🔒 Why Do DeFi Protocols Get Hacked?

Every year, users lose hundreds of millions of dollars because crypto projects missed a vulnerability in their code, forgot to update their website, ignored user reports, or due to an incompetent team.

In our new material, we explain:
🟦Why auditing crypto projects is necessary
🟦What auditors check
🟦Why the audience on X (ex-Twitter) is just as important as quality code.

Inside the article, you'll find a guide table for independently checking crypto projects.

🙏Our links:
Community | App | Guide | X (ex-Twitter)

To mine or to stake? Let's do both!

Tonstakers has partnered with DeFi exchange PocketFi. Now our community can stake TON while mining $SWITCH tokens and earn even more rewards 🤑

What’s PocketFi?
1) Over 4.1 million users.
2) Every halving cuts $SWITCH rewards in half.
3) Only a few months left until mining halts.

We’re celebrating this partnership with cool prizes for you all!
🟢 Up to 50 p/h $SWITCH for everyone who completes Tonstakers tasks in the app.
🟢 $500 prize pool to be shared among the 10 most active Tonstakers alliance members.

*Valid until June 27

🙏Our links:
Community | App | Guide | X (ex-Twitter)

🥁 Introducing a massive contest by Bitget Wallet with support from Tonstakers, TON, STON.fi, and Catizen!

Complete all the tasks and share a prize pool of $50,000! 🤑
To participate, you need to:
✅Install Bitget Wallet
✅Complete TON tasks

This event is the first step towards major collaborations with the Bitget team, so make sure to complete all tasks by 30.06 (UTC+8).

🙏Our links:
Community | App | Guide | X (ex-Twitter)

Why can't transactions on TON be free?

In April, TON validators voted to reduce transaction fees by 2.5 times (unlinke in other blockchains, such a reduction is possible in TON).

This raises the question: if fees can be reduced, why not eliminate them entirely? 😑
Unfortunately, that’s not possible because transaction fees serve important functions:

🔵Spam Filter: If transactions were free, hackers could spam the blockchain with billions of transactions. Validators wouldn't be able to process them all, causing the network to freeze.
🔵Computation Cost: The fee increases with the operations amount in transaction, preventing hackers from overloading validators with infinitely long transactions and halting the network.
🔵Deflation Mechanism: TON burns half of the paid transaction fees, reducing the supply of Toncoin and supporting its value growth.

👛 Currently, fees on TON are lower than anywhere else, averaging $0.02 per transaction. While it would be great to send tokens for free, it’s not feasible without fees. Think of them as a small price for decentralization and the benefits that blockchain provides.

BTW, want to benefit from transaction fees?
🤌🏻 Stake TON on Tonstakers to earn a share of TON's transaction fees!

🙏Our links:
Community | App | Guide | X (ex-Twitter)

🎤 Tomorrow we have an AMA session with TonRadar

Don't miss our meeting with Ra from Tonradar (News and Tutorial channel) tomorrow at 19:00 (UTC).

We will talk about our products, DEFI, TON ecosystem and its future, and of course answer your questions.

AMA will be held on TonRadar's X (ex-Twitter) leave your questions there and we will give tsTON to the authors of the best questions!

🙏 Our links:
Community | App | Guide | X (ex-Twitter)

The role of validators on TON

🤔 One of the most popular questions among newcomers is what do validators do and what are they rewarded for? It's actually simple: without validators, the network would not be able to process transactions and provide security.

Firstly, validators store the history of all operations in the form of a chain of blocks with transactions. Thanks to this, transactions are not lost and your wallets are not reset.

Secondly, they validate and execute incoming transactions by creating blocks. Verifications are needed to prevent users from sending tokens that they do not have. Validators receive a respect reward from the network for each block created, and also receive fees attached to transactions within the blocks. That is, when you send and receive transactions, it works thanks to validators.

Third, validators ensure network security. Each validator stakes a minimum of 300,000 TON (more than $2 million). If he tries to cheat the network, he will be fined the amount of his stake.

💻To cheat the network with impunity, for example by creating a million TON out of thin air, a hacker needs to stake more than all other honest validators combined. Now for this, you need to have 533 million TON ($3.6 billion). Therefore, the more tokens are staked, the safer TON is.

If you stake with Tonstakers, you are helping validators make the network safer. How this happens and what your staked TON do — we explained in our previous post.

🙏 Our links:
Community | App | Guide | X (ex-Twitter)

Hot News from Tonstakers!

1️⃣ 500 Million USDt-TON Released Also, USDT on TON network was fully integrated on Binance.

2️⃣ The Gateway, Annual TON Conference, will take place in Dubai on November 1-2, 2024
Tickets are now available.

3️⃣ Five Security Rules by Tonstakers
We remind you to stay smart as scammers are always active.

