Introduction of Mantle Liquid Staking Protocol (LSP)
The Mantle project, a decentralized web3 ecosystem, has unveiled its highly anticipated Mantle Liquid Staking Protocol (LSP). This innovation expands the Mantle Ecosystem, offering users a novel means of engaging with Ethereum’s proof-of-stake validator network.
Mantle LSP stands as a permissionless and non-custodial liquid staking protocol for Ethereum. Operating on Ethereum L1 and governed by Mantle, this product complements the Mantle Network L2, bolstering the Mantle Ecosystem.
Genesis and Development of Mantle LSP
The genesis of Mantle LSP dates back to a proposal submitted to the Mantle forum on July 14, 2023. Following the approval of Mantle Governance Proposal MIP-25, the staking of Mantle Treasury ETH commenced, setting the stage for the phased deployment of Mantle LSP.
Culminating in the protocol’s full launch on December 4, the transition into Permissionless Mode marked the completion of the deployment process.
Distinctive Features and Advantages of Mantle LSP
- Instant and Sustainable Rewards: Users staking ETH receive mETH, a liquid representation of their staked value and accumulated rewards. This unlocks additional yield-generating opportunities within the Mantle Ecosystem.
- Deterministic Exchange Rate: The ETH to mETH exchange rate is deterministically calculated, mitigating the impact of stake size on price slippage.
- Exchange Market Dynamics: mETH is tradable on various exchanges, with its pricing governed by market dynamics.
- Exceptional User Experience, Security, and Yield Optimization: Mantle LSP prioritizes user experience, security, and yield optimization. Its streamlined architecture focuses on the ETH to mETH conversion process on L1, avoiding complexities associated with other PoS tokens and chains.
- Robust Risk Management: The protocol incorporates robust risk management strategies, employing non-custodial core smart contracts and off-chain services that impose strict risk limits.
- Responsibilities Division and Security Framework: Mantle LSP’s security framework divides responsibilities among various roles, ensuring the safeguarding of staked ETH within smart contract addresses.
Mantle’s Ambitions with Mantle LSP
With the launch of Mantle LSP, the project aims to enhance its DeFi offerings by exploring the adoption of mETH across various applications within its ecosystem and beyond. This expansion intends to strengthen the utility and efficiency of mETH, significantly contributing to Mantle’s growth in the DeFi space.
About Mantle
The Mantle ecosystem, rooted in Ethereum technology, encompasses various components:
- Mantle Network: An Ethereum layer 2 (L2) solution.
- Mantle Governance: A decentralized autonomous organization (DAO).
- Mantle Treasury: One of the largest on-chain treasuries.
The ecosystem is facilitated by the Mantle token (MNT), which serves as both a product and governance token.
Author:
Jane Doe
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MigBase.com