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Mantle has recently unveiled its liquid staking protocol (LSP) on the Ethereum mainnet. This move comes after their successful deployment of a Layer 2 network. Mantle’s protocol introduces a non-custodial system allowing users to stake Ethereum (ETH) through validator nodes. In return, participants receive Mantle-staked ether (mETH), representing their stake. This approach offers a fresh perspective on network staking, aiming to decentralize the process significantly.
Challenging Major Stakeholders
A vital aspect of Mantle’s strategy is to address the growing concentration of staked ETH in the hands of dominant providers such as Lido, Coinbase, and Binance. Mantle’s chief strategist, Jordi Alexander, highlights the issue stemming from a feedback loop driven by name recognition and user preference. Mantle counters this by promoting mETH in the Liquid Staking and DeFi (LSDfi) ecosystem.
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The goal is to provide diverse options for users and improve capital efficiency to sustain yields. Mantle’s DAO, following the MIP-25 governance proposal, has commenced staking ETH from its treasury. This move adds to its $80 million in ETH staked with Lido Finance.
Mantle’s Financial Footprint
Given its substantial financial footprint in the crypto market, mantle’s entry into the liquid staking arena is noteworthy. With assets amounting to $470 million in ether and an additional $200 million in stablecoins, Mantle’s approach could significantly impact the decentralized finance landscape on the Ethereum network. Their strategy represents a shift towards a more inclusive and decentralized staking environment.
As a result, despite opening the day in a bearish trend, Mantle (MNT) has gained positive momentum in the last 24 hours. During the rally, bulls drove the MNT price from a low of $0.5406 to a 6-month high of $0.5677 before a slight drop. At press time, MNT was trading for $0.5651, a 4.61% increase over the previous day.
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MNT/USD 1-day price chart (source: CoinGecko)
MNT’s market capitalization and 24-hour trading volume increased by 4.26% and 30.59%, respectively, to $1,767,894,161 and $133,598,064. This price and trading volume increase implies that investors and traders have grown interested in and confident in the staking approach. As more people participate in Mantle’s decentralized staking ecosystem, the bullish trend is anticipated to propel MNT’s price upwards.
Read Also: Binance Lists LUNC, IOTA, & Other Spot Trading Pairs As Terra Classic Price Rallies
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- Source: https://coingape.com/mantle-introduces-new-ethereum-liquid-staking-protocol/
