mETH Protocol

mETH Protocol is an liquid staking and restaking protocol deployed on Ethereum layer 1 and Mantle Network. Originally launched as Mantle LSP, the protocol lets users deposit ETH to receive value-accruing liquid staking receipt tokens, holding over $560M in total value locked as of October 2026.

Governance and background

The protocol was incubated by Mantle and launched in December 2023 to expand staking infrastructure within the Mantle ecosystem. Protocol governance is coordinated through the COOK token, which was introduced alongside an expanded restaking framework. The system operates on non-custodial smart contracts deployed to Ethereum mainnet, with Mantle Treasury holdings reported in recent protocol updates and integration across centralized partner platforms such as Bybit.

Staking mechanics and redemptions

Users stake ETH to receive mETH, a value-accumulating receipt token that compounds Ethereum Proof-of-Stake consensus and execution rewards. In July 2024, the platform expanded into liquid restaking with cmETH, which routes underlying collateral through restaking protocols including EigenLayer, Symbiotic, Karak, and Veda. Small unstaking redemptions are fulfilled in 1 to 5 minutes through an onchain Instant Buffer pool, while larger redemptions clear in approximately 24 hours through an integrated liquidity buffer and position manager using Aave's ETH market.

Fees and access

The protocol charges a 10% fee on generated staking rewards, directed to the mETH Protocol Treasury, with no direct protocol revenue share distributed to COOK token holders. Accessing the smart contracts directly on Ethereum or Mantle Network is non-custodial, though third-party exchange integrations through Bybit Earn subject users to individual platform account terms.

Track record and protocol safety

More than $1M has been committed toward protocol audits and formal verification programs, covering core ETH 2.0 deposit contracts, receipt token accounting, and the Aave liquidity buffer architecture. The protocol has maintained zero recorded slashing incidents among its validator sets. In February 2025, an external security incident at Bybit led to unauthorized withdrawals of mETH and cmETH. Built-in protocol safeguards, including an 8-hour redemption delay, blacklisting mechanics, and a temporary contract pause, prevented direct protocol losses and facilitated the recovery of 15,000 cmETH without a breach of protocol contracts.

Protocol risks

Engaging with mETH Protocol involves standard smart contract exposure across both layer 1 and layer 2 deployments. Restaking via cmETH adds compounding layering risk across multiple external Actively Validated Services. Users also bear counterparty and integration dependencies tied to Aave liquidity buffers for standard redemptions, as well as secondary-market receipt token depeg risks during broader market drawdowns.