Mantle Staked ETH (mETH) is a non-rebasing liquid staking token issued by Mantle Protocol’s LSP (Liquid Staking Protocol), where each mETH token represents a fractional share of a pooled ETH staking position — appreciating in ETH terms over time as validator rewards accumulate, rather than increasing in token quantity like Lido’s stETH.
| Stat | Value |
|---|---|
| Ticker | METH |
| Price | $2,548.40 |
| Market Cap | $679.23M |
| 24h Change | +1.0% |
| Circulating Supply | 266,256 METH |
| All-Time High | $5,312.55 |
| Contract (Ethereum) | 0xd5f7...adfa |
| Contract (Mantle) | 0xcda8...0bb0 |
How It Works
- ETH deposit — Users deposit ETH to the Mantle LSP smart contract on Ethereum mainnet.
- mETH issuance — mETH is issued at the current exchange rate (mETH per ETH). Because mETH is non-rebasing, early stakers receive more mETH per ETH than later stakers as the exchange rate rises.
- Validator operation — Mantle LSP stakes the pooled ETH across Ethereum validators. Validator selection and operation are managed by the Mantle Protocol.
- Reward accrual — Consensus layer rewards (staking yield) and execution layer rewards (MEV, tips) accumulate in the pool, increasing the ETH value of each mETH token.
- Withdrawal — Users can unstake by burning mETH to receive their ETH + rewards, subject to Ethereum’s standard withdrawal queue.
Tokenomics
| Parameter | Value |
|---|---|
| Ticker | mETH |
| Type | Non-rebasing liquid staking token |
| Peg | Floating (appreciates vs. ETH over time) |
| Launch | December 19, 2023 |
| Protocol | Mantle LSP (by Mantle Protocol / formerly BitDAO) |
| Chain | Ethereum (with usage on Mantle L2) |
| Consensus | Ethereum Proof-of-Stake |
Use Cases
- Staking yield with liquidity — Earn Ethereum staking rewards while keeping liquidity (mETH can be traded or used in DeFi).
- Mantle L2 DeFi — mETH is natively used across DeFi protocols on Mantle’s EVM-compatible L2 network (lending, yield strategies, AMM LPs).
- Collateral — Used as collateral in Mantle ecosystem lending protocols.
- Yield stacking — Combine ETH staking yield from mETH with additional DeFi yields on Mantle L2.
History
- 2021 — BitDAO is established, backed by Bybit, Peter Thiel, and others. BitDAO holds a large treasury including BIT token.
- 2023-01 — BitDAO governance votes to rebrand as Mantle. Mantle announces plans for an EVM-compatible L2 and liquid staking protocol.
- 2023-07 — Mantle Network (L2) launches mainnet. MNT token replaces BIT.
- 2023-12-19 — Mantle LSP officially launches on Ethereum mainnet. mETH distribution begins.
- 2024 — mETH TVL grows rapidly, supported by Mantle’s large treasury-funded incentives. Mantle LSP becomes one of the top five ETH liquid staking protocols by TVL within several months.
- 2024 — Mantle cmETH (Compounding mETH) introduced for additional yield optimization on top of mETH.
Common Misconceptions
“mETH is only usable on the Mantle L2.”
mETH is issued on Ethereum mainnet and is an ERC-20 token usable on any Ethereum-compatible chain. It has heavy DeFi integration on Mantle L2 but is not exclusive to it.
“mETH rebases like stETH.”
mETH does not rebase. Its quantity per wallet stays constant; instead, the exchange rate of mETH to ETH increases over time as staking rewards accumulate.
Social Media Sentiment
mETH has positive sentiment among Mantle ecosystem participants and ETH stakers seeking alternatives to Lido. Mantle’s institutional backing and treasury-funded incentives position mETH as a credible challenger in the liquid staking space. Critics note that the LSP is newer and carries greater smart contract risk compared to Lido or Rocket Pool.
Last updated: 2026-04