Bybit Web3 Simplifies DeFi with New Tonstakers Staking Integration

Bybit integrates Tonstakers into its Web3 Wallet, offering TON staking, $tsTON rewards, and DeFi opportunities with user-friendly experience.

Cryptocurrency exchange Bybit has integrated Tonstakers into its Web3 Wallet, offering users the ability to stake TON and earn $tsTON rewards.

The integration marks the first step in Bybit Web3's TON staking offerings, and is part of its wider goal to offer decentralized finance (DeFi) opportunities to users.

Bybit Web3 Wallet users can now stake Toncoin ($TON) and receive another token, $tsTON, which represents a staked Toncoin. Every 26 hours, the $tsTON value increases in relation to $TON, allowing users to be rewarded and contribute to the growth of the TON ecosystem.

The integration also enables the 130 million users within the TON ecosystem to access TON staking options via the Bybit Web3 Wallet.

Bybit aims to simplify the path to DeFi adoption through a user-friendly staking experience. It has partnered with Tonstakers to enable Bybit users to earn annual returns of between 3% and 5% APY, which are automatically compounded.

Bybit Web3 Simplifies DeFi with New Tonstakers Staking Integration

With a total value locked (TVL) of over $260 million, Tonstakers is the first of Bybit Web3's TON staking partners and boasts a large market share in the liquid-staked TON market. Users of the Bybit Web3 Wallet can easily stake $TON and earn $tsTON rewards, which can then be used in various DeFi applications across the TON ecosystem.

Moreover, Bybit users who hold $tsTON can also provide liquidity to participate in Tonstakers Earn, offering further earning possibilities for those engaged in DeFi.

Emily Bao, Head of Bybit Web3, commented on the integration: "Bybit Web3 is excited to build on this connection with the TON blockchain. We are about building bridges between Web2 and Web3 to offer simple, easy-to-use DeFi solutions to a much larger audience."

The integration is expected to benefit the TON ecosystem by enabling its growth and attracting more users into the world of DeFi. Continuing to evolve, Bybit Web3 is set to develop new methods to make decentralized finance more accessible.