their share of the pool.
• hTON’s price rises with reward distribution. For example, staking 10 TON yields 10 hTON; if rewards increase the pool value by 20 %, each hTON becomes worth 1.2 TON, so the holder’s 10 hTON is equivalent to 12 TON.

Validator selection

• Employs a permissionless validator model where validators submit their expected return on investment (ROI) to bid for delegation. Hipo automatically selects the highest‑ROI validator, aiming to maximize staker returns.

Liquidity solution

• Users may unlock staked TON at any time, choosing a cooling period before withdrawal, or trade hTON instantly on DEXs such as DeDust and STON.fi.

Governance token: HPO is slated to be the platform’s governance token; it has not yet launched.

Statistics panel: The Hipo Stats dashboard publicly displays hTON price, TVL, holder count, APY, and other key metrics, helping users make informed decisions.

Project Comparison and Industry Outlook

Key Takeaways

• Tonstakers leads the liquid‑staking track with a polished user experience and comprehensive security audit.
• Bemo distinguishes itself through layered incentives, notably the stXP‑to‑$BMO conversion that can generate extra yield.
• Stakee leverages a Telegram mini‑app to quickly gather users, yet its limited disclosure and lack of audit warrant caution.
• Ton Whales blends NFT‑based membership with staking services, offering strong community ties, but users should avoid staking from custodial wallets.
• Hipo introduces innovative validator‑bidding and community governance, though its overall size remains modest.

Compared with mature Ethereum liquid‑staking solutions such as Lido or Rocket Pool, TON’s liquid‑staking sector is still in its infancy. The limited number of competitors creates a relatively open environment for early participants and the potential for higher returns. As capital inflows increase, the user base expands, and governance mechanisms mature, TON liquid staking is poised for significant growth.

*Note: Cryptocurrency staking rewards may be taxable in your local jurisdiction; consult a tax professional for guidance.*

*For U.S. residents seeking fiat on‑ramps, regulated platforms such as Binance.US, as well as SEPA/SWIFT‑compatible services, should be used.*

This concludes Bitaigen’s (比特根) curated analysis of the TON ecosystem LSD track representative projects. Feel free to read on and follow future updates!

Related Reading

• Liquid Staking Evolution: Security, Risks & Multi‑Chain Future
• Telegram TON Mini‑Games Decline: Saturation & User Loss
• Telegram Founder Arrested – TON Ecosystem Value Still Holds

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