Mantle, partnered with Ethereum at its layer 2 and backed by a $2.3 billion treasury, has taken a significant step towards expanding its ecosystem with the launch of its new Liquid Staking Protocol (LSP).
This innovative platform, launched just six months after the introduction of the Mantle Network, represents the second major product within the Mantle toolset.
The Mantle LSP, deployed on the Ethereum network, allows users to stake their ETH and receive $mETH tokens in return, which act as representations of the amount of ETH staked.
🚨 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.
— Mantle (@0xMantle) December 4, 2023
These $mETH tokens not only represent staked ETH, but also grant access to earning opportunities or returns, as stated in Mantle’s official press release.
What’s notable about Mantle lies in its ability to leverage the unparalleled security that Ethereum offers, while providing a high-performance Layer 2 network, designed with a modular architecture.
This modular approach provides flexibility and efficiency to developers, allowing them to build dApps more agilely and with better features for end users.
The expectations of the executives of the Mantle project glimpse great potential
Jordi Alexander, Chief Alchemist of Mantle, underlines the project’s ambition to turn its treasure into one of the most prominent within the ecosystem.
Alexander has stated an aggressive goal of positioning Mantle’s treasure as the third largest in the field, following in the footsteps of successful projects such as Lido and Rocket Pool.
The announcement of the Mantle LSP comes as the Mantle Network has already secured more than $220 million in deposits, evidence of growing interest and participation in the platform.
This new step represents a significant evolution for Mantle, which seeks to expand its offering beyond the layer 2 network and offer users the opportunity to earn returns through staking their ETH.