The Crown Jewel of Mantle’s DeFi Ecosystem: Inside the mETH Protocol

In the fast-evolving world of decentralized finance (DeFi), capital efficiency and composability are everything. That’s where mETH Protocol enters the scene — a permissionless liquid staking and restaking platform for ETH, fully backed by the Mantle ecosystem.

Led by some of the most respected minds in the space, mETH Protocol is rapidly gaining traction, not only within Mantle, but across the broader Web3 landscape.

Let’s $COOK this article.

Liquid Staking & Restaking: Capital Efficiency Unlocked

Liquid Staking Tokens (LSTs) and Liquid Restaking Tokens (LRTs) have emerged as foundational tools in DeFi. They address a major inefficiency in proof-of-stake networks: billions of dollars locked up solely for network security, doing nothing else.

With LSTs, your ETH staking deposit issues a yield-bearing token — a kind of receipt that can be deployed throughout DeFi. Think collateral in money markets, liquidity pools, yield vaults, and beyond.

Restaking builds on this by allowing those same assets to also secure middleware services and additional protocols (like EigenLayer, Karak, Symbiotic, and Veda Labs).

The result?

Unlocked capital
Double yield opportunities

Without these innovations, networks like Solana, Sui, and Cardano would still have over 60% of their native tokens locked, doing just one job — securing the network.

Let’s Talk About $mETH

At the heart of mETH Protocol lies $mETH, its Liquid Staking Token.

$mETH Highlights:

348,800 tokens in circulation, representing ~$925M in TVL
9,949 holders on Ethereum L1, and 163,934 on Mantle L2
~11% of supply on Mantle L2, with the rest on Ethereum mainnet
Over 50% of L2 $mETH is deposited in Stargate Finance and Init Capital
Base yield: 2.77% APY
Available on Ethereum and Mantle

Whether you're yield farming or leveraging DeFi strategies, $mETH is a core building block.

About $cmETH: Liquid Restaking in Action

$cmETH is mETH Protocol’s Liquid Restaking Token. Beyond staking rewards, restaking earns users points from EigenLayer, Karak Network, SymbioticFi, and Veda Labs, all at once.

And don’t forget — Methamorphosis Season 3 is still LIVE, giving you a chance to earn Powder and $COOK rewards for using $cmETH across Mantle DeFi.

$cmETH Highlights:

192,600 tokens in circulation, representing ~$515M in TVL
53% of supply already active on Mantle L2
Base yield: 2.77% APY (plus point farming!)
Available on Ethereum, Mantle, and Hyperliquid L1

About $COOK: Governance & Incentives

$COOK is the governance token of mETH Protocol — and the gateway to its evolving incentive model.

$COOK Highlights:

Total supply: 5B tokens, with ~19% circulating (~960M)
FDV: $46.2M — early-stage, high-upside potential
Market cap: $8.8M
Available on Ethereum, Mantle, and Hyperliquid L1

If you’re bullish on Mantle’s long-term growth, $COOK could be a key governance and rewards asset to accumulate.

The mETH Protocol: One Ecosystem, Three Powerful Tokens

mETH Protocol ties everything together — managing $mETH, $cmETH, and $COOK while driving campaigns and adoption strategies.

It’s fully permissionless: anyone can stake, restake, or unstake ETH at any time.

Current Rankings:

4th largest liquid staking protocol on Ethereum
8th largest across all chains
5th largest in liquid restaking, both on Ethereum and globally

How to Use $cmETH to Farm Rewards in the Mantle Ecosystem?

Want to earn Powder and $COOK during Methamorphosis Season 3? Here are the best strategies based on reward multipliers:

40x Powder / Day

Hold $cmETH YT or LP on Pendle (LP APY up to 6.57%)
Provide liquidity for cmETH pools on Equilibria (LP APY ~6.15%)

30x Powder / Day

LP on Merchant Moe:
- cmETH/MNT – APR up to 406%
- cmETH/USDT – APR up to 34%
- cmETH/USDe – APR up to 7.6%

10x Powder / Day

Deposit $cmETH in Mitosis – join the Expedition Campaign in the easiest vault to climb the leaderboard

Final Thoughts

mETH Protocol is more than just another DeFi staking platform — it's a capital-efficiency engine, empowering ETH holders to extract maximum value while supporting network and middleware security.

With a fast-growing user base, robust tokenomics, and cross-chain expansion underway, mETH Protocol is well-positioned to become a central pillar in the new era of DeFi.

Ready to stake smarter?
Explore. Stake. Restake. Farm. Govern.