Mantle Launches Incentives Campaign for its Liquid Staking Protocol

Ethereum Layer 2 Mantle Network has unveiled the first season of its “Metamorphosis” campaign, which allows mETH users to begin accruing “Powder,” similar to points, that will be convertible to Mantle LSP’s future governance token, COOK.

The campaign will reward those using Mantle’s Ethereum restaking platform, both natively and on partner protocols such as Pendle or EigenLayer. However, mETH holdings and native usage on Mantle will yield more Powder.

Season 1 begins today and is expected to end in October. Mantle’s native token, $MNT, is up 8% this week.

In addition to accumulating Powder, Metamorphosis also aims to position $mETH holders for the upcoming transition into Mantle’s new Liquid Restaking Token (LRT), cmETH, which will feature a full range of variable yields, as well as additional incentives from Mantle’s ecosystem partners.

The market capitalization of mETH sits at $1.65 billion, making it the fourth-largest liquid staking token (LST) in DeFi, only trailing Lido’s stETH, Rocket Pool’s rETH, and Binance staked ETH.