bemo's Journey from stXP to BMO

bemo is the first liquid staking platform on the TON blockchain, built on the principle that decentralization flourishes when ownership and rewards are shared with the community.

Now, bemo is entering the final chapter of the incentive program. We invite you to join in celebrating the journey. Let’s reflect on the milestones achieved and the challenges overcome, as the launch of the BMO token is being prepared.

The birth of the bemo incentive program

At bemo, we believe in the principle: Participation = Ownership. Ownership of our ecosystem and any kind of reward should be earned, not given – and that’s the ethos behind our incentive program.

With this belief, in October 2023, bemo introduced stXP, a points system that rewards loyal users. Every interaction with stTON, the bemo’s liquid staking token, LST, rewarded users with stXP.

But stXP was never just a “points” program. It symbolized something greater: bemo's commitment to fairly distributing ownership of our future BMO token. And it is also a pre-token.

We decided to allocate a portion of the future BMO tokens to those who earned stXP, i.e., specifically to those who actively contributed to the ecosystem. In other words, every stXP holder is guaranteed a share of the BMO token airdrop when the token launches, and a stake in the future of bemo.

This vision was inspired by the revolutionary ideas outlined by Arthur Hayes in his Points Guard essay: active participation is the true measure of ownership.

A year of milestones

How it started:

We were ready to allocate up to 20% of all BMO tokens for the program, with plans to distribute them upon achieving key TVL (Total Value Locked) milestones. All the terms of our program were always available in documentation, FAQ and medium post.

Users earned stXP through various interactions with stTON, including staking, holding, providing liquidity, using it as collateral, participating in special activities or companies, and making meaningful contributions to the community. Each user could choose a DeFi strategy that worked best for them to maximize their stXP earnings.

To amplify engagement, we ran contests, and special campaigns, and, by March 2024, took a bold step: we tokenized 30% of all stXP, enabling users to trade or exchange their stXP for other tokens. This turned stXP into a preToken, a tokenized asset. It made a bridge from concept to tangible value.

By the summer of 2024, additional 50% of stXP were tokenized and will be followed by the final airdrop soon. Eventually, all stXP will be tokenized and converted into a real digital asset.

In the grand vision of the bemo incentive program, currently 10% of the entire $BMO token supply stands dedicated to those who earned stXP.

The results were impressive: over $100M or 15M TON in Total Value Locked (TVL), 19,000+ active users, and 40,000+ unique wallets. stTON is integrated into the key DeFi platforms on TON. The community continued to grow, demonstrating strong and consistent user engagement.

This journey wasn’t without its challenges that tested the team’s problem-solving abilities and community loyalty. 

The challenges: Heroes behind the scenes

Behind the scenes, the bemo technical team processes huge amounts of data to calculate stXPs and track stTON holdings, transfers, and usage across DEXs. This complex task demands advanced systems and significant effort to ensure real-time accuracy and seamless user engagement.

As TON infrastructure continues to evolve, we faced occasional challenges like network overloads and a problem with data providers that caused delays in stXP accrual. In some cases, users received more or fewer points than planned, and the stXP display on the website experienced intermittent issues beyond our control.

Despite the difficulties, our team worked hard, using multiple data sources to keep the system accurate, even under pressure. 

We’re especially grateful to our community for helping us identify and resolve these discrepancies quickly. Your vigilance and feedback have been invaluable in improving the system and ensuring a smoother, more reliable experience for everyone.

As we approach the final airdrop, an extensive review is underway to guarantee that every user receives the stXP they rightfully earned. Fairness and accuracy are fundamental to us, and we remain committed to a transparent and fair distribution based on stTON activity.

How to calculate your stXP rewards

The rules have not changed since the program started, and rewards were calculated consistently throughout the campaign. 

Staking TON

For staking TON through bemo, users earned 1 stXP for 1 stTON.

Example:

• Staking TON tokens to receive 10 stTON earned 10 stXP.
• Staking TON tokens to receive 50 stTON earned 50 stXP.

Holding stTON

Holding stTON in a wallet earned stXP over time. Users were rewarded additional stXP based on the amount of stTON they held and the duration of holding.

In the baseline scenario, for 1 stTON on the wallet, the user received approximately ~0.2 stXP per day.

Example:

• Holding 100 stTON could earn 130–160 stXP per week.
• Holding 500 stTON earned 650–750 stXP per week.

