Mantle launches liquid staking protocol on Ethereum Mainnet
Mantle's Liquid Staking Protocol (LSP) is launched on the Ethereum blockchain. Initiated LSP is a non-guardian fluid container protocol. The Mantle Liquid Staking Protocol is run by a decentralized autonomous organization (DAO).
Decentralized autonomous organization Mantle has introduced an impressive liquidity protocol on the Ethereum mainnet. This move follows the successful deployment of the Layer 2 network and aims to provide users with a new way to participate in the network.
The Mantle approach addresses the risk of concentration of assets held in major providers such as Lido, Coinbase and Binance, providing an alternative solution through their liquid staking output, Mantle-staked ether (mETH).
Mantle liquid staking protocol on Ethereum
Liquid Staking Protocol (LSP), launched by Mantle on the Ethereum mainnet, is a protocol that allows users to deposit ETH and participate in network staking while reflecting their stake in Mantle-stacked Ether (mETH).
Mantle LSP began its journey in October with an exclusive alpha phase of deploying mainnet contracts, and then moved to a license-free phase to expand access and participation. This innovative protocol is managed by Mantle, a decentralized autonomous organization that emphasizes a community-driven approach to decision-making.
Solving Stake Focus with mETH Adoption
One of the primary initiatives behind the Mantle Liquid Staking Protocol is to aggregate the Ether stock in major providers such as Lido, Coinbase and Binance. According to Jordy Alexander, Chief Alchemist at Mantle, the focus issue is the result of a feedback loop of increasing name recognition and use case.
To counter this, Mantle focuses on the adoption of Mantle-Stacked Ether (mETH) in the Liquid Staking and Defy (LSDF) ecosystem. The protocol aims to contribute to the solution by giving consumers more options and increasing capital efficiency to ensure sustainable production. In August, mandated by the approval of the MIP-25 governance proposal, Mantle DAO decided to withdraw Ether from the treasury by adding $80 million to the Ether stock held with Lido Finance.
As a significant player in the crypto space, with a total of $470 million in Ether and over $200 million in assets, Mantle's strategic approach to liquid staking is an important development in the evolution of decentralized finance on the Ethereum network.
