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Home»Web 3»Mantle introduces the mETH liquid staking protocol, expanding the Ethereum-based DeFi ecosystem
Web 3

Mantle introduces the mETH liquid staking protocol, expanding the Ethereum-based DeFi ecosystem

2023-12-04No Comments3 Mins Read
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Mantle, the DAO-led web3 ecosystem, today unveiled its Mantle Liquid Staking Protocol (LSP) as a major addition to the Mantle Ecosystem, offering users a new way to engage with proof-of-stake (PoS ) validator network of Ethereum, according to a statement shared with CryptoSlate.

The Mantle LSP is a permissionless and non-custodial Ethereum (ETH) liquid staking protocol, functioning on Ethereum L1 and operated by Mantle. It is the second core product of the Mantle Ecosystem, after the Mantle Network L2. Mantle states that the introduction of Mantle Staked Ether (mETH), a value-accumulating receiving token, is a crucial step in their protocol.

Mantle explained that the genesis of Mantle LSP began with a proposal in a Mantel forum on July 14, 2023. Following the acceptance of the Mantle Governance Proposal MIP-25, the staking of Mantle Treasury ETH was approved, leading to the phased deployment of Mantle LSP. This process culminated in the full operational launch of the protocol on December 4, converting it to a permissionless mode.

Mantle LSP distinguishes itself by offering immediate and sustainable rewards. Users who stake ETH receive mETH, a token that embodies their stake value and collected rewards, while also unlocking additional revenue opportunities within the Mantle Ecosystem. Mantle states that the ETH to mETH exchange rate is calculated deterministically, mitigating the impact of stake size on slippage. Furthermore, mETH is available for trading on various exchanges, with pricing determined by market dynamics.

Mantle emphasizes that their protocol underlines the commitment to user experience, security and revenue optimization. Mantle states that its LSP has a streamlined architecture, focused on the ETH to mETH conversion process on L1, and avoids the complexity associated with other PoS tokens and chains. The protocol’s design includes robust risk management strategies, including non-custodial core smart contracts and off-chain services that impose strict risk limits. Furthermore, Mantle LSP’s security framework includes distributing responsibilities across different roles, ensuring the protection of deployed ETH within smart contract addresses.

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With the launch of Mantle LSP, Mantle aims to enhance its DeFi offering by exploring the adoption of mETH in various applications within its ecosystem and beyond. This expansion aims to strengthen the utility and efficiency of mETH and contribute significantly to Mantle’s growth in the DeFi space.

The broader Mantle ecosystem, anchored in Ethereum technology, now includes the Mantle Network, an Ethereum Layer 2 (L2) solution, Mantle Governance, a decentralized autonomous organization (DAO), and Mantle Treasury, one of the largest on-chain treasuries . The ecosystem is facilitated by the Mantle token (MNT), which serves as a product and governance token.

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