Mantle Methamorphosis Campaign

Details

Mantle Network has launched its "Metamorphosis" campaign on its Ethereum Layer 2 platform, rewarding mETH stakers with "Powder" points that can be converted into the upcoming governance token, COOK. The campaign, which starts today and ends in October, offers higher rewards for mETH held and used directly on Mantle compared to partner protocols like Pendle or EigenLayer. In addition to rewarding users with Powder, the campaign prepares mETH holders for a transition to a new Liquid Restaking Token (LRT), cmETH, promising variable yields and additional incentives. Mantle's mETH is currently the fourth-largest liquid staking token in DeFi, with a market cap of $1.65 billion.

Starting July 1, 2024, at 12AM UTC and lasting for 100 days, users will begin accruing Powder daily across their mETH positions on partner protocols, with dashboards available for easy tracking. Powder will be convertible to COOK, the future governance token for Mantle LSP.

mETH holders who wish to participate in the additional risk-reward from restaking can opt to upgrade to the upcoming Liquid Restaking Token, cmETH, upon its release. During the rollout, there may be a transition period where both mETH and cmETH positions are indexed.

Mantle Network announced the full list of Methamorphosis's starting partners spanning layer-1 (L1) and layer-2 (L2) live applications for Season 1, along with their daily Powder Emissions. Note: mETH holdings and usage on Mantle L2 will yield the highest amounts of Powder.

Powder Rates are as follows:

• Wallet holdings - 10 Powder per mETH or cmETH

• L1 Applications:

@eigenlayer

@Karak_Network

@ZircuitL2

@symbioticfi

- 5 Powder per mETH

Partners and Powder rates may be updated periodically during the season. The total supply of COOK and the conversion rates of Powder into COOK will be disclosed at a later date. Claims will begin before or on the same day that the token is tradable on exchanges.

200M COOK tokens will also be allocated to the Mantle Rewards Station, where users can lock MNT for COOK rewards. This initiative will commence on July 10, 2024, at 10AM UTC. More details will be announced over the next week.

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