- Stakeholders that participate in the “Metamorphosis” campaign receive Powder, which can be exchanged into COOK, the future governance token of Mantle LSP.
Ethereum Second Layer Mantle Network has released the first season of its Metamorphosis campaign, enabling mETH users to start accumulating Powder, which functions similarly to points and can be exchanged for COOK, Mantle LSP’s upcoming governance token.
Those that use Mantle’s Ethereum restaking platform—both natively and via partner protocols like Pendle or EigenLayer—will receive rewards from the campaign. On the other hand, native usage and mETH holdings on Mantle will produce more Powder.
First season premieres today and is slated to conclude in October. This week, there has been an 8% gain in Mantle’s native token, $MNT.
Metamorphosis seeks to position $mETH holders for the impending switch to Mantle’s new Liquid Restaking Token (LRT), cmETH, which will offer a complete spectrum of variable yields along with extra incentives from Mantle’s ecosystem partners, in addition to building up Powder.
With a market valuation of $1.65 billion, mETH is the fourth-largest liquid staking token (LST) in DeFi, behind only rETH from Rocket Pool, stETH from Lido, and staked ETH from Binance.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
