Mantle, the DAO-led web3 ecosystem, today unveiled its Mantle Liquid Staking Protocol (LSP) as a key addition to the Mantle Ecosystem, offering users a novel way to engage with Ethereum’s proof-of-stake (PoS) validator network, according to a statement shared with CryptoSlate.
The Mantle LSP is a permissionless and non-custodial Ethereum (ETH) liquid staking protocol, functioning on Ethereum L1 and governed by Mantle. It stands as the second core product of the Mantle Ecosystem, following the Mantle Network L2. Mantle posits that the introduction of Mantle Staked Ether (mETH), a value-accumulating receipt token, is a pivotal step in their protocol.
Mantle detailed that the genesis of Mantle LSP began with a proposal in a Mantle forum on July 14, 2023. Following the acceptance of the Mantle Governance Proposal MIP-25, the staking of Mantle Treasury ETH was sanctioned, leading to the phased deployment of Mantle LSP. This process culminated in the protocol’s full operational launch on Dec. 4, transitioning it into a Permissionless Mode.
Mantle LSP distinguishes itself by offering instant and sustainable rewards. Users staking ETH receive mETH, a token embodying their staked value and accumulated rewards, while also unlocking additional yield opportunities within the Mantle Ecosystem. Mantle states that the ETH to mETH exchange rate is deterministically calculated, thus mitigating the impact of stake size on slippage. Furthermore, mETH is available for trade on various exchanges, with its pricing governed by market dynamics.
Mantle emphasizes that their protocol underscores a commitment to user experience, security, and yield optimization. Mantle states its LSP features a streamlined architecture, focusing on the ETH to mETH conversion process on L1, and avoids complexities associated with other PoS tokens and chains. The protocol’s design incorporates robust risk management strategies, including non-custodial core smart contracts and off-chain services that impose strict risk limits. Additionally, Mantle LSP’s security framework involves dividing responsibilities among various roles, ensuring the safeguarding of staked ETH within smart contract addresses.
With the launch of Mantle LSP, Mantle intends to enhance its DeFi offerings by exploring the adoption of mETH across various applications within its ecosystem and beyond. This expansion aims to bolster the utility and efficiency of mETH, contributing significantly to Mantle’s growth in the DeFi space.
The broader Mantle ecosystem, anchored in Ethereum technology, now includes the Mantle Network, an Ethereum layer 2 (L2) solution, Mantle Governance, a decentralized autonomous organization (DAO), and Mantle Treasury, one of the largest on-chain treasuries. The ecosystem is facilitated by the Mantle token (MNT), which serves as a product and governance token.
Credit: Source link
