Bemo
Bemo bmGRAM: holding versus DeFi use
Bemo issues bmGRAM as a transferable share of its GRAM staking pool on The Open Network (TON). Holding the token in a wallet keeps it directly available to the holder. Compatible decentralized finance (DeFi) applications can put it to additional use through lending or liquidity provision, while a decentralized exchange (DEX) may price bmGRAM differently from Bemo's protocol exchange rate.
Token support and application access
A lending market or liquidity pool must support the exact Bemo token being supplied. Bemo's v2 announcement of April 3, 2025 introduced bmTON as the successor to stTON; the GRAM staking documentation uses bmGRAM. A venue that supports a legacy token does not automatically support bmGRAM.
Access to Bemo's application is subject to its eligibility restrictions. The Terms of Use, last updated May 24, 2024, require users to be at least 18 or the age of majority in their jurisdiction. They exclude the United States, North Korea, Cuba, Iran and Syria, alongside other restricted jurisdictions. They also prohibit use where the service is unlawful or unauthorized and use by or for sanctioned parties.
Holding bmGRAM and using it in DeFi
| Aspect | Holding bmGRAM in a wallet | Using bmGRAM in compatible DeFi |
|---|---|---|
| Staking component | The token represents a share of Bemo's pool, whose exchange rate reflects staking rewards after fees. | The bmGRAM component represents the same pool share; the separate DeFi position has its own terms. |
| Additional income | Wallet holding alone generates no lending income or liquidity-provider trading fees. | Lending returns or a share of DEX trading fees may be available under the application's terms. |
| Access to the token | The holder can transfer the bmGRAM from the wallet. | If bmGRAM is deposited into another contract, recovering it depends on that application's withdrawal rules. |
Both uses retain exposure to Bemo's smart contracts. Lending or liquidity provision also adds dependence on the chosen application's contracts and market conditions.
How the two return sources relate
Validation rewards, after applicable fees, join Bemo's staking pool. This raises the GRAM value represented by each bmGRAM. Lending income or liquidity-provider fees come from a separate activity, so the pool's exchange-rate growth and the DeFi position's additional return are different components.
The number of bmGRAM ultimately recoverable from a DeFi position depends on that position's terms and performance. A higher protocol exchange rate alone therefore does not establish the total return from lending or liquidity provision.
The stXP pre-token campaign has ended. Its historical holding multipliers and DeFi incentives belong to that campaign and should not be counted as an ongoing bmGRAM return.
Protocol value and market price
Bemo calculates a protocol exchange rate for its pool shares. On a DEX, liquidity and market conditions can produce a different GRAM price. A sale of bmGRAM for GRAM transfers the associated staking withdrawal rights to the buyer. Buying existing bmGRAM acquires those rights from its previous holder.
Protocol redemption follows a documented cooldown of 36 to 72 hours, depending on the validation round's phase and duration. Tradability of bmGRAM does not make that redemption immediate or guarantee that a DEX will offer the protocol valuation. Network upgrades can also temporarily disable withdrawals.
A hypothetical quote gap
The DEX quote is 2.49 GRAM below the protocol valuation in this example. All inputs are hypothetical: a balance of 83 bmGRAM, a protocol valuation of 101.26 GRAM for that entire balance and a DEX quote of 98.77 GRAM for the same balance, before transaction costs.
The difference is
101.26 - 98.77 = 2.49
GRAM. The protocol valuation measures the pool claim, while the DEX quote prices its transfer to another holder. Actual sale proceeds depend on execution and costs; protocol redemption remains subject to its cooldown and withdrawal conditions.
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