Mantle team deploys liquid staking protocol on the Ethereum network
In exchange for blocked ETH, users will be provided with mETH derivative tokens that can also be used to generate revenue
04.12.2023 - 12:36
173
2 min
0
What’s new? The developers of Mantle Network, the Layer 2 (L2) network, have launched a liquid staking protocol on the Ethereum blockchain. The initiative was proposed and approved by the Mantle community this summer. The protocol allows one to stake ETH and receive in return derivative tokens Mantle-staked ether (mETH), which can also be used to generate income in other projects.
What else is known? The Mantle team began implementing the Liquid Staking Protocol (LSP) into the mainnet in a restricted alpha phase in early October. The project is now publicly available.
Liquid Staking, unlike traditional staking, allows the issuance of derivative tokens against the collateral of blockchain-backed cryptocurrency. While the original staked coins earn the owner interest for participating in the network’s operation, derivative tokens can also be used in revenue-generating protocols.
However, its popularity has led to the concentration of large volumes of coins in the hands of a few large players, such as the Lido protocol or the Binance and Coinbase exchanges. The Mantle team claims that it intends to combat this problem by offering sustainable yields on mETH.
As of December 4, the rate of the native token Mantle (MNT) is trading at $0.,5698, having added 5,1% overnight, a weekly gain of 12,8%, according to CoinGecko aggregator’s data.
On October 16, for the first time in five months, the queue for ETH staking ran out. The experts note that demand for the service and its profitability are shrinking. In late November, Glassnode analysts recorded an increase in the number of validators voluntarily disconnecting from the Ethereum network, which slowed the issuance of the asset. Combined with the increase in network activity, ETH has once again become deflationary as transactions burn some of the coins paid as fees.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 996
BTC
+2.08%
-
Ethereum
$3 406.85
ETH
+8.64%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.4
XRP
+25.81%
-
Dogecoin
$0.397914
DOGE
+2.64%
-
Cardano
$0.892648
ADA
+11.85%
-
Bitcoin Cash
$497.28
BCH
+1.81%
-
Polkadot
$6.26
DOT
+9.56%
-
Stellar XLM
$0.287318
XLM
+20.19%
-
Litecoin
$91.06
LTC
+5.62%