The ‘Metamorphosis’ marketing campaign rewards stakers with Powder, which will likely be convertible to COOK, Mantle LSP’s future governance token.
Ethereum Layer 2 Mantle Community has unveiled the primary season of its “Metamorphosis” marketing campaign, which permits mETH customers to start accruing “Powder,” just like factors, that will likely be convertible to Mantle LSP’s future governance token, COOK.
The marketing campaign will reward these utilizing Mantle’s Ethereum restaking platform, each natively and on associate protocols corresponding to Pendle or EigenLayer. Nevertheless, mETH holdings and native utilization on Mantle will yield extra Powder.
Season 1 begins immediately and is predicted to finish in October. Mantle’s native token, $MNT, is up 8% this week.
Along with accumulating Powder, Metamorphosis additionally goals to place $mETH holders for the upcoming transition into Mantle’s new Liquid Restaking Token (LRT), cmETH, which can characteristic a full vary of variable yields, in addition to extra incentives from Mantle’s ecosystem companions.
The market capitalization of mETH sits at $1.65 billion, making it the fourth-largest liquid staking token (LST) in DeFi, solely trailing Lido’s stETH, Rocket Pool’s rETH, and Binance staked ETH.
