Mantle Launches Liquid Staking Protocol on Ethereum
A new product named MantleLSP aims to allow users to deposit ETH into Mantle to receive mETH, optimizing capital efficiency.
Mantle has launched the Liquid Staking protocol on Ethereum
On the afternoon of December 4, 2023, the modular blockchain layer-2 platform Mantle, part of the Bybit ecosystem, announced the launch of a permissionless liquid staking protocol on the Ethereum network called "MantleLSP".
The new MantleLSP product enables users to stake ETH into Mantle and receive mETH through validator nodes.
🚨 Introducing a Mantle core product: Mantle LSP, a permissionless, non-custodial ETH liquid staking protocol!
— Mantle (@0xMantle) December 4, 2023
Get your hands on $mETH, the value-accumulating receipt token that opens the gateway to expanded yield opportunities.
🟢 Check out the APY at: https://t.co/5uJADLgHiF pic.twitter.com/Lw7upiRS5V
MantleLSP is a protocol that has been proposed by the governance forum since June 2023, with the following objectives:
- Optimizing capital efficiency to maintain stable yield.
- Enhancing the use of mETH across multiple Layer-2 Mantle dApps.
- Ultimately providing more profit-making solutions for users.
This product follows the proposal of MIP-25 to convert Treasury funds into stETH in August 2023, establishing a collaborative relationship between Lido and Layer-2 Mantle, after the leading Liquid Staking platform in the market announced ambitions to build a consortium network to share revenue.
This move by Mantle follows its expansion into Real World Assets (RWA) by integrating Ondo Finance's USD Yield (USDY), aimed at providing users with sustainable yields from US Treasury bond coupons.
Following the news, the price of the MNT token representing the Mantle protocol responded positively to $0.57 from an initial mark of $0.55 earlier in the day, equivalent to an increase of approximately 4%.
Chart of the MNT/USDT pair on Bybit at 06:07 PM on December 4, 2023.
