Rebasing versus value-accruing
A rebasing token increases your balance over time while staying near a one-to-one price with the underlying. A value-accruing token keeps your balance fixed while the token itself becomes worth progressively more than the underlying.
The economics are equivalent; the integration behaviour is not. Many protocols cannot handle rebasing balances, which is why wrapped value-accruing versions exist.
Why the market price can drift
The token should trade close to the value of the staked position plus rewards. When withdrawals are slow or confidence drops, it can trade below — a discount that reflects liquidity and trust rather than the underlying being impaired.
That discount is a real risk if you need to exit immediately, and a real opportunity if you do not.
Risks that are additional, not replacements
Validator slashing reduces the underlying. A bug in the staking contract can affect the whole position. Governance decisions change parameters. And using the token as collateral stacks lending liquidation risk on top of all of it.
Each layer is small on its own; the combination is what deserves attention.
Using them sensibly
Understand whether your token rebases before integrating it anywhere. Check withdrawal mechanics and typical queue times. If you use it as collateral, remember that a discount event moves your health factor without the underlying asset moving at all.
FBT Swap supports swapping major liquid staking tokens on the networks where they have liquidity, with the price impact shown for your size.