In today's gradually maturing Ethereum ecosystem, staking mechanisms have become an important means for users to acquire returns. The mETH Protocol not only occupies a place in the liquid staking (LSD) market but also promotes innovation and development in the re-staking (LRT) market by introducing the new cmETH product.
As a product based on innovative design, cmETH provides users with multiple return opportunities while demonstrating strong expansion potential, becoming a new growth point in the LRT market.
At the same time as cmETH was launched, the mETH Protocol also launched the COOK Feast event, which will run from November 21, 2024, to February 16, 2025. By locking $COOK at https://meth.mantle.xyz/feast, users will be able to share in the reward of 200 $cmETH.
The event not only heated up the popularity of cmETH but also empowered the $COOK token to bring more returns to its holders. Participating in the COOK Feast event has also become one of the best ways to obtain $cmETH assets.
Firmly positioned in the first tier of the LSD track and venturing into the LRT market, the mETH Protocol is ambitious.
The mETH Protocol is a non-permissioned liquid staking protocol that went live in August last year, allowing users to perform liquid staking of ETH assets in the mETH Protocol to obtain mETH assets while earning returns through mETH assets and maintaining asset liquidity, enabling them to transfer, sell, or use it for other DeFi opportunities at any time.
As another flagship product that the Mantle ecosystem has poured all its resources into after the Layer2 network, the mETH Protocol quickly achieved a breakthrough in the LSD market, becoming the fourth largest ETH LSD ecosystem after Lido, Binance Staked ETH, and Rocket Pool. Currently, even without early yield subsidies, the TVL of the mETH Protocol remains at $1.633 billion, and the amount of ETH staked through mETH is still around 479,000.
Meanwhile, the mETH Protocol has built a very extensive ecosystem during its development process, having been integrated into 38 different platforms or protocols across multiple categories, including major platforms or protocols like Bybit, Uniswap, StarGate, EigenLayer, and Symbiotic. This not only lays the foundation for greater acceptance and yield utility of the $mETH asset in the DeFi field but also paves the way for the continuous expansion of the mETH Protocol ecosystem.
After firmly securing its leading position in the LSD track, the mETH Protocol once again ventured into the LRT market and launched cmETH. $mETH holders can re-stake in the mETH Protocol to obtain $cmETH, which allows $cmETH holders to earn a series of returns from base staking rewards, points from various re-staking (airdrop expectations), and re-staking AVS returns, among others. The launch of the cmETH product further highlights the ambition of the mETH Protocol to build a leading Ethereum staking ecosystem.
cmETH: Another unicorn in the LRT market?
In fact, since its recent launch, cmETH has been viewed positively by many parties.
Backed by a strong Mantle ecosystem.
cmETH belongs to the mETH Protocol system, backed by a strong Mantle ecosystem and resources. The ETH staking amount of the mETH Protocol has reached 479,000 (peaking at 500,000), making it a leading ETH staking pool. Therefore, theoretically, all $mETH holders will be potential users of cmETH, especially under the driving force of the vast Mantle ecosystem, which makes growth easier to achieve. Compared to other LRT protocols, cmETH was born with a golden key.
Innovative product design.
The cmETH product itself has advantages in terms of innovation, usability, profitability, and security compared to other LRT products. Therefore, in the current context of overall sluggish growth in the LRT market, cmETH is more likely to stand out among a series of LRT products.
Enhancing composability helps users obtain multiple returns.
The core advantage of the cmETH product lies in its 'coverage of more return opportunities.' Unlike most LRTs in the market that adopt a 'one-to-one' format, cmETH's 'one-to-many' design allows users to cover multiple re-staking protocols such as EigenLayer, Symbiotic, Karak, Zircuit, etc., through a single LRT. This innovation greatly reduces user confusion when selecting different LRTs and avoids the liquidity fragmentation issues caused by too many LRTs. Users only need to hold cmETH to enjoy a series of returns, including
ETH staking returns.
Re-staking protocol returns (diverse re-staking options including Eigenlayer, Symbiotic, Karak, etc.).
AVS returns.
COOK token returns (mETH Protocol governance token).
