mETH

mETH is a value-accumulating receipt token. When users stake ETH through the Mantle Liquid Staking Protocol on Ethereum mainnet, they receive mETH in return. This token represents the staked ETH plus any rewards earned from participating in Ethereum’s PoS validation (as a form of pooled block validation).

The mETH token allows holders to access their accumulated rewards without waiting for the full unstaking process to complete, as would be the case if a user staked the full 32 ETH minimum required to become a regular Ethereum validator. This puts mETH in the category of liquid staking tokens, enabling users to leverage it across various DeFi platforms, such as using it as collateral or trading it.

The supply of mETH is tied directly to the amount of ETH staked in the protocol. When users redeem mETH for ETH, the supply decreases proportionally.

mETH is primarily available on the Ethereum L1 network though it is also supported on Mantle's L2 network. Official bridges exist between Ethereum and Mantle to facilitate transfers between these two layers, with bridging times estimated at several minutes for L1 to L2 transfers and up to seven days for L2 to L1 transfers, a common feature of Optimistic Rollups.

The Mantle Liquid Staking Protocol is governed by Mantle, a decentralized platform formerly known as BitDAO. Key validators and node operators for the mETH protocol include entities such as A41, P2P, Blockdaemon, and stakefish, which support the staking infrastructure. The protocol follows a decentralized governance model maintained by Mantle's diverse community.

mETH is a liquid staking token (LST), specifically designed to represent staked ETH in a liquid form. Unlike traditional staked assets, which are locked and illiquid for extended periods, mETH allows users to retain liquidity while earning staking rewards. mETH can be used within the broader Ethereum and Mantle ecosystems for trading, staking, or using as collateral in decentralized finance (DeFi) applications.

mETH’s supply is directly tied to the amount of ETH staked in the Mantle Liquid Staking Protocol. There is no predefined supply cap, as it fluctuates based on the number of users staking ETH and redeeming mETH. The protocol charges a 10% fee on the rewards generated through staking, which is shared with node operators supporting the network. The protocol itself is non-inflationary, and the staking rewards come directly from block rewards resulting from Ethereum's PoS system, with no additional minting involved.

Unstaking in the Mantle Liquid Staking Protocol involves a FIFO (First-In, First-Out) queue system. Users can redeem their mETH for the underlying ETH with a waiting period of up to eight days, depending on Ethereum network conditions. This process is permissionless and comes with no additional fees. For smaller liquidations or quicker access to liquidity, you can opt to swap your mETH on a decentralized exchanges like Matcha.