Background

The community has approved MIP-30, which provides general authorization for the next phases of the Mantle LSP (cmETH) project. While the product and interfaces are being developed, we would like to provide advanced information regarding the incoming campaigns.

Campaigns

Season 1: Methamorphosis

• Season 1 will feature a points program. Points will be convertible into the Mantle LSP token ($COOK) in the future. Dashboards will allow users to track how many points they have received, but the conversion of points into $COOK, and transferability of $COOK will be determined at a later date.
• Season 1 will start July 1, 2024, and will last for 100 days.
• Before the launch of cmETH (product and receipt token), the existing receipt token mETH will serve as the indexed token for accruing points. When cmETH becomes available, there may be a transition period during which both tokens are indexed.
• Different points accrual rates will apply for mETH held in wallet and within different qualified applications. Points will be calculated via daily indexing. Most existing L2 mETH users do not need to take any action, as their existing positions will be indexed and points will accrue automatically. mETH holdings on Mantle L2 will have the highest points accrual rates.
• Application lists, points accrual rates, qualification factors, and disqualification factors may be updated from time to time.
• There will also be a referral program.
• All of the above are subject to change.

Retro

• There will be a retroactive $COOK allocation.
• This component is being designed in cooperation with the Puff project. Our assessment of the various Puff Chapters indicates that $PUFF has been sufficiently broadly and fairly distributed among mETH L2 holders.
• Details of $PUFF to $COOK conversion rates, vesting, and transferability are yet to be announced.
• All of the above are subject to change.