Other partner returns.
dApp and protocol integration.
So from the user's perspective, cmETH is also becoming the best way for users to capture returns from the LRT market.
Multi-dimensional scalability of CeFi and DeFi drives adoption.
Similarly, whether on the CeFi side or the DeFi side, cmETH has demonstrated excellent convenience.
As part of the Mantle ecosystem, cmETH has already received deep support from the exchange Bybit. On Bybit, users can directly stake mETH through the platform and earn on-chain points, and mETH can also be used as collateral. This provides a solid foundation for cmETH's integration in CeFi, allowing users to flexibly switch between CeFi and DeFi while enjoying cross-platform convenience.
The 'usability' of cmETH in DeFi also provides it with strong expansion potential. By adopting LayerZero's OFT standard, cmETH enables users to achieve seamless cross-chain bridging without slippage in minutes, quickly connecting to different DeFi protocols. Based on the successful integration cases of mETH in multiple ecosystems, cmETH is also expected to join emerging Layer1 ecosystems such as Berachain and Fuel in the future, further enhancing its activity and user coverage in the DeFi market.
In addition, the security of cmETH is also one of its major highlights. The mETH Protocol behind cmETH has demonstrated its reliable code security through stable operation over the past year, and recently added audit reports from Blocksec and Quantstamp, further enhancing its security and user trust.
Overall, cmETH itself has an excellent foundation, backed by a large and diverse user base and funding at the early stage of the protocol's market entry.
Internally, with its multi-layered return opportunities, convenient integration of CeFi and DeFi, and security, it demonstrates strong competitiveness and broad potential in the market. At the same time, it is reshaping the LRT market. Data shows that the total supply of LRT assets has started to grow weakly since June this year, especially after some airdrops, even showing negative growth. However, cmETH is expected to awaken the LRT market and open a second growth point.
Earn COOK using the mETH Protocol and stake to obtain cmETH, with multiple returns ensuring the long-term value of COOK.
The COOK token is the governance token of the mETH Protocol and is a core component of the Mantle ecosystem.
According to official documents, the total supply of COOK tokens is 5 billion, of which 10% will be allocated to the core contributor team, with a lock-up period of 1 year and released linearly over three years; 30% will belong to the Mantle Treasury; 10% will be allocated to private investors; the remaining 50% will be distributed to the mETH protocol community. COOK token holders can not only participate in the governance of the mETH Protocol ecosystem but also influence the future direction of the protocol through voting and other means.
In the recent Methamorphosis event, the mETH Protocol, in collaboration with 23 partners including EigenLayer, Symbiotic, Karak, and Zircuit, launched a series of interactive tasks. Users who hold mETH and complete tasks can earn Power rewards, which will eventually be converted into COOK tokens, becoming an important source of returns for holders. Additionally, the COOK Feast event also provides users with more opportunities to obtain COOK tokens. By staking COOK at https://meth.mantle.xyz/feast, users will be able to share $cmETH rewards!
The multiple incentive mechanisms and broad allocation plans of the COOK token not only provide rich return opportunities for users of the mETH protocol in the short term but also lay a solid foundation for long-term value growth. As the mETH Protocol ecosystem continues to expand, the governance and value of the COOK token will continue to enhance, becoming an asset that cannot be ignored in the DeFi and LRT markets.
In conclusion.
Through its innovative cmETH product, the mETH Protocol has not only solidified its leading position in the LSD track but also successfully ventured into the LRT market, capturing new market dividends. With multiple return opportunities, strong cross-platform integration capabilities, and continuously enhanced security, cmETH has become the best entry point for capturing re-staking market returns. Meanwhile, the COOK token provides users with opportunities to participate in protocol governance and obtain long-term value, promoting ecological construction of the protocol and bringing considerable returns to holders.
With the continuous expansion of the mETH Protocol ecosystem, the combined empowerment of cmETH and COOK will further promote the development of the LRT market. For investors and users, capturing this opportunity is undoubtedly an excellent way to enter the new era of the DeFi ecosystem. In the future, whether the mETH Protocol can continue to lead this industry revolution remains to be seen.
