Jul 19
Tonstakers: Revolutionizing Staking on the TON Blockchain
This review delves into the intricacies of Tonstakers, exploring its features, benefits, and potential impact on the broader TON network.
Anyone who is not aware that the TON blockchain has been gaining traction in the crypto space might be living under a rock. With a TVL fast approaching $1 billion, TON is one of the world’s fastest-growing blockchains.
Importantly, with this growth comes the need for accessible staking solutions. However, traditional staking often requires substantial technical know-how and significant capital investment, creating barriers for the average user.
Enter Tonstakers, a liquid staking protocol that's making waves in the TON ecosystem. It democratizes access to staking, making it secure and profitable for everyone. This review delves into the intricacies of Tonstakers, exploring its features, benefits, and potential impact on the broader TON network.
What is Tonstakers?
Tonstakers is a liquid staking protocol designed to simplify the staking process on the TON blockchain. At its core, what Tonstakers does is pool users’ tokens, lend them to trusted validators for staking, and then distribute the rewards back to the participants.
This system allows even small-scale TON holders to earn staking rewards without needing to run a validator node or lock up their tokens for extended periods. Plus, with Tonstakers, users can start with as little as 1 TON and maintain access to their staked assets at all times.
By leveraging the collective power of pooled assets, Tonstakers ensures that everyone, regardless of their holdings, can benefit from staking rewards and contribute to the security of the TON Network. So far, Tonstakers boasts over 70,000 stakers and a TVL of about $250 million.
Liquid Staking on Tonstakers
Liquid staking with Tonstakers offers a host of advantages over traditional staking methods. Users can deposit their TON into the Tonstakers pool and receive tsTON tokens in return. These tokens represent their share of the staked assets and can be used in various DeFi protocols to maximize yields.
Unlike regular staking, which locks up tokens for the duration of the validation cycle (around 36 hours), liquid staking allows users to withdraw their assets at any time. This flexibility, combined with the ease of use and lower entry barrier, makes liquid staking an attractive option for both novice and experienced crypto enthusiasts.
The staking process on Tonstakers is straightforward:
- Users deposit TON into the Tonstakers pool.
- They receive tsTON tokens representing their share of the pool.
- Tonstakers distribute the pooled TON to partner validators for staking.
- Rewards accumulate in the pool, increasing the value of tsTON over time.
- Users can unstake at any time by exchanging their tsTON for the corresponding amount of TON plus accrued rewards.
The tsTON Token
The tsTON token is the cornerstone of Tonstakers' liquid staking protocol. When users stake their TON through Tonstakers, they receive tsTON tokens, which represent their share in the staking pool.
These tokens are fungible and can be traded on decentralized exchanges (DEXes) or used in other DeFi applications within the TON ecosystem. This flexibility enhances the overall value proposition of Tonstakers, allowing users to maximize their returns and utilize their assets dynamically.
More so, the value of tsTON increases over time as staking rewards are accumulated, providing users with both liquidity and growing returns on their investment. This is an innovative approach that ensures that stakers remain in control of their assets while benefiting from the rewards generated by the staking process.
Features and Benefits
Tonstakers stands out for several key reasons:
- Accessibility: With a minimum staking requirement of just 1 TON, Tonstakers opens up staking to a broader audience, eliminating the high entry barriers associated with traditional staking.
- Simplicity: Users don't need to understand blockchain infrastructure or run their own nodes. Staking can be done easily through the Tonstakers dApp, Tonkeeper wallet, or even via a Telegram bot.
- Profitability: By receiving tsTON tokens, users can participate in DeFi protocols and earn additional yields on top of their staking rewards.
- Security: Tonstakers employs robust security measures, including open-source smart contracts, a comprehensive audit by CertiK, and a bug bounty program. Users' assets are decentralized and non-custodial, ensuring full control over their funds.
- Flexibility: Users can unstake their assets at any time without waiting for the end of a validation cycle. This liquidity is a significant advantage over traditional staking methods.
Moreover, Tonstakers has designed its protocol to mitigate common risks associated with staking. By distributing staked TON across multiple validators, Tonstakers reduces the risk of slashing and centralization, enhancing the overall stability and security of the staking process.
Team and Partners
Tonstakers boasts a strong network of partnerships and a dedicated team committed to enhancing the TON ecosystem. Collaborations with TON Core Developers, Tonkeeper, TOP Labs, OKX, and Staking Rewards underscore the project's credibility and technical prowess. These partnerships not only bolster Tonstakers' operational capabilities but also ensure a seamless user experience across various platforms and services.
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Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.
