SINGAPORE – Oct. 29, 2024 – mETH Protocol, a major player in the Ether staking space, has announced two pivotal additions to its ecosystem: the liquid restaking token (LRT) $cmETH and a governance token, $COOK. These innovations aim to give crypto enthusiasts more opportunities for yield generation and decentralized decision-making within the Mantle Ecosystem.
mETH Protocol: The Powerhouse of ETH Staking
mETH Protocol, one of the most widely adopted liquid staking platforms, has made substantial strides since its late 2023 debut. Today, it manages over 500,000 ETH, securing its rank as the fourth largest liquid staking protocol (LSP). Backed by Mantle Treasury with assets worth $2.8 billion, mETH Protocol has carved a unique niche by prioritizing composability, meaning it plays well with other applications within Mantle’s ecosystem.
Introducing $cmETH: More Than Just a Staking Token
With the newly launched $cmETH, mETH Protocol is offering users a deeper layer of yield potential. $cmETH is a liquid restaking token designed to give users the freedom to amplify their staking yields through restaking strategies, alongside other high-yield opportunities within Mantle’s Layer 2 (L2) applications. $cmETH offers flexibility in staking and restaking, granting access to various yield sources, such as:
- Rewards from Ethereum’s Proof of Stake (PoS)
- Returns from diverse restaking platforms
- $COOK rewards and partner incentives
- Yield from Layer 2 applications
- Active validation service (AVS) returns (coming soon)
As Jordi Alexander, Mantle’s Chief Alchemist, states, “The rise of restaking in crypto has brought challenges for some projects due to limited integration capabilities. $cmETH tackles this head-on, designed with high composability in mind, to offer users multiple ways to optimize yields across Mantle’s ecosystem.”
$COOK: Power to the People
Accompanying $cmETH, mETH Protocol’s $COOK governance token opens the door to decentralized governance. This token, issued at a Token Generation Event (TGE) on Oct. 29, empowers its holders to influence key protocol decisions, including future developments for both $mETH and $cmETH. Community involvement is at the heart of $COOK’s purpose, with 60% of its total supply allocated to various community initiatives.
This release marks a new era for mETH Protocol, driving both staking innovation and user-driven governance in the Ethereum ecosystem. Both $cmETH and $COOK are now available on select decentralized exchanges (DEXs) and will soon be listed on leading centralized exchanges (CEXs), including Bybit and MEXC.
With these additions, mETH Protocol is setting the stage for a more sustainable, user-driven DeFi experience that seeks to maximize yield opportunities and decentralize governance.