Best DeFi strategies on TON in 2026: risk-adjusted

TL;DR. TON DeFi offers four core strategy classes: passive staking (~4–5% net APY, low risk), LP farming on STON.fi/DeDust (volatile 10–50%+ APY, medium-high risk via IL and contracts), lending on EVAA (5–12% APY, medium risk), and leverage strategies (loop staking, liquidity-leveraged farming — potentially 15–25% net, high risk). There is no “best strategy” — only the best for your risk tolerance, capital size, and horizon. This piece is a map, not financial advice.

Strategy map by risk

Strategy	Headline APY	Realistic risk-adjusted	Main risk
Staking via Tonstakers/bemo	4–5%	4–5%	Smart contract, slashing
Whales Pool (classic)	3.5–4.2%	3.5–4.2%	Slashing
LP TON-USDT on STON.fi	8–20% (with farm)	5–10% after IL	Impermanent loss + SC
LP TON-jetton on STON.fi	20–80%	-5 to +20%	IL can outweigh APR
LP stTON-TON on DeDust (stable)	4–8%	4–7%	SC, near-zero IL
Lending USDT on EVAA	6–12%	6–12%	SC, oracle, borrower
Loop staking (stTON → USDT → TON → stTON)	10–15%	10–14%	SC, liquidation, oracle
Storm Trade leverage	n/a	n/a (speculation)	Full margin loss
DAOlama lending	5–10%	5–9%	Default → you get NFT

Strategy 1: passive staking

The most basic and easy to understand. TON → pool (Tonstakers, bemo, Hipo, or Whales Pool) → automatic accrual. Deep dive in the staking comparison.

When staking is your strategy:

HODL horizon of 6+ months.
You do not want to actively monitor.
You want to offset TON inflation (~0.6% annual emission) and capture a small premium.

What you do not get:

Double-digit APY.
Real protection against a TON price drop in dollar terms.

Strategy 2: LP farming on a DEX

Provide liquidity into a TON-USDT or TON-jetton pool, earn fees + (optionally) STON or DUST farming tokens. Already an active strategy — needs monitoring.

Volatile pairs (TON-USDT, TON-NOT etc.)

Profit = trading fees + farming incentives − IL.

STON.fi TON-USDT pair in May 2026:

Pool base fee: ~12% APR from volume.
STON farming: +8–20% APR (volatile).
Marketing total APR: 20–32%.
Realistic IL at ±30% TON move per quarter: -2 to -4%.
Net effective: ~15–25% APY under average volatility.

Stable pairs (USDT-USDC, stTON-TON)

DeDust stable pool, 0.04% fee by design.

Base APR: 4–8% from trading fees.
Farming usually absent or minimal.
IL: near zero while peg holds.
Net: 4–7% APY, very low IL risk, smart-contract risk still present.

!
Impermanent loss — actual money

IL is not “theoretical”. Put $1000 into TON-USDT at TON=$5, TON goes to $10, your LP ends at ~$1414, while just holding would have yielded $1500. The $86 difference is IL. A marketing APR of 30% does not mean +30% in dollars — it is +30% on the LP token, which itself may be smaller than the hold strategy.

Deep dive: yield farming on TON.

Strategy 3: lending on EVAA Protocol

EVAA is the largest TON lending protocol (Aave/Compound shape). Deposit USDT/TON/stTON, earn interest from borrowers. Or borrow against your own crypto collateral.

Base case “supply USDT, earn interest”:

APY 6–12% depending on pool utilisation.
No IL.
Withdraw any time (if pool has liquidity).

Borrow case:

Deposit TON or stTON as collateral.
Borrow USDT at conservative LTV (typically 30–50%).
Deploy USDT into another strategy.
Repay to release collateral.

Deep dive: EVAA Protocol.

Strategy 4: loop staking (advanced)

A loop is a leverage strategy with minimal volatility exposure.

Stake 100 TON → 100 stTON.
Deposit stTON to EVAA as collateral.
Borrow 50 USDT against it (LTV 50%).
Swap 50 USDT for TON on STON.fi (~30 TON at price).
Stake 30 TON → 30 stTON.
Optionally repeat at smaller leverage.

Net effect: 130 stTON working on 100 TON of capital. ~7–10% net annualised (after the USDT borrow rate).

Main loop risks:

LTV rises if stTON depreciates → liquidation.
USDT borrow rate on EVAA may rise and eat the staking yield.
Smart-contract risk multiplies by protocol count (Tonstakers + EVAA + STON.fi = three failure points).

!
Loops are not for beginners

If you do not understand LTV, liquidation threshold, and funding rate, a loop will liquidate you in a couple of days during TON volatility. Read the EVAA docs and practise on a tiny amount first.

Strategy 5: NFT lending as a lender

Through DAOlama you can become a lender — fund NFT-loan pools, earn 5–10% APR from borrowers.

Pros:

Steady return higher than a bank deposit.
On default you get the NFT (also a risk).

Cons:

On default you hold an NFT that must be sold — takes time.
Pool liquidity: instant withdrawal not always possible.

Deep dive: DAOlama strategies.

Portfolio allocations: examples

Conservative (>1y horizon, ~$10K):

70% — staking (Tonstakers 50% + bemo 20%).
20% — USDT lending on EVAA.
10% — reserve in cold storage.

Expected return: ~5–6% net APY. Smart-contract risk present but spread across 2 LSTs + lending.

Balanced (~$10K):

40% — staking.
20% — LP stTON-TON stable pool on DeDust.
20% — USDT lending on EVAA.
10% — LP TON-USDT volatile on STON.fi.
10% — reserve.

Expected: ~7–10% net APY. More active management.

Aggressive (~$10K, for experienced users):

30% — staking (Tonstakers, used as collateral downstream).
30% — loop via EVAA.
20% — incentivised LP volatile on STON.fi.
10% — DAOlama as lender.
10% — reserve.

Expected: ~12–18% net APY in ideal conditions. Realistic 8–14% after fees and IL. Non-zero liquidation risk.

Antipatterns (what does not work)

“I’ll buy a token with a 200% APY farm on a new DEX” — usually a trap. APR of 100%+ is funded by an incentive token that dumps at unlock. Net return is typically negative.
“I’ll put everything in one strategy to maximise” — concentration = risk. Splitting across 3+ protocols costs a small fraction of APY and hedges against a single black swan.
“I’ll take x10 leverage on Storm Trade, I just know TON will pump” — that is not a strategy, that is a casino. At x10, a 10% adverse move kills the position.

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DeFi marketing is not financial advice

Lending dashboards, aggregators, LP farms display “potential APY” — that is marketing, not a guarantee. Real return depends on pool utilisation, trading volumes, incentive-token price, and external factors. Cross-check on DeFiLlama for historical numbers before entering.

Pre-launch checklist

Risk profile and horizon defined.
You know how APY is computed for this specific strategy (not just the headline).
You understand which contracts your funds pass through.
You accept smart-contract risk (never deploy more than you can lose).
Capital split across 2–3 protocols.
Exit plan defined in advance.
Tax records kept if your jurisdiction requires them.