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What is the cmETH Token?

What is the cmETH Token?

Overview

cmETH is the composable liquid restaking token (LRT) of the Mantle mETH Protocol—a permissionless and non-custodial system for ETH liquid staking and restaking. cmETH enables users to restake their mETH (Mantle Staked ETH) and gain exposure to yield opportunities from Ethereum Proof-of-Stake (PoS) rewards as well as additional yields from a portfolio of restaking protocols and Actively Validated Services (AVS) such as EigenLayer, Symbiotic, and Karak1234+3.

Key Features and Purpose

  • Liquid Restaking: cmETH is a 1:1 receipt token for mETH restaking. By converting mETH into cmETH, users opt in to a restaking strategy that provides exposure to rewards from a curated set of third-party restaking services in addition to standard Ethereum staking yields2356.
  • Composability: Designed for high integration across the Mantle ecosystem and DeFi protocols, cmETH holders can access Layer-2 dApps, decentralized money markets, and leverage restaked assets as collateral368.
  • Omnichain Portability: cmETH uses the LayerZero OFT Standard, allowing fast and slippage-free bridging between chains5.
  • Risk-Reward Profile: Holding cmETH comes with higher rewards than basic mETH due to additional restaking yields, but also higher risk. Users can choose between mETH (lower risk, only ETH staking rewards) or cmETH (higher risk, higher composite rewards) depending on their profile357.
  • Periodic Rewards: Rewards accrue in multiple third-party assets and can be claimed periodically by cmETH holders69.

How cmETH Works

  1. Restaking Process: Users first stake ETH for mETH, then restake mETH to receive cmETH.
  2. Portfolio Exposure: cmETH represents diversified restaking positions managed by the protocol, incorporating whitelisted strategies and several AVS ecosystems.
  3. Use Cases: cmETH can be used within Mantle's DeFi protocols for borrowing/lending, utilized as collateral, or bridged across chains, maximizing capital efficiency568.

Metrics Snapshot (as of now)

NameSymbolPrice (USD)Market Cap (USD)24H Volume (USD)
Mantle Restaked ETHcmETH$1,677.24$340,042,238$35.13
  • All-time high: $2,927.31 (Feb 23, 2025)
  • Recent cycle low: $1,573.56 (Apr 8, 2025)
  • 30D Volatility: 0.064
  • 30D Sharpe Ratio: -9.7410

Additional Context

  • cmETH was launched following MIP-30, a significant Mantle protocol update, to expand restaking and composability within Mantle’s ecosystem18.
  • The Mantle protocol also introduced COOK as the governance token, allowing stakeholders to participate in protocol decisions157.
  • cmETH aims to address liquidity fragmentation by functioning as a unified receipt token for various restaking platforms8.
For further reading and the latest updates, visit the Mantle mETH Protocol documentation.
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