What is mETH?

Mantle Staked Ether, or mETH, is a liquid staking token built on Ethereum and powered by the liquid staking and restaking protocol developed by Mantle Network. When users stake ETH into the protocol, they receive an equivalent amount of mETH as a receipt. This token not only represents the staked principal but also accumulates staking rewards over time. While holding mETH, users can still move, transfer, or manage their asset positions freely. Launched in late 2023, mETH has quickly become one of the most recognised liquid staking protocols within the Mantle Network ecosystem and across Ethereum.Mantle Network is a modular Layer 2 (L2) solution built on Ethereum. It is fully compatible with the Ethereum Virtual Machine (EVM), offering higher scalability and lower costs. As one of the flagship financial applications within Mantle’s ecosystem, mETH aims to convert traditionally illiquid staking into flexible on-chain assets that can be more efficiently utilised.

How does mETH work?

The mETH protocol operates on Ethereum mainnet and allows users to delegate their ETH to participate in Ethereum’s Proof-of-Stake (PoS) mechanism. Once staked, the ETH is distributed to validators that help secure the network, and users receive mETH as proof of their stake. The process is non-custodial and permissionless, ensuring users always maintain control over their assets.Built on Mantle Network’s architecture, mETH leverages the high performance and low fees of a modular L2 design. Since the mainnet launch of Mantle in July 2023, mETH has grown to become one of the network’s leading financial protocols, consistently ranking at the top in terms of Total Value Locked (TVL).

How does mETH generate yield?

When users stake ETH through the mETH protocol, they receive staking rewards generated from three main sources on the Ethereum network: block issuance rewards, priority transaction fees (a portion of gas fees), and Maximal Extractable Value (MEV). These rewards are automatically calculated and reflected in the value of mETH held by users, growing over time without any manual intervention.It’s worth noting that the protocol allocates a portion of total rewards to validator operators and system infrastructure, ensuring the sustainability of the network. This shared incentive structure promotes healthy coordination between users, node operators, and the Mantle ecosystem.

Why is mETH Gaining Attention?

ETH staking has become a key way to participate in the network. However, traditional staking often comes with long lock-up periods and limited flexibility. mETH solves this by allowing users to retain both staking rewards and liquidity, bridging the gap between passive staking and active asset management.mETH is backed by the robust infrastructure of the Mantle Network—a modular Layer 2 solution offering scalable and cost-efficient deployment. Since its launch, mETH has become the protocol with the largest TVL on Mantle, highlighting its strong product-market fit.In October 2024, the protocol introduced its native governance token COOK, marking a major step toward community governance. Through COOK, users can vote on proposals, shape protocol parameters, and contribute to mETH’s long-term evolution as a governed asset within Ethereum’s staking landscape.

Conclusion

mETH introduces a new paradigm for ETH staking—maintaining safety and yield while unlocking liquidity. As a capital-efficient and technically innovative solution, mETH is becoming one of the most promising liquid staking products on Ethereum Layer 2 and a gateway for more users to join the staking economy.

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