Mantle Staked Ether ($mETH) has become a crucial component of Mantle Ecosystem due to its adoption and integration across multiple Mantle L2 DeFi applications, core technology partners, and centralized exchanges. As the value-accumulating receipt token of Mantle's liquid staking protocol, Mantle LSP, $mETH's success is also attributed to the protocol's performance. Mantle LSP has managed to become the fourth-largest ETH liquid staking protocol, further driving the widespread adoption of $mETH.

To help $mETH holders get the most out of their tokens, we have put together a guide presenting $mETH's use cases within Mantle Showcase applications and other ecosystem dApps.

Hold $mETH on Mantle Network to Earn Rewards

Users who hold $mETH on Mantle L2 directly or within ecosystem dApps may be able to access exclusive rewards. For example, users who held $mETH on Mantle Network from Feb. 9, 2024, to March 15, 2024, enjoyed an allocation of EigenLayer points earned from the Mantle Treasury. As a reminder, those who hold $mETH on Mantle L2, including $mETH held in Mantle Ecosystem dApps, from March 16, 2024, onwards can still accumulate EigenLayer points, which can eventually be converted into EIGEN tokens. For more information, please visit our latest blog, which provides further details.

Visit the $mETH Dashboard to see the following:

• $mETH balance on L1 and L2
• The amount of $mETH held directly on Mantle Network and within Mantle Network Ecosystem dApps
• Reward section, which currently shows how many EigenLayer points users have qualified for.

View On Dashboard

$mETH Use Cases in Mantle Showcase Applications

Trade on Mantle DEXs

• Merchant Moe

Choose from a wide range of swap options available, including mETH/MNT, mETH/USDe, and more.

To access these pairs, visit Merchant Moe, navigate to the "Trade" tab, and select $mETH as the token you wish to swap.

• TsunamiX

Explore the range of $mETH swap options TsunamiX has to offer within its "Trade" tab.

Users can also use their $mETH for margin trading, allowing them to partake in leverage trading activities on TsunamiX. To do so, navigate to the “Trade” tab, select $mETH as the token to use as margin, choose the desired leverage, and decide whether to enter at market price or a limit price.

Please partake in leverage trading at your own risk, as users face the risk of liquidation. Manage your risk appropriately.

Liquidity Pools

The Mantle Showcase applications mentioned above also provide $mETH holders with the opportunity to earn fees and rewards by providing liquidity to their respective pools.

• Merchant Moe

Provide liquidity to pools such as mETH/WETH, MNT/mETH, MOE/mETH, and more to earn fees.

• TsunamiX

Provide liquidity to TsunamiX and receive TsunamiX LP tokens which earn fees from spot and margin trading.

Money Markets

One of the core functions of a healthy DeFi ecosystem is the ability to put idle capital to work and increase capital efficiency and with the help of money markets such as INIT Capital, a "liquidity hook" money market built on Mantle Network, $mETH holders can do just that.

Users are able to use $mETH as collateral on INIT Capital to borrow a range of assets such as $MNT, $USDC, $WETH, and more. To do so, visit the platform, select the "Market" tab, locate $mETH on the asset list and then select the "Deposit/Borrow" button.

Once selected, users have the option to open a new deposit position and earn APY, or they can open a new deposit/borrow position where they can use $mETH to borrow another token.

$mETH holders can also take advantage of INIT Capital's "$mETH Looping Hook," where users can open a leveraged mETH position by depositing $mETH and borrow ETH up to 5x.

Users that adopt looping strategies will be leveraged long on the asset they are looping and run the risk of liquidation. Please ensure you understand the risks associated with looping and manage your risk accordingly.

Unlocking $mETH Potential: Mantle Ecosystem Integrations

Trading

• Bybit: mETH/USDT and mETH/ETH available for Spot trading
• NativeX: mETH/WETH, mETH/USDe, and more $mETH swap options available.
• 1delta: Use $mETH for margin trading and choose from a range of $mETH swap options that are also available.

Lending/Money Markets

• Timeswap: Leverage $mETH as collateral and loop your $mETH for boosted yields
• MYSO Finance: Zero-fee $mETH swaps at any size or custom $mETH zero-liquidation loan offers
• Teller: Collateralized loans using $mETH
• Lendle: Collaterized loans with $mETH — Check out Lendle's post on yield-maximizing strategies with $mETH
• Gravita Protocol: Interest-free borrowing against $mETH
• Minterest: $mETH and USDY/mUSD are now live on Minterest
• Aurelius Finance: Lend and borrow $mETH

Vaults

• Range Protocol: Access the mETH/WETH vault by Tokka Labs
• Circuit Protocol: Auto-compounding vault for Lendle's $mETH market
• Rivera Money: mETH-ETH LST vault available

Liquidity Pools

• Bybit: Stake for 2X gas fee rebates
• FusionX: Pick your preferred $mETH liquidity pool with mETH/USDY, mETH/MNT and mETH/wETH options, and more upcoming
• iZUMi Finance: mETH/WETH pool available, with liquidity rewards in $MNT and $IZI
• AGNI Finance: Add liquidity to the mETH/wMNT pool
• Swapsicle: mETH/WETH farming pool available
• Velocimeter: Add liquidity to the mETH/wMNT pool in a lockdrop for six weeks
• Uniswap: mETH/wstETH liquidity pool available
• Cleopatra DEX: Offers liquidity pools for USDC/mETH, MNT/mETH and more
• Stratum Exchange: Offers a liquidity pool for mETH/WETH and more

Restaking

• Karak: Mantle users can restake $mETH and earn 2x Karak XP

Obtain mETH Through Mantle LSP

Stake and unstake ETH easily on Mantle's LSP and instantly receive $mETH. Visit Mantle LSP to take advantage of its user-friendly interface and start accumulating native yield while participating in various DeFi activities on Mantle Network using $mETH.

For a complete step-by-step guide, please visit here.