By
Mayowa Adebajo
April 25th, 2024
Mantle, Ethereum’s Layer 2 platform, launched Mantle LSP, a liquid staking protocol. It positions itself among top providers, competing fiercely for the third spot in liquid staking volume, challenging rivals Lido and Rocket Pool.
This Monday, Ethereum’s Layer 2 platform Mantle announced 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 main Mantle network released in July 2022.
Mantle LSP allows platform users to stake ETH in exchange for $mETH tokens. According to the company, $mETH tokens also enable users 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 stated.
🚨 Introducing a Mantle core product: Mantle LSP, a permissionless, non-custodial ETH liquid staking protocol!
Get your hands on $mETH, the value-accumulating receipt token that opens the gateway to expanded yield opportunities.
🟢 Check out the APY at: https://t.co/5uJADLgHiF pic.twitter.com/Lw7upiRS5V
— Mantle (@0xMantle) December 4, 2023
Mantle Aims to Stand Out as a Leading Provider of Liquid Staking
The goal of Mantle is to position its treasury, currently valued at $2.3 billion, among the top three liquid staking providers after Lido and Rocket Pool. These two competitors stirred controversy mid-year due to the centralization of their liquid staking contracts.
The dispute between these providers underscores the challenges Mantle will face in achieving genuine decentralization in the cryptocurrency staking arena. Here, similar protocols allow users to delegate their assets to validators to earn derivative tokens.
Jordi Alexander, Chief Alchemist at Mantle, stated in an interview with Coindesk that Mantle’s treasury aims to aggressively and rapidly secure the third position in liquid staking volume, directly competing with Lido and Rocket Pool. Thus, the launch of Mantle LSP is a key step in expanding the platform in a technology industry that is constantly evolving.
“We’re targeting the No. 3 spot pretty aggressively and quickly,” emphasized Alexander.
Mantle’s Token Price (MNT) Surged with Bitcoin’s Rise
The recently migrated Mantle token (MNT) rose by 6.57% today, reaching $0.58, according to CoinMarketCap data, leveraging the bullish momentum of BTC, which hit an 18-month peak of approximately $42,000. This surge follows renewed hopes for the possible approval of a Bitcoin spot ETF in the US.
Today, MNT’s market cap increased by 6.48% to over $1.817 billion, experiencing a 54.04% uptick in trading volume in the last 24 hours.
Therefore, the introduction of the Mantle Liquid Staking Protocol (LSP) is proving attractive to investors seeking a way to participate in Ethereum’s proof-of-stake (PoS) validator network, earning instant and sustainable rewards through Mantle Staked Ether ($mETH).