Decentralized Autonomous Organization (DAO) Mantle Launches Permissionless Liquid Staking Protocol
Mantle, a decentralized autonomous organization (DAO), has released a permissionless liquid staking protocol on the Ethereum mainnet. The protocol aims to expand liquid staking solutions beyond concentrated providers like Lido and Rocket Pool.
Key Points
- Mantle has launched a non-custodial liquid staking protocol on the Ethereum mainnet.
- The protocol allows users to stake ETH and receive mETH tokens representing their stake.
- mETH is a liquid staking derivative that enables ETH stakers to free up capital while earning yield.
- Mantle aims to diversify liquid staking solutions beyond major providers like Lido and Coinbase.
- Mantle DAO plans to stake some of its $470M treasury using the protocol to bootstrap adoption.
The newly launched protocol allows users to stake ETH and receive mETH tokens in return. These mETH tokens serve as liquid derivatives, enabling users to unlock their staked capital for use in DeFi or other protocols while still earning staking rewards and securing the Beacon Chain.
Mantle’s goal is to lower barriers to participating in consensus by freeing up locked value and avoiding centralized intermediaries. To promote adoption of mETH, the project has decided to stake a portion of its $470 million treasury using the protocol.
???? Introducing a Mantle core product: Mantle LSP, a permissionless, non-custodial ETH liquid staking protocol!
Get your hands on $mETH, the value-accumulating receipt token that opens the gateway to expanded yield opportunities.
???? Check out the APY at: pic.twitter.com/Lw7upiRS5V
— Mantle (@0xMantle) December 4, 2023
Mantle Chief Alchemist Jordi Alexander explained that the concentration of ETH staking is due to a network effect. To address this, Mantle LSP aims to create more options for users by focusing on mETH’s adoption in LSDfi both within and beyond the Mantle ecosystem.
Mantle emerged from the merger of developer group BitDAO and middleware protocol Parmi. With a strong treasury and emphasis on composability between mETH and Mantle’s layer-2 scaling solution, Mantle LSP is well-positioned to gain market share in liquid staking.
If Mantle can enhance the appeal of mETH and provide a seamless user experience across chains and protocols, it may emerge as a viable alternative for accessing Ethereum staking without compromising control or liquidity.
Hot Take: Mantle Empowers Liquid Staking on Ethereum
Mantle’s release of a permissionless liquid staking protocol on the Ethereum mainnet marks a significant step towards expanding liquid staking options. By introducing mETH tokens as a liquid staking derivative, Mantle enables ETH stakers to unlock their capital for other purposes while still earning rewards. This move aims to diversify the market beyond dominant providers like Lido and Rocket Pool.
With its substantial treasury and focus on composability, Mantle has the potential to become a major player in the liquid staking space. By offering users more options and maintaining control and liquidity, Mantle empowers individuals to participate in consensus without relying on centralized intermediaries. As adoption grows, Mantle’s protocol could reshape the landscape of Ethereum staking.
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