Long-term holders of 1,000+ stTON for 3+ months enjoyed bonus multipliers, potentially doubling their rewards. The dynamic coefficient system works as follows:

• Volume-Based: Starts at 1.05 for 1,000 stTON and increases to 1.7 for holdings over 1M stTON.
• Time-Based: Holding for 3 months gives 1.1, rising to 1.5 after 9 months.

These multipliers combine, allowing total coefficients to exceed x2.

If you held 1,000 stTON, your stXP balance would grow 1.05x faster, and for a holding period of more than 3 months, the multiplier would increase to 1.10x. Combined, these multipliers would result in a total growth factor of 1.15x.

Providing Liquidity 

Users earned stXP for providing liquidity to stTON/TON, stTON/USDT, and stTON/stXP pairs on DEXs. stXP were accrued with an increased multiplier, similar to the holding mechanism.

To provide liquidity, you needed a pair of tokens: stTON and a second token in equal amounts. We continued to reward stXP for the stTON in the pair and, on top of that, provided additional stXP for the total liquidity you supplied on the DEX. This was effectively equivalent to a 1.5x multiplier for holding.

Example:

If you supplied 50 stTON and 50 TON as liquidity in the stTON/TON pair on the DEX, you earned stXP for the 50 stTON as holding and for the total liquidity provided, i.e., 100 TON (50 TON + 50 stTON). This was the same as holding 150 stTON, effectively applying a 1.5x multiplier.

• Providing liquidity equivalent to 100 stTON could earn 200–220 stXP per week.
• Providing equivalent to 500 stTON earned 900–1,100 stXP per week.

This opportunity was ideal for users with smaller volumes or those seeking shorter-term opportunities, while also rewarding active participants in the DeFi space.

Lending Protocols

Lending protocols let you use stTON as collateral to borrow other tokens. You can simply deposit stTON and earn interest or take it further by borrowing TON, staking it in bemo again, and repeating the process.

When you supply stTON in lending protocols, you continue to earn stXP based on the amount supplied. If you use a leveraged staking strategy, your total stTON position (including newly minted stTON) is also counted, letting you earn even more stXP.

Example:

• If you deposit 100 stTON into the EVAA protocol, you'll earn stXP as if you were holding it normally.
• If you borrow 50 TON, stake it in bemo, and receive additional stTON, we'll calculate and reward stXP on this increased amount.

This approach allows users to implement advanced DeFi strategies to boost their earnings and accumulate more stXP.

Swapping

In the early stages of the incentive program, we rewarded additional stXP for trading stTON on DEXs. However, this feature was soon discontinued due to technical challenges and low user interest.

Companies

We used stXP as rewards across various partner platforms and engaged our users through small contests and AMAs.

Over the past year, we’ve launched over a dozen campaigns in collaboration with partners like Binance Wallet, Bybit Wallet, Gate.io, Galxe, TON Society, and Brobot. We also ran campaigns with our friends at EVAA, DeDust, Utonic, and Tonkeeper as part of the TON Gateway event.

Our goal has always been to create opportunities for active users to earn more stXP through diverse and engaging initiatives.

stXP Finale

From the very start of the program, we’ve consistently rewarded stXP according to unchanging rules. As we previously stated, our main goal is to be fair. It is also unfair to users to receive less or more stXP than they deserve. That’s why we’ve worked tirelessly to calculate rewards accurately and transparently. At the same time, we’ve tried to forgive minor discrepancies and errors, always resolving them in favor of our users.

Soon, we’ll conduct the TGE and distribute 10% of all BMO tokens among all stXP holders. To ensure the process is both fair and clear, we’ve detailed how the program worked, so every user can understand the mechanics and verify that everything was calculated in line with the incentive program’s logic.

What’s next? The road to $BMO

The incentive program is coming to a close. As promised, bemo will distribute BMO tokens to all stXP holders, allowing converting 100% of $stXP into 10% of $BMO supply, as per program rules.

Here’s what’s coming:

• stXP accumulation was stopped.
• The remaining stXP will be tokenized and distributed to users’ wallets soon.
• stXP preTokens will be allowed to be exchanged for BMO tokens, with 10% of the total BMO supply reserved for stXP holders.

Until the BMO launch, users can:

• Buy additional stXP to secure a larger share of BMO.
• Trade stXP preTokens for other assets.

Stay tuned for updates as we prepare to launch BMO and celebrate the community that made it all possible. Thank you for your trust and for staying with bemo along this long journey, which means a world to us.