Introducing: Methamorphosis

06/30/244 min read

Mantleby Mantle

Mantle LSP



Introducing: Methamorphosis

Today marks a milestone for the Mantle community with the launch of Season 1: Methamorphosis and its own referral program, both now live on Mantle LSP. With Methamorphosis, $mETH holders will receive Powder rewards, which are convertible to $COOK — the future governance token for Mantle LSP — and position themselves for a future upgrade to the upcoming Liquid Restaking Token, $cmETH.

What are $cmETH and $COOK?

With the passage of MIP-30, $cmETH marks the next phase of our growth journey on Mantle LSP, representing a "meth''amorphosis from $mETH. $cmETH, a permissionless and composable Liquid Restaking Token, broadens access to restaking opportunities. $mETH holders who wish to participate in the risk-reward of restaking can choose to convert their $mETH to $cmETH when it becomes available (noting that they can convert back as well).

$COOK was also introduced as the new governance token for Mantle LSP, empowering stakeholders to actively participate in decisions regarding development and strategic direction.

Season 1

As detailed in our teaser announcement, Season 1 will feature "points"-inspired rewards, which we revealed as Powder last week on X. Starting from July 1, 2024, at 12AM UTC, users will begin accruing Powder across their $mETH positions on our partner protocols, calculated via daily indexing.

Dashboards are provided to help users easily monitor how much Powder they have accumulated. The existing receipt token, $mETH, will serve as the primary indexed token for accruing points. Moving forward, when $cmETH becomes available, there may be a transition period during which both tokens are indexed.

Season 1 will last for 100 days.

Partners and Powder Emissions

We are proud to announce the full list of Methamorphosis's starting partners spanning layer-1 (L1) and layer-2 (L2) live applications for Season 1, along with their daily Powder emissions. $mETH holdings and usage on Mantle L2 will yield the highest amounts of Powder.

Disclaimer: Partners and Powder rates may be updated periodically during the season. Please refer to our updates on Mantle's X/Twitter and the Methamorphosis Campaign page for the latest information.

L2 Wallet holdings:

  • 10 Powder per $mETH or $cmETH

L1 Applications: EigenLayer, Karak, Zircuit, Symbiotic

  • 5 Powder per $mETH

L2 Applications: Karak, Pendle, Stargate, INIT, Lendle, Native Lend, Aurelius, Timeswap, Dolomite, mETH Labs, Minterest, TsunamiX, KTX, Circuit, Beefy, Ethena, Merchant Moe, Agni, FusionX, Cleopatra

  • 20 Powder per $mETH or $cmETH

Incentivized Liquidity Pools:

$mETH / $ETH and $cmETH / $ETH (Coming Soon)

  • 30 Powder per $mETH / $cmETH LP

$mETH / $USDT, $mETH / $USDe and $cmETH / $USDe (Coming Soon)

  • 40 Powder per $mETH / $cmETH LP

Partners and Powder rates may be updated periodically during the season.

The conversion of Powder into $COOK and its transferability will be determined in the future. The total supply of $COOK will be disclosed at a later date, and claims will begin before or on the same day that the token is tradable on exchanges.

Mantle Rewards Station $COOK Allocation

200M $COOK tokens will be allocated to the Mantle Rewards Station, where users can lock $MNT for $COOK rewards. This initiative will commence on July 15, 2024.

Users can lock $MNT on either flexible or fixed terms to receive vested rewards. With a flexible deposit, users can lock and unlock at any time. If users opt for the time-locking function (fixed), they can enjoy multiplier boosts, but will only be able to withdraw $MNT after the chosen lock period has matured. The UI will display the amount of $COOK claimable in the future. Users will be able to deposit in multiple batches, with the differences in unlock periods displayed.

More details, including multipliers and rewards calculations, will be announced over the next week.

Puff Allocation

Following our previous announcement, we are pleased to provide further information about the retroactive $COOK allocation, in collaboration with the Puff project. Our analysis of the Puff Chapters confirms that $PUFF has been widely and equitably distributed among mETH L2 holders.

A portion of $COOK will be given to the Puff community when claims begin, with detailed information to be released shortly.

Referral Program

Today also marks the launch of the Methamorphosis Referral Program.

This initiative enables you to earn additional Powder by referring users, offering a prime opportunity to boost your rewards! A leaderboard will soon be introduced to track and display rankings.

All users will have the opportunity to enter their preferred referral code. However, once a referral code is bound, it cannot be changed.

It's time to cook!

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