If you’re familiar with the Ethereum ecosystem, you may have heard of liquid staking solutions like Lido and SSV. However, we’re excited to introduce OpenStake — the first liquid staking protocol on TON (The Open Network).
OpenStake allows users to maintain asset liquidity while enjoying staking returns and participating in DeFi activities. By converting TON into osTON, users can receive a tokenized version of their staked assets that can be traded on various decentralized exchanges (such as MegaTon) and other platforms.
What is Liquid Staking?
Most blockchains, including TON and Ethereum, use PoS as their consensus mechanism, requiring nodes to stake a certain amount of tokens to secure the network and receive incentives. Traditional staking requires users to lock up their assets for a certain period of time, restricting their ability to trade or use those assets elsewhere.
Liquid staking, on the other hand, provides tokenized versions of staked assets that can be traded on various platforms, offering greater flexibility and liquidity. This means that users don’t have to tolerate long unstaking periods and can liquidate their investments at any time.
OpenStake is the first liquid staking project on TON, using a nominator smart contract to collect TON from users and stake them with selected, trustworthy validator nodes to earn rewards. osTON is then issued as a voucher, with 1 osTON always redeemable for 1 TON.
The best part of OpenStake is that osTON is a rebase token, which means it accumulates automatically over time. Our rebase contract distributes staking rewards to all osTON holders automatically, with no additional action required on the user’s part just receiving the passive income.
In summary, OpenStake provides a low-threshold and liquid staking solution to TON users. By allowing users to participate in staking and other DeFi activities while maintaining asset liquidity, OpenStake contributes to the growth and accessibility of the TON ecosystem.
Currently, there are few staking solutions in TON’s ecosystem, most of which use a pool model. Under this model, users have to give up liquidity in exchange for staking rewards, with a certain period required for exiting the token. However, OpenStake is different. Here’s why:
- NO MANAGEMENT TROUBLE. As a user, you can see your osTON in any wallet, with a clean and clear interface. And you transfer your assets to any address you want.
- RECEIVE PASSIVE INCOME. Holding osTON automatically earns staking rewards through token rebase.
- SUPER-FAST EXIT. You can always exchange osTON and TON at a close to 1:1 ratio on DEXs.
- BACKED BY REAL TON. You can audit our smart contract to ensure that there is enough TON in the validator node.
- A GATEWAY TO DEFI AND MULTIPLE INCOMES. Holding osTON not only earns rewards but also enables participation in other DeFi compounds. Stay tuned to our Telegram channel for more details.
In summary, OpenStake provides an easy-to-manage, passive income, and liquid staking solution on TON’s ecosystem, offering faster exits and more versatile applications. With its real TON backing and potential for future DeFi integrations, OpenStake is a great option for users seeking liquidity and growth in TON’s ecosystem.
How to participant in OpenStake?
While this article is published, we would like to mention that OpenStake is still under development. We need more time to complete the development and most importantly, to pass the security audit. However, we plan to make it easy to swap TON for osTON in the future, similar to how users swap two tokens.
During our development phase, we highly recommend that you do three things: follow us on social media, join our community, and spread the word to your friends. We appreciate your support and patience, and we are excited to return with the finished OpenStake product very soon.