Ethereum Layer 2 Mantle Renames Liquid Staking Protocol To mETH

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Ethereum Layer 2 Mantle Renames Liquid Staking Protocol

Mantle, an Ethereum Layer 2 network, has changed the name of its liquid staking protocol from Mantle LSP to mETH Protocol.

This follows the increased use of $mETH token, a liquid staking asset for Ethereum, and the adoption of MIP-30 which has strengthened the protocol’s standing in the market.

Ethereum Layer 2 Mantle Renames Liquid Staking Protocol

As per the announcement, the rebranding exercise is intended to shift the protocol’s brand in line with its existing and future suite of services. Since mETH was launched in November 2023, more than 500,000 ETH has been staked for the token, making it the fourth largest ETH liquid staking token in the market.

According to Mantle, the approval of MIP-30, a governance proposal, was a turning point that led to the change in the name to the mETH Protocol within the Ethereum Layer 2 network.

The mETH Protocol will now encompass several staking and restaking products, capitalizing on the success of $mETH. The rebranding is expected to increase the visibility, particularly within the DeFi and Ethereum audiences as the protocol expands within the Ethereum Layer 2 ecosystem.

New Products Under mETH Protocol

As part of the passage of MIP-30, two new assets have been introduced under the mETH Protocol: $cmETH and $COOK. New to the ecosystem is $cmETH, an evolved version of $mETH, which is a liquid restaking token intended to offer more yield possibilities. This includes yields from L1 restaking protocols like Eigenlayer and expected returns from upcoming AVS protocols.

Furthermore, $COOK has been introduced as the governance token for the mETH Protocol. It will also play a crucial role in controlling the protocol’s navigation and the potential products to be developed. According to the report, $COOK will be the central governance layer for all the future staking and restaking in the Ethereum Layer 2 mETH Protocol ecosystem.

The report stated that the $COOK Token Generation Event (TGE) will take place in mid-October 2024, following the conclusion of the current season of the protocol called “Methamorphosis.” During this event, the $mETH holders will be able to obtain $COOK tokens and prepare for future staking by using $cmETH.

Mantle’s Expansion Beyond Ethereum

Apart from its Ethereum Layer 2 solutions, Mantle has recently introduced FBTC, a Bitcoin-backed asset, to introduce Bitcoin into the DeFi ecosystem.

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.

FBTC, created with the help of Ignition, solves the liquidity fragmentation problem in the Bitcoin finance sphere known as BTCFi. Due to the consolidation of liquidity across different chains, FBTC users can now enjoy DeFi services that were hitherto available only to Ethereum-based assets.

The post Ethereum Layer 2 Mantle Renames Liquid Staking Protocol To mETH appeared first on CoinGape.

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