As a booming DeFi playground, Mantle is currently flying under the radar. It’s the silent assassin in the industry, building an empire that’s increasingly becoming hard to overlook.

For yield enjoooyers, this is music to the ears — untapped DeFi plays and exposure to lucrative, structured products are ripe to pluck.

But here’s the catch: the window to capitalize on these opportunities won’t stay open forever. Paying attention is the name of the game. Keep your eyes peeled, your ears open, and your wallets ready.

As a quick refresher, here’s what we’re dealing with:

• MNT: Governance and gas token of the Mantle network
• mETH: Liquid staked ETH (LST)
• cmETH: Liquid restaked ETH (LRT)
• COOK: Governance and rewards token of the mETH protocol

In our previous piece, we dove into the heart of Mantle’s ecosystem, uncovering the secret sauce behind mETH — one of the largest ETH staking and restaking protocols in the game. We explored how cmETH is reshaping the restaking landscape, offering DeFi enthusiasts a chance to maximize their returns while powering AVSs.

With the added kick of Powder, the ecosystem is taking things to the next level. Now, it’s time to dig deeper into how COOK is enabling the future of Mantle and why this token is worth watching.

PSA: Don’t sleep on Mantle. Seriously, don’t.

Technical architecture

Alright, before we start COOKing, I feel it’s important to gain a fundamental understanding of mETH protocol’s implementation and how staking and restaking work. Trust me, it’ll be worth it.

mETH flow

1. Users deposit ETH
   1. Users stake their ETH to receive mETH, which represents their staked ETH within the protocol
2. ETH enters the staking contract
   1. The staking contract manages the allocation of ETH for validator creation, unstake requests, and compounding
   2. Three key roles handle this process:
      1. Initiator I1: Creates new validators
      2. Allocator A1: Exits validators when necessary
      3. Allocator A2: Allocates ETH for unstaking requests
      4. Allocator A3: Allocates ETH for compounding
3. ETH is sent to the Ethereum Beacon Chain
   1. The staking contract deposits ETH into Ethereum’s consensus layer (Beacon Chain) via the official deposit contract with a withdrawal address
4. Node operators provide validation services
   1. The staked ETH is delegated to node operators, who participate in Ethereum’s Proof-of-Stake (PoS) validation
   2. They earn:
      1. Issuance rewards (from Ethereum staking)
      2. Priority fees & MEV rewards (from the execution layer)
5. Rewards flow back to Mantle’s smart contracts
   1. Consensus layer receiver collects the staking rewards and principal ETH from Ethereum’s Beacon Chain
   2. Execution layer receiver gathers priority fees and MEV rewards from validator operations

This process enables Mantle’s mETH to remain a high-yield liquid staking derivative (LSD) while maintaining security, decentralization, and capital efficiency

cmETH flow

1. Users mint cmETH
   1. Users deposit mETH to receive cmETH in the mETH protocol
2. mETH enters the BoringVault
   1. All mETH deposits are routed through BoringVault, which manages deposits, withdrawals, and routing of assets
   2. Key roles within the vault:
      1. Teller: Handles deposits and share management
      2. Delayed Withdraw: Manages user mETH withdrawal requests
      3. Accountant: Calculates exchange rate
3. mETH is allocated to Position Managers
   1. The Position Manager contracts handle the deployment of mETH into various restaking strategies
   2. Multiple Position Managers exist, each representing different restaking strategies
4. Position Managers route mETH to restaking protocols
   1. The allocated mETH is restaked across different restaking protocols (e.g., EigenLayer or other supported platforms)
   2. These protocols enable further yield generation on the already staked ETH
5. Restaking rewards flow back
   1. The restaking protocols generate rewards, but these are non-mETH rewards (e.g., native ETH, protocol-specific incentives)
   2. These rewards are sent back to BoringVault for processing
6. Rewards are handled and distributed
   1. The Reward Handler processes these non-mETH rewards
   2. Users can claim rewards, or they may be compounded back into restaking strategies
      

This system allows users to earn additional rewards via restaking on their already staked ETH while maintaining flexibility and liquidity through cmETH.

Deciphering mETH protocol’s growth metrics

As I was crunching the numbers, I noticed a pattern — a pattern that screams victory. The protocol is sitting pretty at ~$1.5 billion in TVL on the Ethereum mainnet, holding steady even during the recent market chaos.

While other projects were sweating bullets, the mETH protocol stayed cool as a cucumber. That’s a sign of a protocol built to last.

Looking beyond the vanity metrics, it’s clear the protocol has nailed product-market fit. Over 43,000 wallets have interacted with it across Ethereum and Mantle, cmETH is churning out a solid ~3% APY, and that’s before factoring in airdrop incentives.

Limited-time campaigns like Methamorphosis and COOK Feast are just the icing on the cake. Over 450,000 ETH is staked with mETH, and 200,000 ETH restaked. Slowly but surely, Mantle is sucking up ETH liquidity, 1 GWEI at a time.

