Liquid Restaking Token (LRT)
A derivative token representing a share in a restaked asset. The holder keeps earning the underlying restaking yield while the LRT itself stays usable in DeFi as collateral, liquidity or a swap asset.
Aliases: LRT, liquid restaking, lst restake token
A Liquid Restaking Token (LRT) tokenises a position in restaking. When a user restakes a liquid staking token (for example stTON) into an additional security service, they receive an LRT in return — it tracks the balance and yield of the restaked position.
Why an LRT exists
- Double yield. Base validator yield plus the restaking fee from the secured service.
- Composability. The LRT can be used in DeFi — as collateral in lending, as a leg in an LP pool — without unwinding the restake.
- Liquidity. LRTs trade on DEXes, unlike locked restakes that may require an unbonding period.
Context on TON
As of early 2026 TON’s restaking infrastructure is in an early phase. Experiments include:
- Using stTON / hTON as a base for DeFi protocol restaking.
- A “shared security” concept analogous to EigenLayer on Ethereum.
The TON LRT segment is small compared with Ethereum but is growing, particularly around the EVAA and Tonco lending protocols.
Risks
- Slashing cascade. If the underlying validator is slashed, LRT holders lose proportionally — see validator-slashing.
- Stacked risk surface. A bug in the restaking contract or the receiving protocol drains capital.
- Liquidity dependence. Under stress an LRT can trade below NAV.