mETH Protocol (Mantle Restaking)

mETH Protocol (Mantle Restaking)

What is mETH Protocol?

The mETH Protocol, formerly known as Mantle LSP, is a permissionless and vertically integrated platform designed for both ETH liquid staking and liquid restaking. Its core objective is to offer users a streamlined way to participate in Ethereum's staking and restaking ecosystems, unlocking liquidity and amplifying rewards.

Core Components and Functionality:

The mETH Protocol primarily revolves around two key tokens: mETH and cmETH.
  1. mETH: The Liquid Staking Token
      • Value Accumulation: mETH serves as a value-accumulating receipt token for ETH staking. This means that as the underlying staked ETH accrues rewards, the value of mETH relative to ETH increases.
      • Redeemability: Holders of mETH can redeem it for their original staked ETH principal along with all accumulated ETH rewards. This provides liquidity for staked assets that would otherwise be locked.
  1. cmETH: The Liquid Restaking Token (LRT)
      • 1:1 Receipt Token: cmETH is a 1:1 receipt token specifically for mETH restaking. This means that for every mETH restaked, a corresponding amount of cmETH is minted.
      • Vertically Integrated Restaking: cmETH enables restaking across a diverse portfolio of leading restaking protocols and their associated Actively Validated Services (AVSs). This includes prominent platforms such as:
        • EigenLayer
        • Symbiotic
        • Karak
      • Multi-Party Reward Accumulation: When users restake mETH to receive cmETH, the underlying assets are deployed to secure these various AVSs. Rewards accrue from these different third-party protocols and AVSs. Users can claim these diverse rewards periodically.
      • Cross-Chain Bridging: cmETH leverages the LayerZero OFT (Omnichain Fungible Token) Standard. This integration facilitates fast and efficient bridging of cmETH between different blockchain networks, further enhancing its liquidity and utility across the broader DeFi landscape.

Focus on Restaking with cmETH:

The mETH Protocol's restaking mechanism via cmETH is a significant feature, allowing users to earn augmented yields beyond basic ETH staking.
  • Amplified Yield Potential: By restaking mETH into cmETH, users effectively utilize their staked ETH to provide security for multiple protocols (AVSs) simultaneously. This "re-use" of staked capital allows for the accumulation of multiple layers of rewards:
    • ETH staking rewards (inherent in mETH's value accumulation).
    • Additional restaking rewards from EigenLayer, Symbiotic, Karak, and other AVSs that benefit from the security provided by the restaked mETH.
  • Diversified Risk-Reward Profiles: The protocol allows users to select their desired risk-reward profile by choosing to hold either mETH (for liquid staking) or cmETH (for liquid restaking with amplified, albeit potentially more complex, rewards).
  • Liquidity and Composability: Despite being actively restaked, the underlying assets remain liquid through cmETH. This means cmETH can be integrated into various other DeFi protocols, enabling users to further leverage their restaked positions for additional yield generation (e.g., lending, borrowing, providing liquidity). The LayerZero OFT standard further boosts this composability across chains.
In essence, the mETH Protocol provides a comprehensive solution for Ethereum stakers looking to maximize their capital efficiency and explore higher yield opportunities through liquid restaking, all while maintaining accessibility and liquidity via its mETH and cmETH tokens.

Overview of mETH Protocol’s Restaking/Liquid Restaking Token —
cmETH
cmETH

cmETH is a 1:1 receipt token for mETH restaking across a portfolio of positions, including EigenLayer, Symbiotic, Karak and associated Actively Validated Services. Rewards will accrue in multiple third-party assets, which users can claim periodically.

Integrated LRTfi Projects, AVSs and Operators on mETH Protocol

mETH Protocol Resources