Mantle Staked Ether (mETH) is rapidly becoming a standout player in the world of decentralized finance (DeFi). As highlighted by Tom Wan, a prominent blockchain figure, with a remarkable 24% growth in just the past week, mETH has surged to become the 5th largest liquid staking token (LST), boasting an impressive total value locked (TVL) of $637 million.
As noted by Wan, what truly sets mETH apart from its competitors is its ability to provide double the yield offered by other liquid staking tokens, with a remarkable 7.2% yield for mETH stakers. This yield is achieved through unique features, including distributing stETH rewards within the Mantle Treasury, sharing miner extractable value (MEV), and priority fees.
Nevertheless, the most exhilarating prospect on the horizon for mETH is the imminent elevation of its limit from 250,000 to 333,333, a move that is poised for swift implementation. This forthcoming expansion holds the promise of a substantial surge in mETH’s Total Value Locked (TVL), potentially catapulting it to the remarkable milestone of $850 million.
.@0xMantle’s mETH is the fastest growing (+24%) LST in the past 7 days and has become the 5th largest LST with $637M TVL
The contributing factor is thanks to mETH offering 2x more yield than other LSTs. By sharing the stETH reward in Mantle Treasury, distributing MEV, Priority… pic.twitter.com/Bz3NCWcpyI
— Tom Wan (@tomwanhh) January 15, 2024
The rise of mETH underscores the dynamic and innovative nature of the DeFi sector, particularly in the realm of liquid staking derivatives (LSDs). Staking derivatives can be traded on decentralized exchanges or used as collateral while continuing to accrue yield on the staked ETH.
One significant player in the evolving market is Mantle, an Ethereum layer-2 project with a $2.3 billion treasury. Mantle recently launched its Mantle LSP, a liquid-staking protocol, following the success of its main Mantle Network. This new protocol allows users to stake ETH and receive mETH tokens, representing their staked value and earning potential.
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