Mantle, Ethereum’s Layer 2 platform, launched Mantle LSP, a liquid staking protocol. It positions itself amongst prime suppliers, competing fiercely for the third spot in liquid staking quantity, difficult rivals Lido and Rocket Pool.
This Monday, Ethereum’s Layer 2 platform Mantle introduced the launch of Mantle LSP “a permissionless, non-custodial ETH liquid staking protocol”. This marks the second key product from the Mantle ecosystem following the primary Mantle community launched in July 2022.
Mantle LSP permits platform customers to stake ETH in change for $mETH tokens. In keeping with the corporate, $mETH tokens additionally allow customers to generate returns. “mETH aims to become the most widely adopted and capital-efficient ETH staking token. Adoption priorities include Mantle L2 DeFi applications, Mantle L2 core technology partners, and centralized exchange partners,” Mantle acknowledged.
🚨 Introducing a Mantle core product: Mantle LSP, a permissionless, non-custodial ETH liquid staking protocol!
Get your fingers on $mETH, the value-accumulating receipt token that opens the gateway to expanded yield alternatives.
🟢 Try the APY at: https://t.co/5uJADLgHiF pic.twitter.com/Lw7upiRS5V
— Mantle (@0xMantle) December 4, 2023
Mantle Goals to Stand Out as a Main Supplier of Liquid Staking
The aim of Mantle is to place its treasury, at the moment valued at $2.3 billion, among the many prime three liquid staking suppliers after Lido and Rocket Pool. These two rivals stirred controversy mid-year because of the centralization of their liquid staking contracts.
The dispute between these suppliers underscores the challenges Mantle will face in attaining real decentralization within the cryptocurrency staking enviornment. Right here, comparable protocols permit customers to delegate their property to validators to earn by-product tokens.
Jordi Alexander, Chief Alchemist at Mantle, acknowledged in an interview with Coindesk that Mantle’s treasury goals to aggressively and quickly safe the third place in liquid staking quantity, immediately competing with Lido and Rocket Pool. Thus, the launch of Mantle LSP is a key step in increasing the platform in a know-how business that’s always evolving.
“We’re targeting the No. 3 spot pretty aggressively and quickly,” emphasised Alexander.
Mantle’s Token Value (MNT) Surged with Bitcoin’s Rise
The not too long ago migrated Mantle token (MNT) rose by 6.57% in the present day, reaching $0.58, in response to CoinMarketCap data, leveraging the bullish momentum of BTC, which hit an 18-month peak of roughly $42,000. This surge follows renewed hopes for the potential approval of a Bitcoin spot ETF within the US.
Right this moment, MNT’s market cap elevated by 6.48% to over $1.817 billion, experiencing a 54.04% uptick in buying and selling quantity within the final 24 hours.
Subsequently, the introduction of the Mantle Liquid Staking Protocol (LSP) is proving engaging to buyers looking for a option to take part in Ethereum’s proof-of-stake (PoS) validator community, incomes immediate and sustainable rewards by means of Mantle Staked Ether ($mETH).
