ShMonad Review 2026: Liquid Staking on Monad With MEV

ShMonad is a liquid staking protocol built on Monad. Users stake MON and receive shMON, which the project says keeps earning staking and MEV rewards while it is committed to programmable policies. The homepage calls it the first holistic liquid staking token on Monad.

DefiLlama lists it under Liquid Staking on the Monad chain, with roughly $6.1M in TVL, two audits and a listing date of 25 November 2025. TVL dropped about 21% over the past seven days in that data. The project is linked to the 0xFastLane account on X.

The interface goes beyond a basic stake and unstake screen. It lists Isolated Staking Vaults, FastLane RPC, a Points programme and an hMON entry, but public sources give no explanations of those, so this review does not describe how they work.

You deposit MON, the native token of Monad, and receive shMON in return. The MON is staked to help secure the network, and shMON represents your claim on it plus the rewards it earns. Because shMON is a token you hold, you can keep using it while the underlying MON stays staked.

The protocol's distinguishing idea is commitment. According to the project description, shMON can be committed to programmable policies, so the same token backs the network and also supports other dApps. The homepage describes users being able to stake, commit, unbond and manage shMON through smart contracts directly on-chain.

Rewards come from staking plus MEV, which is value captured from transaction ordering. The project does not explain how MEV revenue is gathered or split, so check the documentation for that.

Fees are not published publicly reviewed. That covers any protocol fee on staking rewards, MEV reward sharing, and unstaking costs.

Check the Stake page, the Docs and the Analytics section on the official site for current rates before depositing. You will also pay Monad network gas fees on each transaction.

DefiLlama lists two audits, but the auditors, dates and findings are not public, so verify them in the project documentation. ShMonad runs through smart contracts, so you carry smart-contract risk, and committing shMON to programmable policies may add exposure beyond plain staking.

The protocol launched in late 2025 and has a short history. Liquid staking tokens can also trade away from the value of the underlying MON during stress, and a 21% weekly TVL drop shows that deposits can leave quickly. Nothing mentions incidents or regulatory status. Only stake what you can afford to lose and use the official site.

ShMonad is for Monad users who want to stake MON without giving up liquidity and who are interested in MEV rewards and committing their stake to other apps. It is less suited to people who want a long-established protocol, or who prefer a plain staking product without extra layers.