Bybit, a leading cryptocurrency exchange, has expanded its Web3 Wallet capabilities by integrating Tonstakers, the prominent liquid staking protocol on the TON blockchain.
This integration marks Bybit's initial foray into TON staking offerings, aligning with its mission to broaden decentralized finance (DeFi) accessibility.
The integration enables Bybit Web3 Wallet users to stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the TON ecosystem's growt.
This feature opens up TON staking opportunities to potentially 130 million users within the TON ecosystem. Bybit aims to simplify DeFi adoption through a user-friendly staking experience3. Through the Tonstakers partnership, Bybit users can earn annual returns between 3% and 5%, with automatic compounding support.
Expanding DeFi Opportunities
Tonstakers, with a total value locked (TVL) exceeding $260 million, is a significant player in the liquid-staked TON market. Bybit Web3 Wallet users can now easily stake $TON, earn $tsTON rewards, and utilize these tokens across various DeFi applications within the TON ecosystem.
Additionally, Bybit users holding $tsTON can provide liquidity to participate in Tonstakers Earn, further expanding their DeFi earning potential.
Emily Bao, Head of Bybit Web3, expressed enthusiasm about the integration, stating:
"As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience".
This integration is expected to contribute significantly to the growth and success of the TON ecosystem, as Bybit continues to develop innovative ways to make decentralized finance more accessible to a broader audience.