Mantle, Ethereum’s layer 2 platform, has launched Mantle LSP, a liquid staking protocol. It is competing fiercely for third place in liquidity staking volume, establishing itself as one of the best providers, challenging rivals Lido and Rocket Pool.
This Monday, Ethereum’s layer 2 platform Mantle announced the launch of Mantle LSP, a “permissionless, non-custodial ETH liquid staking protocol.” This is the second core product in the Mantle ecosystem, following the main Mantle network launched in July 2022.
Mantle LSP allows platform users to stake ETH in exchange for $mETH tokens. According to the company, users can also earn money using $mETH tokens. “mETH aims to become the most widely adopted and capital efficient ETH staking token. Adoption priorities include Mantle L2 DeFi applications, Mantle L2 core technology partners, and centralized exchange partners,” Mantle said.
🚨 Introducing Mantle’s core product: Mantle LSP, a permissionless, non-custodial ETH liquid staking protocol!
hold hands $mETHA value-accumulating receipt token that opens the gateway to expanded revenue opportunities.
🟢 Check your APY at https://t.co/5uJADLgHiF pic.twitter.com/Lw7upiRS5V
— Mantle (@0xMantle) December 4, 2023
Mantle aims to stand out as a leading Liquid Stake provider.
Mantle’s goal is to position its treasury, currently valued at $2.3 billion, as a top three liquid staking provider behind Lido and Rocket Pool. These two competitors sparked controversy mid-year due to their centralization of liquidity staking contracts.
that much arguement The relationships between these providers highlight the challenges Mantle will face in achieving true decentralization in the cryptocurrency staking space. Here, a similar protocol allows users to earn derivative tokens by delegating their assets to validators.
Mantle’s Chief Alchemist, Jordi Alexander, told Coindesk that Mantle’s treasury aims to aggressively and quickly secure a top-three spot in liquid staking volume, competing directly with Lido and Rocket Pool. The launch of Mantle LSP is therefore an important step in expanding our platform in the ever-evolving technology industry.
“We are targeting third place very aggressively and quickly,” emphasized Alexander.
Mantle’s token price (MNT) has surged due to the rise of Bitcoin.
The recently migrated Mantle Token (MNT) rose 6.57% today to $0.58, leveraging BTC’s bullish momentum to hit an 18-month high of around $42,000, according to CoinMarketCap data. The surge follows renewed hopes for the possible approval of a Bitcoin spot ETF in the United States.
MNT’s market cap now exceeds $1.817 billion, an increase of 6.48%, with trading volume up 54.04% over the past 24 hours.
Therefore, the introduction of the Mantle Liquid Staking Protocol (LSP) seeks to provide a way to earn immediate and sustainable rewards through Mantle staked Ethereum ($mETH) by participating in Ethereum’s Proof of Stake (PoS) validator network. It has proven to be attractive to investors.
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