What is mETH Protocol (COOK)?

Quick Facts

• Token name: COOK
• Role: Governance token of mETH Protocol
• Protocol type: Permissionless, non-custodial ETH liquid staking
• Deployed on: Ethereum L1, governed by Mantle L2
• Formerly known as: Mantle LSP
• Liquid staking token: mETH (value-accumulating receipt token)
• Restaking token: cmETH (composable liquid restaking token)
• Launched: Late 2023 (protocol); COOK governance token introduced in 2024

Introduction

mETH Protocol is one of the largest liquid staking and restaking protocols in the Ethereum ecosystem. Built and governed by Mantle, it lets users stake ETH and receive yield-bearing tokens in return, without giving up liquidity or flexibility.

COOK is the protocol's dedicated governance token. It gives holders a direct voice in how mETH Protocol evolves — from staking policies to ecosystem partnerships.

History & Background

mETH Protocol launched in late 2023 under the name Mantle LSP. It quickly grew into one of the most recognized liquid staking platforms on Mantle Network, achieving a peak TVL of $2.19 billion and reaching the status of the fourth-largest ETH liquid staking token within its first year.

For nearly a year, the protocol operated without a dedicated governance token. Governance decisions were largely shaped by Mantle and holders of the MNT token. In late 2024, the COOK token was introduced, marking a major step toward community-driven governance.

How mETH Protocol Works

Users deposit ETH into mETH Protocol and receive mETH, a receipt token that accumulates staking rewards over time. mETH holders can freely transfer, trade, or deploy their tokens across DeFi applications — avoiding the long lock-up periods typical of traditional ETH staking.

For users seeking higher yield opportunities, the protocol also offers cmETH, a composable liquid restaking token that incorporates the base mETH profile plus additional restaking rewards. A built-in Liquidity Buffer maintains non-staked ETH reserves to handle redemption requests efficiently, depositing idle ETH into blue-chip lending protocols like AAVE to preserve yield.

Tokenomics

COOK is designed purely as a governance asset. It is not pegged to any fiat currency and does not represent staked ETH. Its primary value comes from the voting rights it grants within the mETH Protocol ecosystem.

Token distribution covers community participants, early contributors, and ecosystem campaigns. Team and contributor allocations are subject to lock-up and vesting schedules, aligning long-term incentives with protocol health.

Ecosystem & Use Cases

COOK holders can vote on key protocol decisions, including staking policies, risk parameters, and potential collaborations. The mETH liquid staking token (mETH) is highly composable across DeFi applications on Mantle Network, offering additional yield-bearing opportunities beyond base staking rewards.

cmETH extends this further into the restaking space, allowing users to opt into a higher risk-reward profile while still maintaining liquidity.

Team, Governance & Community

mETH Protocol is developed and governed by Mantle, a modular Layer 2 solution built on Ethereum. The protocol transitioned toward community governance with the introduction of COOK, enabling token holders to actively shape protocol direction rather than relying solely on the Mantle team.

Community channels are active across Twitter/X (@mETHProtocol), Telegram, and Discord.

Advantages

• No lock-up periods: Users retain liquidity while earning staking rewards via mETH.
• Flexible risk profiles: Choose between mETH (base staking) or cmETH (restaking) based on personal risk appetite.
• Composability: mETH integrates with a wide range of DeFi protocols on Mantle Network.
• Community governance: COOK empowers holders to influence protocol decisions directly.
• Liquidity Buffer: Faster ETH redemptions without sacrificing yield.

Risks & Challenges

• Smart contract risk: As with all DeFi protocols, bugs or exploits in the underlying contracts remain a concern.
• Restaking risk: cmETH introduces additional complexity and risk beyond standard liquid staking.
• Governance concentration: Token distribution patterns could lead to voting power being concentrated among a small number of large holders.
• Market dependency: Protocol growth depends on continued demand for ETH staking and Mantle Network adoption.

Long-Term Vision

mETH Protocol aims to remain one of Ethereum's leading liquid staking destinations while expanding its restaking capabilities through cmETH. By decentralizing governance via COOK, the protocol seeks to build a transparent, community-led platform that adapts to the evolving DeFi landscape. Mantle's broader ambition is to make ETH staking more accessible, capital-efficient, and rewarding for a global user base.