ETH Layer 2 Mantle has rebranded its liquid staking protocol to mETH, introducing $cmETH and $COOK. Since its launch, more than 500K ETH have been staked.
Eth Layer 2 Mantle has rebranded its liquid staking protocol from Mantle LSP to mETH Protocol.
This is in response to the protocol’s enhanced market position, which has been supported by the adoption of MIP-30 and the increased use of the $mETH token, a liquid staking asset for Ethereum.
ETH Layer 2 Mantle renames the Liquid Staking Protocol
As stated in the announcement, the rebranding initiative is designed to align the protocol’s brand with its current and prospective service offerings. The fourth largest ETH liquid staking token in the market, mETH has been staked for over 500,000 ETH since its introduction in November 2023.
The adoption of MIP-30, a governance proposal, was a pivotal moment that resulted in the mETH Protocol being renamed within the Eth Layer 2 network Mantle.
The mETH Protocol will now include a variety of staking and restaking products, leveraging the success of $mETH. The rebranding is anticipated to enhance the protocol’s visibility, particularly among Ethereum and DeFi audiences, as it expands within the Ethereum Layer 2 ecosystem.
New Products Compliant with mETH Protocol
Two new assets have been introduced under the mETH Protocol as a result of the passage of MIP-30: $cmETH and $COOK. An evolved variant of $mETH, $cmETH is a liquid restaking token that is intended to provide a greater number of yield possibilities. It is a new addition to the ecosystem. This encompasses the anticipated returns from forthcoming AVS protocols and yields from L1 restaking protocols such as Eigenlayer.
Additionally, $COOK has been implemented as the governance token for the mETH Protocol. Additionally, it will be instrumental in regulating the protocol’s navigation and the potential products that may be created. As per the report, the central governance layer for all future staking and restaking in the Ethereum Layer 2 mETH Protocol ecosystem will be $COOK.
As per the report, the $COOK Token Generation Event (TGE) will occur in mid-October 2024, after the conclusion of the current season of the “Metamorphosis” protocol. The $mETH holders will have the opportunity to acquire $COOK tokens and prepare for future staking by utilising $cmETH during this event.
Mantle’s Expansion Beyond Ethereum
In addition to its solutions, ETH Layer 2 Mantle has recently introduced FBTC, a Bitcoin-backed asset, to integrate Bitcoin into the DeFi ecosystem.
FBTC is a 1:1 fiat currency Bitcoin-backed asset that enables Bitcoin holders to participate in liquidity provision, staking, and financing across various blockchain networks. This is consistent with Mantle’s overarching objective to broaden its product line and accelerate the adoption of Bitcoin in the DeFi sector.
FBTC, developed with the assistance of Ignition, resolves the liquidity fragmentation issue in the Bitcoin finance sector, referred to as BTCFi. Due to liquidity consolidation across various chains, FBTC users can now access DeFi services previously exclusively available to Ethereum-based assets.
