Ethereum Layer 2 network Mantle announces the launch of Mantle LSP, a permissionless and non-custodial liquidity staking protocol, on the Ethereum mainnet. Users can stake Ether (ETH) on the platform and receive Mantle-staked Ether (mETH) as tokens representing their staked assets. Mantle LSP is governed by the decentralized autonomous organization (DAO) of Mantle.
Liquidity staking provides users with the advantage of unlocking capital from their staked assets. However, the widespread use of liquidity staking on Ethereum has led to ETH staking being concentrated on major platforms such as Lido, Coinbase, and Binance. The Mantle team states that it aims to broaden the range of available solutions to address the issue of staking centralization.
Jordi Alexander, Chief Alchemist of Mantle, stated that with the merger between BitDAO, supported by Mantle, and the approval of the proposal on “brand, tokens, and token economics optimization” initiated by the BitDAO community in May, Mantle gained support from one of the largest treasuries in the cryptocurrency space. According to DeepDAO data, its assets include $470 million worth of ETH and over $200 million worth of stablecoins.
After the approval of governance proposal MIP-25 by Mantle DAO in August, it has been authorized to stake its treasury’s Ether using its own protocol. This is a supplement to the existing $80 million worth of ETH staked by the DAO through Lido Finance.
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