Ethereum Layer 2 Mantle Renames Liquid Staking Protocol To mETH

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As a seasoned researcher with a penchant for all things blockchain and DeFi, I find the recent rebranding of Mantle’s liquid staking protocol to mETH Protocol particularly intriguing. With my fingers perpetually dancing over the keyboard during market hours, I have witnessed the meteoric rise of the $mETH token since its launch in November 2023, making it the fourth largest ETH liquid staking token in the market.

The Ethereum Layer 2 network known as Mantle recently renamed its liquid staking system from Mantle Liquid Staking Protocol (LSP) to mETH Protocol.

Based on my personal experience and observations, I’ve noticed a significant shift in the cryptocurrency market over the past few months. The increased use of mETH token, a liquid staking asset for Ethereum, has caught my attention. As someone who has been closely following the crypto market, I can confidently say that this development has added depth and resilience to the protocol’s position in the market.

Ethereum Layer 2 Mantle Renames Liquid Staking Protocol

According to the announcement, the rebranding is aimed at aligning the protocol’s brand with its current and upcoming service offerings. Since mETH was introduced in November 2023, over half a million ETH has been staked for the token, making it the fourth largest Ethereum liquid staking token available.

1/4 Welcome, mETH Protocol.
After the triumph of the $mETH liquid staking token and the approval of MIP-30, the team has chosen to rebrand as the mETH Protocol instead of Mantle LSP.
— Mantle (@0xMantle) August 20, 2024

As per Mantle’s explanation, the acceptance of MIP-30 – a governance proposal – marked a significant shift that ultimately resulted in the rebranding of the protocol to the mETH Protocol within the Ethereum Layer 2 system.

The mETH Protocol will now broaden its scope to include various staking and restaking offerings, leveraging the achievements of $mETH. This rebranding is anticipated to boost visibility, particularly among DeFi and Ethereum communities, as the protocol grows within the Ethereum Layer 2 infrastructure.

New Products Under mETH Protocol

In accordance with MIP-30, two fresh assets have been incorporated into the mETH Protocol: $cmETH and $COOK. The novelty in our ecosystem is $cmETH, an upgraded version of $mETH, which functions as a liquid restaking token to provide additional opportunities for yield. These possibilities encompass yields from L1 restaking mechanisms such as Eigenlayer and projected returns from the upcoming AVS protocols.

As a researcher delving into the mETH Protocol, I’ve come across $COOK – a token that serves as the governing entity within this system. Its role is pivotal, guiding the navigation of the protocol and influencing the development of potential products. According to recent reports, $COOK will be the central governing layer for all staking and restaking activities in the Ethereum Layer 2 mETH Protocol ecosystem.

The report indicates that the COOK Token Generation Event (TGE) is scheduled for mid-October 2024, after the end of the Methamorphosis protocol’s current season. During this event, holders of mETH can acquire COOK tokens and ready themselves for future staking by utilizing cmETH.

Mantle’s Expansion Beyond Ethereum

As a researcher delving into the intricacies of blockchain technology, I’m excited to share that Mantle, beyond its Ethereum Layer 2 innovations, has recently unveiled FBTC – a digital asset pegged to Bitcoin. This strategic move aims to seamlessly integrate Bitcoin into the Decentralized Finance (DeFi) landscape.

FBTC is a 1:1 fiat currency Bitcoin-backed asset that allows Bitcoin holders to engage in lending, staking, and liquidity provision across different blockchain networks. This is in line with Mantle’s overall strategy to diversify its offerings and increase the adoption of Bitcoin in the DeFi space.

Through the aid of Ignition, FBTC has been designed to address the issue of liquidity division within the Bitcoin financial realm, referred to as BTCFi. By unifying liquidity across multiple blockchains, users of FBTC can now access Decentralized Finance (DeFi) services that were previously limited to Ethereum-based assets.

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2024-08-20 20:06