Singapore — Mantle, the DAO-led Web3 ecosystem centered around Ethereum layer 2 (L2) Mantle Network, is breaking new ground with the release of Mantle Liquid Staking Protocol (LSP).
This permissionless and non-custodial Ether (ETH) liquid staking protocol, deployed on Ethereum L1 and governed by Mantle, marks the second core product of the Mantle Ecosystem, following the success of Mantle Network L2. Anchored by Mantle Staked Ether ($mETH), this protocol offers users instant and sustainable yields drawn directly from Ethereum’s Proof-of-Stake (PoS) validator network.
Mantle LSP Highlights
Inception and Deployment: The concept of Mantle LSP was introduced to the Mantle community through a forum post on July 14, 2023. Following the approval of Mantle Governance Proposal MIP-25 on Aug. 25, the staking of Mantle Treasury ETH was authorized. The Mainnet contracts for Permissioned Closed Alpha were deployed on Oct. 6, with the Permissionless Mode Mantle LSP going live on Dec. 4.
Instant Gratification and Sustainable Rewards: Users can stake ETH with Mantle LSP to instantly receive $mETH, providing access to extended yield opportunities. Conversely, unstaking $mETH allows users to reclaim their initially staked ETH and accumulated rewards. Delays are synchronized with the estimated Ethereum validator “Exit Queue” wait time, ensuring a seamless experience.
Fluid Exchange: The deterministic exchange rate between ETH and $mETH on Mantle LSP eliminates slippage impacts, ensuring fairness for all participants. $mETH can be traded on the secondary market through various decentralized and centralized exchanges, with prices determined through a dynamic price discovery mechanism.
Pooling ETH Deposits for Rewards: Mantle LSP facilitates the pooling of ETH deposits, enabling participants to tap into rewards generated by Ethereum’s PoS validation network. Stakers receive $mETH, representing a claim to the underlying staked principal and accumulated rewards. These receipt tokens can be utilized in other applications, creating a versatile financial instrument.
Four Pillars of Distinction: Mantle LSP stands out through its commitment to a Highly Rewarding $mETH Experience, a Simple & Modern Architecture, Robust Risk Management, and its status as a Mantle Core Product, synergizing with the broader Mantle Ecosystem.
Following the launch of Mantle LSP, the focus will shift to the adoption of $mETH, exploring integrations to expand its use cases within the Mantle Ecosystem and beyond. The Mantle LSP Bug Bounty Program will soon kick off, subjecting the protocol to rigorous stress testing to identify and address any vulnerabilities.
“We are thrilled to offer $mETH to users who are looking for instant and sustainable rewards, while injecting more decentralization in the liquid staking space.”
Jordi Alexander, Chief Alchemist of Mantle
“Through Mantle LSP’s $mETH and the recently introduced, RWA-backed yield-bearing tokens $USDY and $mUSD, Mantle is able to provide its DeFi ecosystem the best-in-class building blocks for native yield,” added Jordi.