Decentralized autonomous organization (DAO) Mantle
Keypoints
The protocol allows users to stake ETH while receiving mETH tokens representing their share. As a liquid derivative, mETH unlocks staked capital to utilize in DeFi or other protocols while still earning staking rewards and securing the Beacon Chain.
By freeing up locked value, Mantle seeks to lower barriers to participating in consensus while circumventing centralized intermediaries. The project elected to stake a portion of its formidable $470 million treasury using the protocol to boost mETH adoption.
???? Introducing a Mantle core product: Mantle LSP, a permissionless, non-custodial ETH liquid staking protocol!
Get your hands on $mETH, the value-accumulating receipt token that opens the gateway to expanded yield opportunities.
???? Check out the APY at: https://t.co/5uJADLgHiF pic.twitter.com/Lw7upiRS5V
— Mantle (@0xMantle) December 4, 2023
“The concentration of ETH staking is a result of network effect through a feedback loop of increasing name recognition and use case,” said Mantle Chief Alchemist Jordi Alexander. “By focusing on mETH’s adoption in LSDfi both in the Mantle ecosystem and beyond…Mantle LSP intends to be a part of the solution by creating more options for users.”
Mantle emerged from the merger of developer group BitDAO and middleware protocol Parmi in early 2023. Beyond Mantle Network layer-2 scaling, liquid staking constitutes a dual infrastructure pillar aimed at greater decentralization.
With the third-largest treasury backing the initiative and an emphasis on composability between mETH and Mantle’s layer-2, Mantle LSP offers a credible path to gaining share in liquid staking. Already seated firmly in architecture development, Mantle now can leverage its technical competency and well-capitalized position to push a new standard aiming for the number three spot measured by ether deposits.
If boosting appeal for mETH while delivering a competent user experience crossing chains and protocols, Mantle may emerge as the next viable alternative for accessing Ethereum staking without fully relinquishing control or liquidity.