4️⃣ The Fourth Season of the Open League Has Ended
Impressive results were shown by both newcomers and experienced participants. The fifth season starts on July 10.

Crypto Market This Week:
🔵BTC — $61,159 (-7.67%)
🔵ETH — $3,401(-5.72%)
🔵TON — $7.70 (+6.12%)
🔵tsTON — $7.94 (+6.29%)
🔵NOT - 0.015$ (-2.92%)

More 🔥 - More Good News.

🙏 Our links:
Community | App | Guide | X (ex-Twitter)

Hi Stakers, Meme Contest Announcement!

Create a meme about "TON trends" and post it in our memes lounge. If you have trouble accessing our community please write to our support.

🏆 Prizes:
1️⃣ The best meme will receive 3 tsTON.
2️⃣ Two participants with the most creative memes will receive 1 tsTON each.

Submit your entries by July 5th.

🙏 Our links:
Community | App | Guide | X (ex-Twitter)

Tonstakers June Summary

👤 Now we have more than 70,000 stakers! (+34%)
📈 tsTON is worth $7.99 (+20%)
❤ Total TVL reached 35.4 million TON

🔫TRIPPLED our Telegram channel susbcriber count

⭐ We conducted three co-marketing campaigns with Yescoin, PocketFi, and Bitget Wallet

👤 Launched a banger meme contest

🎙Held an AMA session with Tonradar about DeFi and TON ecosystem future

Monthly highlights:
🟪 Explained who validators are and why they receive rewards.
🟪 Discussed the evolution of PoW blockchains.
🟪 Prepared educational cards on on-chain security.
🟪 Revealed the causes of blockchain protocol hacks and the importance of security audits.
🟪 Explained why transactions can't be completely free (although it would be great 😑).

More announcements already planned, don't miss them!

🙏Our links:
Community | App | Guide | X (ex-Twitter)

📈 Farming and Staking: What’s the difference?

🍑 Open League has brought another DeFi tool into the trend: farming. It is a little similar to staking: users deposit project’s tokens and TON into a liquidity pool on STON.fi or another DEX, receive LP tokens, and locks them in this pool’s farm to receive additional rewards.

☀ Why do projects launch farms?

All projects strive to increase their token pools’ liquidity on DEX so that they can achieve slick trading. Users gladly provide liquidity to active pools and earn trading fees. However, if a more profitable pool appears, users transfer liquidity there.

Farms that provide rewards for locking LP tokens give projects a tool to “lock” liquidity in their pool in exchange for additional rewards.

Open League gives projects incentive to launch high-yield farms so that they increase the popularity of projects and contribute to the growth of TON ecosystem TVL.

Farming is a really good tool for earning money, although it is less predictable compared to staking. Here's what you should know and consider:

1⃣ Rewards are paid in projects’ tokens, not in TON: the price of these tokens may fall and even cause losses.
2⃣ There are impermanent losses in liquidity pools: the balance of tokens in the pool changes, and you may end up withdrawing less TON than you deposited.
3⃣ The amount of rewards in a farm is limited: if some user contributes several million dollars to one farm, he will take all the rewards and leave nothing for ordinary users.

💵 Take advantage of the opportunities that farming provides, but take into account the risks, monitor token prices and farm profitability. And stake, of course!

🙏 Our links:
Community | App | Guide | X (ex-Twitter)

Hey, Stakers! 👋

The last weeks of June were not only hot but incredibly active! ☀️

🟥Winners of the HOLD to Mine Event with PocketFi
Check out the winners here. Congratulations to everyone who will share the $500 prize pool!

All rewards have already been distributed ⬇️.

👏Meme Event Champions
Our meme event was a blast! A big shoutout to our meme masters:

⚡️1st place: @Mkdln
⚡️2nd and 3rd place: @gr1zmer8, @Snegg90

All rewards have been distributed ⬇️.

👁 What’s Next?
Stay tuned! More exciting events and opportunities are coming soon. Follow the social you lobe the best 🔊

🙏 Our links:
Community | App | Guide | X (ex-Twitter)

🔔 Latest News Update from TON

Have you missed the latest news on TON? Don't worry, stakers! We're here to keep you updated:

❤️ Notcoin Explore offers a platform for launching Web3 projects on Telegram to support builders and new projects within the TON ecosystem.

💼 Bitget wallet comes to TON with a $1,000,000 Reward Pool! Check it out here.

🔫 Tonkeeper's new features! Explore new decentralized apps, including gift cards, an NFT marketplace, and more, through the Tonkeeper Browser.

⭐️ Open League Season 5 is here! Massive $1.15M in prizes over the next over the next 4 weeks across various projects.

📍 TON Community: new tickets available for the Gateway Conference in Dubai on November 1-2, 2024.

Give us a thumbs up and follow for more!

🙏 Our links:
Community | App | Guide | X (ex-Twitter)