Mantle has recently rolled out its Liquid Staking Protocol (LSP) on Ethereum’s mainnet, following a successful deployment of Mantle’s Layer 2 network. The protocol introduces a non-custodial system allowing users to stake Ethereum (ETH) through validator nodes, earning Mantle-staked ether (mETH) in return.
Challenging Stakeholder Dominance
Mantle’s strategy addresses the concentration of staked ETH among major providers like Lido, Coinbase, and Binance. Jordi Alexander, Mantle’s chief strategist, highlights the issue of dominance fueled by name recognition and user preference.
Mantle aims to disrupt this trend by promoting mETH within the Liquid Staking and DeFi (LSDfi) ecosystem, providing users with diverse options and enhancing capital efficiency to sustain yields. Mantle’s DAO, following the MIP-25 governance proposal, has initiated staking ETH from its treasury, adding to the $80 million staked with Lido Finance.
Financial Impact and Market Presence
With assets totaling $470 million in ether and an additional $200 million in stablecoins, Mantle’s entry into the liquid staking arena carries substantial weight in the crypto market. This approach signifies a shift toward a more inclusive and decentralized staking environment.
Despite a bearish start, Mantle’s native token (MNT) experienced a 4.61% surge. It climbed from $0.5406 to a 6-month high of $0.5677, subsequently settling at $0.5651 at press time.
Market Statistics and Trends
MNT’s market capitalization increased by 4.26% to $1,767,894,161, accompanied by a 30.59% surge in the 24-hour trading volume, reaching $133,598,064. This uptick in price and trading volume indicates growing interest and confidence in Mantle’s staking approach.
As more users engage in Mantle’s decentralized staking ecosystem, the bullish trend is poised to further drive MNT’s price upward.
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