MonadLiquid staking tokens on Monad: shMON, aprMON, gMON and sMON
2026-10-11 · 7 min read
Liquid staking tokens are wrapped staked MON. Compare the main LSTs on Monad, how they accrue value, and how to use them in DeFi.
What liquid staking tokens are
When you stake MON natively, it is locked and illiquid. Liquid staking protocols stake MON for you and give you a receipt token that represents your staked position plus accruing rewards. That receipt token is a kind of wrapped asset: it wraps a staked position into a tradable token.
On Monad, the main liquid staking tokens include shMON (FastLane), aprMON (aPriori), gMON (Magma) and sMON (Kintsu).
How LSTs grow in value
Most Monad LSTs are reward-bearing: the token's value in MON terms rises over time as staking rewards accrue. You don't receive more tokens; each token becomes redeemable for more MON. Some protocols also capture MEV rewards, which can boost returns.
This means simply holding an LST earns staking yield, while the token stays usable across DeFi.
Using LSTs in Monad DeFi
LSTs can be traded on DEXs, supplied to lending markets, used as collateral, or paired in liquidity pools. This lets you stack yields: staking rewards plus lending interest or trading fees on the same capital.
Looping (using an LST as collateral to borrow MON, staking again) amplifies yield but also amplifies risk. Understand liquidation thresholds before trying it.
LST risks
Smart contract risk: a bug in the staking protocol can lose funds. Slashing or validator underperformance can reduce rewards. Depeg risk: in a panic, an LST can trade below its backing value on DEXs even if the underlying stake is fine. Unstaking queues can delay exits.
Diversifying across more than one LST reduces protocol-specific risk.
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