In a world where hype often overshadows substance, Mantle is quietly stacking wins. If you’re not noticing, well, let’s just say you’re missing out on one of the most exciting opportunities in DeFi right now.

The COOK story

COOK sits at the center of the protocol.

While governance isn’t live yet, it’s coming soon — and when it does, COOK will let you vote on decisions that shape the future of the ecosystem.

Furthermore, COOK unlocks a treasure trove of yield-generating opportunities, incentives, and airdrops, making it the ultimate multitasker. The interplay between Mantle, mETH, and their growing list of partners creates a flywheel of value accrual, and COOK is the key that keeps it spinning.

Methamorphosis Season 2: The ultimate ETH stacking play

Right now, Methamorphosis Season 2 is live (for the next three weeks, as of writing), and it’s a prime example of how COOK drives value. Here’s how it works: restake your mETH for cmETH, participate in the campaign, and earn Powder — which will later be convertible to COOK.

But that’s just the appetizer. The real feast comes from stacking rewards like a DeFi God. Here’s the chronological rundown of the ultimate ETH stacking play:

1. Staking rewards via mETH: Earn yield just for staking
2. Utilize LST/LRT on DeFi dApps: Take your staked and/or restaked ETH to the next level by leveraging it across lending protocols, looping strategies, and more
3. Partner rewards: Rack up extra incentives from Mantle’s growing ecosystem of partners
4. AVS fees and incentives: Get a slice of the pie by securing actively validated services (AVSs)
5. Restaking yield: Double-dip with restaking rewards, courtesy of cmETH
6. COOK airdrop: Top it all off with a COOK airdrop, because why not?

COOK Feast

Feeling extra bullish? COOK Feast is where the real magic happens. Lock up your COOK for a set period, and earn mETH protocol treasury rewards.

It’s a non-dilutive yield, sourced directly from the treasury. Think of it as Mantle’s twist on the vote-escrow model popularized by Curve, but with its own unique flavor.

Why COOK matters?

COOK is the glue that holds the mETH ecosystem together. From governance to yield generation, airdrops to treasury rewards, it’s a multi-tool designed to reward early adopters and keep the ecosystem thriving.

Whether you’re a yield farmer, a restaking maxi, or just someone looking to ride the next big wave in DeFi, COOK offers a seat at the table. And with Mantle’s ecosystem growing by the day, that seat is looking more and more like the best in the house.

So, what are you waiting for? Get COOKing.

COOK valuation

At the moment, COOK is sitting at a market cap (mcap) of ~$20 million. However, as stated above, the TVL is about $1.5 billion. This gives COOK a mcap/TVL ratio of just 0.013 — a figure that should make any DeFi enthusiast’s ears perk up.

For context, a low mcap/TVL ratio often signals undervaluation, especially in a protocol as robust and actively used as mETH. Compare this to some of the bigger names in DeFi, where mcap/TVL ratios frequently exceed 0.1 or even 1.0, and it’s clear that COOK is trading at a significant discount relative to the value it supports.

This discrepancy is likely temporary. It tells us that COOK is still flying under the radar, despite being the value accrual token for one of the largest ETH restaking protocols in the game.

With 650,000 ETH staked and restaked, mETH is already a heavyweight in the restaking arena. Yet, COOK’s valuation hasn’t fully caught up to the protocol’s growth and potential.

What does this mean for you? It’s a classic case of asymmetric upside. As the mETH ecosystem continues to expand, driven by initiatives like Methamorphosis, COOK Feast, and partnerships, the demand for COOK is likely to grow.

Whether through increased governance participation, yield opportunities, or airdrops, COOK’s utility ensures it’s more than just a speculative play. It’s a foundational piece of a rapidly growing DeFi ecosystem.

Conclusion

Finally, I must confess that as a DeFi degen, I’m fully immersed in the Mantle euphoria. The ecosystem is a masterclass in innovation, combining a banger suite of products with a clear vision for the future of restaking and DeFi. From mETH and cmETH to COOK and beyond, Mantle is strategically crafting a DeFi movement.

The DeFi renaissance is well underway, and Mantle is undoubtedly at the forefront. The numbers don’t lie: $1.5 billion in TVL, 450,000 ETH staked, and a growing list of partnerships and campaigns like Methamorphosis and COOK Feast shine a light on what’s ahead.

But here’s the thing: you don’t have to take my word for it. The best way to understand the hype is to experience it for yourself. Dive into the ecosystem, stake some ETH, explore the opportunities, and see why Mantle is quickly becoming a cornerstone of the DeFi landscape. Trust me, you won’t be disappointed.

So, what are you waiting for? Get involved, get COOKing, and join the Mantle wave. The future of DeFi is being built right now, and you’ve got a front-row seat, anon.