bemo V1 Review 2026: Liquid Staking on TON

bemo V1 is a liquid staking protocol on the TON blockchain. It describes itself as the first liquid staking platform on TON, and DefiLlama lists it under liquid staking since July 2023.

The pitch is simple. Stake TON, hold a receipt token that keeps earning, and use that token in DeFi instead of waiting through unstaking cool-downs. The homepage advertises a 5% staking APY and a 1 token minimum, versus 10,000 for traditional staking.

It is small, with about $1.6 million in TVL and a 7-day decline of 4.8%. It also has a v2 successor, described in April 2025 as an upgrade over V1's fixed gas limit. The project has no token listed on DefiLlama.

You deposit TON into the protocol, which pools deposits and delegates them to validators on the TON blockchain. In return you get a liquid staking token that represents your share of the pool. Rewards accrue to that token, so its value or balance grows over time instead of being paid out separately.

Because the receipt is a normal token, you can move it without unstaking. The homepage suggests supplying it to decentralized exchange pools or lending it out to earn additional returns. Those returns come from third-party protocols and are not part of bemo itself.

To get your original TON back, you submit a withdrawal request, which redeems the receipt against the pool. You can also sell the receipt on the market, which is faster but depends on liquidity. Public reporting describes V1's gas limit as fixed, which led to high operating costs. The v2 upgrade is described as addressing this.

The homepage does not state a protocol fee, such as a share of staking rewards taken by bemo, or any deposit or withdrawal charge. Check the docs and the staking interface for the current numbers before depositing.

Expect ordinary TON network gas on every transaction. If you trade the receipt token on a DEX, you will also pay that venue's swap fees and may face slippage, which matters more in a small market.

The homepage shows two audit-completed badges with links to reports. DefiLlama lists no audits, and the auditors, scope and findings are not named in its homepage, so read the linked reports yourself. Audits reduce but do not remove smart-contract risk.

Liquid staking adds layered risk. The staking contracts, the validators receiving delegated stake and any DEX or lending protocol where you place the receipt can each fail. The receipt can also trade below the value of the TON it represents when liquidity is thin. The team, custody arrangements and any regulatory position are not published on the homepage.

bemo V1 is for TON holders who want to earn staking rewards without locking their tokens, and who are comfortable with smart-contract risk and a small protocol. It is less suited to anyone who needs deep liquidity or fully documented fees, and newcomers should confirm whether v2 is the better entry point.