What is TON Staking?
TON is the native token of The Open Network, a blockchain network that uses the Proof of Stake (PoS) consensus algorithm. The security and stability of the TON blockchain is maintained by a set of network validators. In particular, validators propose candidates for new blocks (made up of transaction batches), while other validators validate and approve them in return for staking rewards.
What is Tonstakers?
Tonstakers is a liquid staking protocol on TON Network which enables users to generate yield rewards. To receive rewards on Tonstakers:
Users deposit TON tokens and receive a liquid staking receipt token in return.
The liquid staking protocol will lend TON to validators that stake TON and receive staking rewards in the process.
The value of the liquid staking receipt token will reflect any staking rewards generated over time.
Crypto.com offers a pass-through service directly to Tonstakers, a third party liquid staking protocol which Crypto.com has no control over. Please read through the materials below carefully and ensure you are aware of the risks and terms and conditions which may apply to you before participating in TON staking via Tonstakers. These include any fees which may be charged by Tonstakers.
How Do I Participate in TON Staking on the Crypto.com Exchange?
The Crypto.com Exchange offers a pass-through service, making it easier for you to participate in Tonstakers and receive TON rewards.
First, you must be eligible for TON staking and have sufficient TON tokens in your Wallet. Once confirmed, follow these steps to stake your TON via Tonstakers:
Go to the Staking page and select TON
Input the staking amount
Read the risk disclaimer, these FAQs and Crypto.com Exchange Staking Terms & Conditions. When you’re ready, click the Confirm button.
IMPORTANT: Please read through the section below on “Risks of TON Staking and Tonstakers” and do your own due diligence on TON and Tonstakers before participating in TON staking.
Learn more about Tonstakers here.
Who Can Participate in TON Staking via Tonstakers?
Crypto.com Exchange users from the following locations and all sanctioned nations are prohibited from participating in TON staking.
Country | Country Code |
American Samoa | AS/ASM |
Australia | AU/AUS |
Canada | CA/CAN |
Guam | GU/GUM |
Hong Kong | HK/HKG |
Kazakhstan | KZ /KAZ |
Malta | MT/MLT |
Marshall Islands | MH/MHL |
Minor Outlying Islands | UMI |
Northern Mariana Islands | MP/MNP |
Singapore | SG/SGP |
Papua New Guinea | PG/PNG |
Puerto Rico | PR/PRI |
Seychelles | SC/SYC |
South Korea | KR/KOR |
Thailand | TH/THA |
United States | US/USA |
US Virgin Islands | VI/VIR |
*Crypto.com reserves the sole discretion to amend or update this list at any time.
What rewards can I get from TON Staking?
Unlike other tokens, Crypto.com provides TON Staking via a liquid staking service offered by Tonstakers. When you send an instruction to stake TON via Tonstakers, you will be given a receipt token based on the prevailing conversion rate (of TON to receipt token) on the Tonstakers protocol, the value of which is expected to increase over time to reflect staking rewards received by Tonstakers and held in Tonstakers liquid staking protocol.
When you send an instruction to unstake TON, you will redeem the receipt token for TON based on the prevailing conversion rate (of receipt token to TON) on the Tonstakers protocol, and receive TON in your Wallet. The conversion rate of the receipt token to TON is determined solely by the Tonstakers protocol and may increase or decrease, subject to the protocol and risk factors set out below .
Crypto.com charges a weekly service fee on your staked TON balance for providing this pass-through service. Please see the FAQ section below for more information.
What Are the Fees Charged on the Crypto.com Exchange?
A service fee of 0.01% will be deducted weekly on Mondays from the total balance of your staked TON using this pass-through service.
What Are the Risks of TON Staking via Tonstakers?
By participating in TON Staking with the pass-through service, you will be subject to risks from both TON Staking and Tonstakers. These include:
Slashing: Slashing penalties (fines given to validators) are imposed on validators who misbehave. A portion of the staked TON tokens are deducted from the validator’s total stake. This means that you could potentially lose all your staked TON if there is a slashing event.
Liquidity Risk: Take note of the Activation Period for staking TON. After each validation cycle, your stake remains locked for an additional nine hours for blockchain security.
Technical Risk: Technical risks associated with liquid staking may include smart contract failure, hacks, network critical delays, or exploits. This may result in a loss of data or access to your staked TON.
The risks listed above are non-exhaustive. Please read the TON Documentation here carefully, which applies to all users of TON. Do your own research and due diligence thoroughly before making any decisions to stake your assets.
Learn more about Tonstakers here.