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Mantle, the DAO-led web3 ecosystem, right now unveiled its Mantle Liquid Staking Protocol (LSP) as a key addition to the Mantle Ecosystem, providing customers a novel technique to interact with Ethereum’s proof-of-stake (PoS) validator community, in accordance with a press release shared with starcrypto.
The Mantle LSP is a permissionless and non-custodial Ethereum (ETH) liquid staking protocol, performing on Ethereum L1 and ruled by Mantle. It stands because the second core product of the Mantle Ecosystem, following the Mantle Community L2. Mantle posits that the introduction of Mantle Staked Ether (mETH), a value-accumulating receipt token, is a pivotal step of their protocol.
Mantle detailed that the genesis of Mantle LSP started with a proposal in a Mantle discussion board on July 14, 2023. Following the acceptance of the Mantle Governance Proposal MIP-25, the staking of Mantle Treasury ETH was sanctioned, resulting in the phased deployment of Mantle LSP. This course of culminated within the protocol’s full operational launch on Dec. 4, transitioning it right into a Permissionless Mode.
Mantle LSP distinguishes itself by providing prompt and sustainable rewards. Customers staking ETH obtain mETH, a token embodying their staked worth and gathered rewards, whereas additionally unlocking further yield alternatives inside the Mantle Ecosystem. Mantle states that the ETH to mETH change charge is deterministically calculated, thus mitigating the influence of stake dimension on slippage. Moreover, mETH is accessible for commerce on varied exchanges, with its pricing ruled by market dynamics.
Mantle emphasizes that their protocol underscores a dedication to person expertise, safety, and yield optimization. Mantle states its LSP contains a streamlined structure, specializing in the ETH to mETH conversion course of on L1, and avoids complexities related to different PoS tokens and chains. The protocol’s design incorporates strong threat administration methods, together with non-custodial core sensible contracts and off-chain providers that impose strict threat limits. Moreover, Mantle LSP’s safety framework entails dividing tasks amongst varied roles, guaranteeing the safeguarding of staked ETH inside sensible contract addresses.
With the launch of Mantle LSP, Mantle intends to reinforce its DeFi choices by exploring the adoption of mETH throughout varied functions inside its ecosystem and past. This growth goals to bolster the utility and effectivity of mETH, contributing considerably to Mantle’s progress within the DeFi house.
The broader Mantle ecosystem, anchored in Ethereum expertise, now consists of the Mantle Community, an Ethereum layer 2 (L2) resolution, Mantle Governance, a decentralized autonomous group (DAO), and Mantle Treasury, one of many largest on-chain treasuries. The ecosystem is facilitated by the Mantle token (MNT), which serves as a product and governance token.