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

Mantle, the DAO-led web3 ecosystem, right this moment unveiled its Mantle Liquid Staking Protocol (LSP) as a key addition to the Mantle Ecosystem, providing customers a novel method to interact with Ethereum’s proof-of-stake (PoS) validator community, in keeping with an announcement shared with Crypto.

The Mantle LSP is a permissionless and non-custodial Ethereum (ETH) liquid staking protocol, performing on Ethereum L1 and ruled by Mantle. It stands because the second core product of the Mantle Ecosystem, following the Mantle Community L2. Mantle posits that the introduction of Mantle Staked Ether (mETH), a value-accumulating receipt token, is a pivotal step of their protocol.

Mantle detailed that the genesis of Mantle LSP started with a proposal in a Mantle forum on July 14, 2023. Following the acceptance of the Mantle Governance Proposal MIP-25, the staking of Mantle Treasury ETH was sanctioned, resulting in the phased deployment of Mantle LSP. This course of culminated within the protocol’s full operational launch on Dec. 4, transitioning it right into a Permissionless Mode.

Mantle LSP distinguishes itself by providing on the spot and sustainable rewards. Customers staking ETH obtain mETH, a token embodying their staked worth and collected rewards, whereas additionally unlocking extra yield alternatives throughout the Mantle Ecosystem. Mantle states that the ETH to mETH alternate price is deterministically calculated, thus mitigating the influence of stake measurement on slippage. Moreover, mETH is obtainable for commerce on varied exchanges, with its pricing ruled by market dynamics.

Mantle emphasizes that their protocol underscores a dedication to person expertise, safety, and yield optimization. Mantle states its LSP encompasses a streamlined structure, specializing in the ETH to mETH conversion course of on L1, and avoids complexities related to different PoS tokens and chains. The protocol’s design incorporates strong danger administration methods, together with non-custodial core sensible contracts and off-chain companies that impose strict danger limits. Moreover, Mantle LSP’s safety framework entails dividing obligations amongst varied roles, guaranteeing the safeguarding of staked ETH inside sensible contract addresses.

With the launch of Mantle LSP, Mantle intends to boost its DeFi choices by exploring the adoption of mETH throughout varied purposes inside its ecosystem and past. This growth goals to bolster the utility and effectivity of mETH, contributing considerably to Mantle’s progress within the DeFi area.

The broader Mantle ecosystem, anchored in Ethereum know-how, now contains the Mantle Community, an Ethereum layer 2 (L2) resolution, Mantle Governance, a decentralized autonomous group (DAO), and Mantle Treasury, one of many largest on-chain treasuries. The ecosystem is facilitated by the Mantle token (MNT), which serves as a product and governance token.