mETH Protocol operates as a permissionless, non-custodial ETH liquid staking protocol deployed on Ethereum L1 and governed by Mantle. The protocol's core component is Mantle Staked Ether (mETH), functioning as a value-accumulating receipt token. ^[1][3]

Overview

mETH Protocol is a permissionless and non-custodial ETH liquid staking protocol on Ethereum L1, governed by Mantle. It adopts a straightforward design alongside robust risk management strategies, leveraging Mantle Ecosystem resources to enhance yield potential. Mantle Staked Ether ($mETH) serves as the token representing staked ETH, facilitating ETH pooling among stakers. Stakers receive $mETH tokens reflecting their staked ETH and accumulated rewards, usable in other applications. Upon unstaking, stakers retrieve their staked ETH alongside rewards like issuance, priority fees, and maximal extractible value (MEV) distributed among stakers, LSP, and node operators. ^[1][2]

The protocol aims to offer a rewarding mETH experience by exploring yield opportunities in Mantle L2 DeFi applications, core technology partnerships, and centralized exchanges. It prioritizes sustaining the highest core yield through MEV exploration and Treasury yield sharing. mETH Protocol adheres to Ethereum Shanghai Upgrade principles, emphasizing the ETH: mETH process integrity on L1 without complexities from other PoS tokens or chains. Robust risk management ensures staked ETH security through non-custodial smart contracts and off-chain services, with validation tasks performed by Tier 1 Node Operators. ^[1][2] Mantle states that the ETH to mETH exchange rate is deterministically calculated, thus mitigating the impact of stake size on slippage. Furthermore, mETH is available for trade on various exchanges, with its pricing governed by market dynamics.^[3] YOUTUBE@VID

Genesis

Mantle detailed that the genesis of the mETH Protocol began with a proposal in a Mantle forum on July 14, 2023. Following the acceptance of the Mantle Governance Proposal MIP-25, the staking of Mantle Treasury ETH was sanctioned, leading to the phased deployment of the mETH Protocol. This process culminated in the protocol’s full operational launch on Dec. 4, 2023, transitioning it into a Permissionless Mode. ^[3]

Methamorphosis

Methamorphosis is an ongoing campaign by mETH Protocol designed to transition users from $mETH to $cmETH through phased incentive seasons. Each season rewards user engagement and restaking activity with “Powder” points, which can be exchanged for the governance token $COOK.

Season 1 introduced Powder accrual for $mETH holders over 100 days, encouraging early participation and positioning users for future restaking upgrades. Season 2, which began on October 30, 2024, extended the campaign for 110 days and focuses on $cmETH adoption. For the first 30 days, both $mETH and $cmETH are rewarded, after which only $cmETH is incentivized. Powder accrual varies by wallet holdings and eligible DeFi activities on Mantle L2, with L1 positions excluded. ^{[4] [5]}

Season 3, launched after a significant increase in $cmETH supply during Season 2, emphasizes cross-chain expansion and ecosystem integration. Running for 180 days until September 22, 2025, it includes new partnerships such as HyperEVM and introduces broader reward streams, including staking yields, restaking rewards, and protocol-based incentives. Users can earn additional Powder through a referral program. All $cmETH positions across supported chains are eligible, and specific integration with Pendle allows cmETH LP and YT holders to accrue enhanced Powder and Restaking Shares based on vePendle-weighted calculations. A fixed yield vault is also available for those preferring simplified, stable returns without engaging in restaking or rewards accrual. ^[6]

mETH

mETH is a receipt token issued for staking ETH. It represents both the principal and accrued staking rewards and can be redeemed accordingly. The token reflects the risk and reward profile of Ethereum’s Proof-of-Stake validation process.

Deployed on Ethereum Layer 1 and governed by Mantle, mETH is integrated across various DeFi applications within the Mantle Layer 2 ecosystem. It allows users to engage in yield-generating activities such as decentralized trading, liquidity provision, and lending protocols. Its design supports composability, enabling broader utility within Mantle’s infrastructure while offering a way to earn sustainable returns on staked ETH. ^{[1] [7]}

COOK

$COOK is the governance token of mETH Protocol. $COOK holders will participate in protocol governance, with a total supply of 5 billion tokens set for initial distribution. It has the following allocation: ^[8]

• Community: 60%
• Mantle Treasury: 30%
• Core Contributor Team: 10% YOUTUBE@VID

cmETH

cmETH is a receipt token issued at a 1:1 ratio for mETH restaking positions across multiple platforms, including EigenLayer, Symbiotic, Karak, and related Actively Validated Services. It represents a share of the underlying restaked assets, with rewards accumulating in various third-party tokens that users can claim at intervals.

As a unified receipt token, cmETH simplifies exposure to multiple restaking opportunities, offering users a single asset that reflects the combined risk and reward of a diversified restaking portfolio.

cmETH also supports omnichain functionality using the LayerZero OFT Standard, enabling quick and slippage-free transfers across chains within minutes. ^[1]

Partnerships

• StakeFish
• A41
• BlockDaemon
• Eigenlayer
• Symbiotic
• Karak
• Hexens
• Secure3
• MixBytes
• Verilog
• QuantStamp
• Blocksec
• Veda
• IntoTheBlock