Mantle Network Unveils “Metamorphosis” Campaign, Allowing mETH Users to Begin Accruing Future Governance Token

The campaign will reward those using Mantle's Ethereum restaking platform, both natively and on partner protocols such as Pendle or EigenLayer.

Ethereum Layer 2 scaling solution Mantle Network has announced the launch of “Metamorphosis,” a campaign that will allow users to begin earning rewards for using Mantle’s mETH.

The campaign, which starts on August 15 and is set to conclude in October, will see users earn “Powder,” which can be likened to points, for using mETH. This Powder will then be convertible to Mantle LSP’s future governance token, COOK.

Those using Mantle’s Ethereum restaking platform will be eligible for these rewards, whether they use the platform natively or through partner protocols like Pendle or EigenLayer. However, users who hold mETH and use Mantle natively will earn at a higher rate.

The campaign is designed to encourage mETH holders to prepare for the upcoming transition into Mantle’s new cmETH Liquid Restaking Token (LRT), which will offer varying yields and additional incentives from Mantle’s ecosystem partners.

Currently, mETH has a market capitalization of $1.65 billion, ranking it as the fourth-largest liquid staking token (LST) in DeFi after Lido’s stETH, Rocket Pool’s rETH, and Binance staked ETH.

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