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Home»ETHEREUM NEWS»Mantle expands the Ethereum-based DeFi ecosystem by introducing the mETH liquid staking protocol.
ETHEREUM NEWS

Mantle expands the Ethereum-based DeFi ecosystem by introducing the mETH liquid staking protocol.

By Crypto FlexsDecember 6, 20233 Mins Read
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Mantle expands the Ethereum-based DeFi ecosystem by introducing the mETH liquid staking protocol.
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Mantle, the DAO-led web3 ecosystem, today unveiled the Mantle Liquid Staking Protocol (LSP), a major addition to the Mantle ecosystem, giving users a new way to participate in Ethereum’s proof-of-stake (PoS) verification network. He said he would. Statement shared with CryptoSlate.

Mantle LSP is a permissionless, non-custodial Ethereum (ETH) liquid staking protocol that operates on Ethereum L1 and is managed by Mantle. It is the second core product of the Mantle ecosystem, following Mantle Network L2. Mantle assumes that the introduction of Mantle Staked Ether (mETH), a value-accumulating receipt token, is a pivotal step for the protocol.

Mantle detailed that the origins of the Mantle LSP began with a proposal on the Mantle Forum on July 14, 2023. After the Mantle Governance Proposal MIP-25 was approved, staking of Mantle Treasury ETH was approved, leading to the phased deployment of Mantle. LSP. This process culminated in the full operational launch of the protocol on December 4, putting it in permissionless mode.

Mantle LSP differentiates itself by providing immediate and sustainable rewards. Users who stake ETH will receive mETH, a token that embodies the staked value and accumulated rewards, while also unlocking additional earning opportunities within the Mantle ecosystem. Mantle says the ETH to mETH exchange rate is calculated deterministically, mitigating the impact of stake size on slippage. Additionally, mETH can be traded on various exchanges and its price is determined by market dynamics.

Mantle emphasizes that their protocol highlights a commitment to user experience, security, and revenue optimization. Mantle says the LSP features a streamlined architecture that focuses on the ETH to mETH conversion process at L1 and avoids the complexities associated with other PoS tokens and chains. The design of the protocol incorporates a robust risk management strategy, including non-custodial core smart contracts and off-chain services that enforce strict risk limits. Additionally, Mantle LSP’s security framework includes division of responsibilities between various roles to protect staked ETH within smart contract addresses.

With the launch of the Mantle LSP, Mantle plans to strengthen its DeFi offerings by exploring mETH adoption across a variety of applications within and beyond the ecosystem. The goal of this expansion is to significantly contribute to Mantle’s growth in the DeFi space by enhancing the usability and efficiency of mETH.

The broader Mantle ecosystem, built on Ethereum technology, now includes Mantle Network, an Ethereum Layer 2 (L2) solution, Mantle Governance, a decentralized autonomous organization (DAO), and Mantle Treasury, one of the largest on-chain treasuries. The ecosystem is fueled by the Mantle Token (MNT), which serves as a product and governance token.

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