stTON / wstTON

stTON and wstTON are two formats of the same liquid staking token issued by the bemo pool. Both represent a share of a TON staking position, but they expose accrued yield differently. The pair is the classic “rebase / wrapped” pattern, familiar from stETH / wstETH on Ethereum.

Where they come from

bemo accepts Toncoin deposits, pools them, and stakes them with TON validators. The user receives a receipt token — stTON. As the pool earns rewards, that yield has to surface in the holders’ position somehow. Two models are possible:

• Rebase. The number of stTON in the user’s wallet grows over time. The exchange rate to TON stays roughly 1:1, and the user sees the balance tick up.
• Non-rebase / wrapped. The token amount is fixed, but the price of one token in TON drifts upward. After a year, 1 wstTON might be worth 1.04 TON.

bemo offers both formats: stTON is the rebasing variant, wstTON is a wrapped form of the same stake that gains value through price rather than balance.

Why two formats

Rebase is convenient for end users — deposit TON, watch the balance grow. But it composes poorly with most DeFi primitives:

• In AMM pools, rebasing breaks the curve invariant. The pool keeps receiving extra tokens out of nowhere, and the math gets confused.
• In lending protocols, a rebasing balance distorts collateral accounting.
• In perpetuals and orderbooks, an asset whose user-side balance changes without action is hard to quote.

wstTON solves these problems. It is a regular jetton with a fixed supply, easy to LP, lend against, or list. wstTON is essentially stTON repackaged through a standard jetton interface. The bridge between the two is a plain wrap / unwrap operation inside bemo.

Mint and redeem

• Mint stTON. The user sends TON to bemo’s deposit contract. The contract credits stTON at the pool’s current rate. Instant.
• Wrap stTON into wstTON. Optional step for users who want to take the position into DeFi. A wrapper contract accepts stTON and returns wstTON using the current stTON-to-TON rate.
• Unwrap wstTON into stTON. The symmetric operation, restores the rebasing form.
• Redeem. To pull TON back out, the user returns stTON to the bemo pool. The pool processes the request in the next staking cycle, with the usual unstaking delay; alternatively, the user can swap stTON or wstTON for TON via DEX liquidity for an instant exit.

DeFi usage

Typical patterns:

• wstTON / TON LP pools on STON.fi and other AMMs. The LP earns staking yield plus swap fees.
• Collateral in lending protocols — wstTON is accepted as a yield-bearing TON proxy.
• Yield-bearing wallet position. Holding stTON in a wallet is the simplest passive setup.

Risks

• Smart-contract risk. Bugs in the pool or wrapper contracts can lose funds. bemo has audits, but audits are not insurance.
• Validator risk. If the pool’s validators are slashed, the stTON-to-TON rate drops. wstTON inherits the same exposure.
• Secondary-market depeg. In stress scenarios, the market price of wstTON on a DEX can drift below the on-chain redemption rate. Direct redeem via bemo usually still works at the fair rate but requires waiting through a cycle.

stTON and wstTON are a textbook rebase-plus-wrapped pair in TON; wstTON is the right format for almost any DeFi flow, while stTON works fine for passive holding.