Is RHEA LST Safe?
Risk Grade: B- (28/100)
RHEA LST is rated as moderate risk — some novel mechanisms, generally well-understood.
Moderate risk — standard liquid staking model with beneficial DEX and lending integration, but smaller scale and merger-related integration risk warrant attention.
RHEA LST is a liquid staking product on the NEAR blockchain from Rhea Finance, which was formed by merging Ref Finance (NEAR's largest DEX) and Burrow Finance (NEAR lending protocol). Users stake NEAR and receive rNEAR, a yield-bearing token that can also be used as collateral in Rhea's integrated lending markets. With $12M TVL, it's a smaller but vertically integrated competitor in the NEAR liquid staking space.
TVL
$16M
Mechanisms
6
Interactions
5
Value Grade
C-
Key Risks for RHEA LST Users
rNEAR has lower secondary market liquidity compared to dominant NEAR LSTs like LiNEAR and Stader, meaning you may face slippage when trying to sell large amounts quickly
The ability to use rNEAR as collateral for borrowing enables leveraged staking — if NEAR price drops sharply, leveraged positions can be liquidated in a cascade
Rhea Finance was formed from a merger of two separate protocols, and the integration of different codebases could introduce unexpected bugs at the interface layer
Top Risk Factors
- •RHEA Finance is the result of a merger between Ref Finance (DEX) and Burrow Finance (lending) — integration complexity from combining two codebases introduces potential for new bugs at the interface layer
- •As a smaller NEAR liquid staking provider ($12M vs Stader's $321M and LiNEAR's $29M), rNEAR has limited secondary market liquidity and DeFi composability compared to dominant NEAR LSTs
- •Epoch-based staking means NEAR is not immediately staked upon deposit, and rewards only begin at the next epoch boundary, creating yield gaps for depositors
Risk Score Breakdown
RHEA LST's highest risk area is Vitality Risk (6/10). Here's how each dimension contributes to the overall 28/100 score:
Read the Full RHEA LST Risk Report
This protocol has 2 collapse scenarios. 1 high-severity interaction risks identified. See the full mechanism classification, interaction matrix, and deep-dive recommendations.
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