The mETH Protocol is $COOK-ing.
$mETH is already the 4th largest ETH LST with 500K $ETH staked , the upcoming Methamorphosis Campaign will be the catalyst
Here's how you can maximize massive airdrop and restaking yields 🧵👇
Key Takeaways
Mantle Support: $mETH is the largest LST on Mantle, benefiting from Mantle’s treasury, engineering, and ecosystem.
Potential Airdrop: A $COOK airdrop is confirmed at TGE, offering additional yield beyond $ETH staking.
Restaking Yields: Upgrading to $cmETH unlocks extra restaking yields, boosting capital efficiency.
The mETH Protocol is set to unveil $COOK, its new governance token.
This launch represents a significant development for the protocol, with opportunities for participants to earn $COOK rewards through the Methamorphosis Campaign.’
What is the mETH Protocol?
To put it simple, @mETHProtocol introduces $mETH, a permissionless, non-custodial LST for $ETH maintaining a 1:1 peg to it.
It’s available on both the Mantle Network and Ethereum Mainnet.
$mETH operates under Mantle's governance, leveraging its treasury, engineering, and growth resources, with synergies across Mantle’s ecosystem.
It aims to be the most capital-efficient and widely adopted $ETH LST, prioritizing integration with Mantle DeFi protocols, tech partners, and exchanges.
According to mETH Protocol’s Dune Dashboard, mETH currently holds approximately 483K $ETH, or about $1.4B in TVL.
Of this, around 310K $ETH resides on the Ethereum Mainnet.
These figures position $mETH as the largest $ETH LST on Mantle and the 4th largest on Ethereum Mainnet.
$mETH currently offers multiple yield sources:
$ETH staking rewards
Additional restaking yields with $cmETH
Composability in DeFi protocols for extra returns
Powder Rewards, convertible into $COOK
Points from participating protocols where $mETH is used
Additionally, in Pendle, users can split $mETH into $PT-mETH and $YT-mETH for more yield options.
$cmETH Launch
Mantle is also preparing to launch $cmETH, a $ETH LRT built on key restaking protocols like Eigenlayer, Symbiotic, and Karak.
After its launch, users will be able to restake their $mETH to receive $cmETH, unlocking additional restaking yields alongside other existing yield sources.
Methamorphosis Campaign
The mETH Protocol is running the Methamorphosis Campaign, where users earn Powder rewards by providing liquidity to participating protocols.
These Powder rewards will eventually be convertible into $COOK, the future governance token of the mETH Protocol.
Highlights:
Governance Token Distribution:
5% of $COOK will be allocated to participants in Methamorphosis Season 1.
4% of $COOK will go to Mantle Rewards Station users who lock their $MNT tokens.
Powder Rewards Opportunities:
On Mantle:
AMMs: Liquidity provision on Merchant Moe, Agni, FusionX, Cleo, Izumi.
Lending Markets: Deposit $mETH on Init Capital, Lendle, Dolomite.
Perp DEXs: Deposit $mETH on Vertex, Circuit.
On Ethereum Mainnet:
Restaking: Deposit $mETH on Eigenlayer, Karak, and Symbiotic.
L2s: Deposit $mETH on Zircuit and Fuel Network.
Merchant Moe offers up to 40x more daily Powder in certain pools. You can also use a referral code for +10% more Powder.
https://meth.mantle.xyz/campaigns/methamorphosis/earn
$COOK Yield from Methamorphosis & Rewards Station
mETH Protocol will allocate 5% of $COOK to Methamorphosis Season 1 and 4% to Mantle Rewards Station participants.
Assuming a $500M FDV for $COOK:
Methamorphosis Season 1: ~10% APY using $mETH in Mantle DeFi, with boosts like 40x Powder on Merchant Moe.
Mantle Rewards Station: 100-300% APY for locking $MNT, with higher multipliers for longer lock periods.
Users can also deposit $MNT in Pendle to earn Points, later convertible to $COOK.
Learn more about how to farm $COOK here -https://mantle.xyz/blog/guide/meth-protocol-how-to-get-cook-guide
Mantle has been great at rewarding its community with generous airdrops.
The launch of Ethena Shards and $MNT is a testament to their commitment to users.
With the Methamorphosis Campaign and $COOK around the corner, there isn’t a better time to join than right now.