cmETH will provide yield access to users with whitelisted restaking strategies, set to proliferate across Mantle Ecosystem and beyond.
mETH Protocol, formerly known as Mantle Liquid Staking Protocol, and the issuer of Ether liquid staking token (LST), mETH, announced today the arrival of its new product, liquid restaking token (LRT) cmETH.
The cmETH LRT token allows users to take advantage of a number of yield strategies, and access even wider opportunities across Mantle Ecosystem and beyond. Also coming to the fore is mETH Protocol’s governance token, COOK, which gives power to its holders and helps decentralise the protocol.
mETH Protocol is backed by Mantle Treasury, one of the largest on-chain treasuries in the world with $2.8 billion worth of assets and hundreds of millions in stablecoins. The platform currently holds more than 500,000 ETH ($1.333b), and ranks as the 4th largest LSP less than a year after its launch in late 2023, having enjoyed a much higher adoption rate than older LSPs.
The passing of MIP-30, a landmark Mantle Governance improvement proposal, sparked a new growth phase by introducing cmETH, which will enable mETH Protocol to offer users seamless access to restaking opportunities on top of underlying Ethereum proof-of-stake (PoS) yields and more. Users may simply opt-in by converting their ETH or mETH to cmETH.
cmETH offers five initial types of yields to holders:
- Yield from Ethereum PoS validation (provided via the underlying mETH)
- Yield from restaking protocols (e.g., EigenLayer, Symbiotic, Karak, etc.)
- COOK rewards (multiple seasons)
- Other technology partner rewards
- Yield from L2 dApps and protocol integrations
- Yield from Actively Validated Services (AVS), which will be launched soon
What makes cmETH promising is its potential for high composability within Mantle Ecosystem decentralised applications (dApps), unlocking new opportunities for its users.
“With the rise in popularity of restaking and LRTs, we are also witnessing the situation where many market incumbents face challenges due to limited composability, which hinders their adoption and long-term potential,” said Jordi Alexander, Chief Alchemist at Mantle. “To address this, cmETH — like mETH — is designed for high composability within Mantle Ecosystem, allowing users to tap into a variety of yield-generating opportunities via L2 dApps and protocol integrations.”
As part of its next growth phase outlined in MIP-30, mETH Protocol is to include its own governance token, COOK, to help guide future initiatives for both mETH and cmETH products. COOK empowers stakeholders to actively participate in decisions concerning the development and strategic direction of mETH Protocol, and drive the protocol’s decentralisation.
At the Token Generation Event (TGE) on Oct. 29, a total of 5 billion COOK tokens were created. 60% of COOK tokens are allocated to the community, 30% to Mantle Treasury, and 10% to the protocol’s core contributor team. 15.1028% of these tokens will be initially distributed among four ecosystem initiatives. COOK debuts on several centralised exchanges, including Bybit and MEXC.
