You’ve seen us drop some real gems on this platform over the past few months. Well, guess what? It's time for yet another one — this time in the staking space.

Yeah, yeah, I know. You guys just want to be spoonfed some random meme that’ll quickly 100x, but unfortunately, the blocmates crystal ball does not work like that. Sometimes, you have to put a little work in to make some shekels.

Today’s cook is, literally and figuratively, one that’ll be worth putting in the work for.  

While most of you have dreamed of cooking some meth in your mum’s basement, this one gives you the sure-shot recipe on how to COOK the most from your mETH. Probably a safer cook for everyone involved.

mETH is the vertically integrated liquid staking token (LST) on Mantle, and it is the 4th largest LST protocol on Ethereum (as of writing).

It recently launched its restaking token, cmETH. By holding cmETH and leveraging it in DeFi, you can earn COOK, the governance token of mETH protocol. Today, we’re here to present to you the most potent recipe that will surely please the rain gods and make it rain Powder!

Here’s a quick guide on how you can maximize your Powder earnings, which can later be converted for the COOK airdrop using cmETH. Let’s dive in! 🪂

What is COOK, mETH and cmETH?

The potent trifecta sent straight from Gods above — mETH, cmETH, and COOK are 3x a charm for any liquid staking enjoyooor in DeFi.

Of the three, the most significant is mETH, the base LST that can be minted by depositing ETH via mETH protocol. When you deposit mETH on the protocol, you earn more mETH as yield, which represents your liquid-staked position on Ethereum.

All ETH staking on Mantle happens permissionlessly, and the exchange rate between mETH and ETH is managed by a multi-oracle system. The protocol also puts other measures in place (such as reporting accurate data around validators, rewards, etc.). This enables users to have a highly secure and efficient liquid staking experience.

You can find more info about the mETH protocol and how it offers a secure liquid staking experience to users here.

There’s a total of 142.67K mETH circulating on Mantle, which roughly equates to $552 million at current prices.

Mantle is the only Ethereum layer-2 [L2] that contributes to staked ETH, representing 1.3% of the overall ETH staked. The overall mETH protocol TVL (at the time of writing) is $1.78 billion. This means roughly 75% of the overall issued mETH is being used in DeFi protocols on the Mantle Network and beyond. mETH today is the fifth largest LST protocol, with its peak TVL hitting $2.19 billion! mETH holders have benefited from 7% APY, EIGEN tokens, and more.

What is cmETH?

Restake mETH to get cmETH. This is the liquid restaking token (LRT) token that represents restaked mETH.

When you restake your mETH, the receipt cmETH token offers staking yields from three protocols: Symbiotic, EigenLayer, and Karak. In fact, cmETH is the only LRT in the market today that provides exposure to multiple different LRT protocols, making it one of the most in-demand LRTs.

cmETH has a TVL of $555 million. In addition to the restaking protocols mentioned above, cmETH also offers rewards from Veda, a yield aggregator for LSTs and LRTs. The cmETH Veda vaults offer:

• 3x Veda Points
• Symbiotic Points
• Karak Points
• EigenLayer Rewards
• Powder for COOK

Thus, by holding cmETH, not only do you get the max rewards from all associated LRT protocols and actively validated services (AVSs), but you also accumulate Powder to get the COOK airdrop!

Speaking of which...

What is COOK?

COOK is the governance token of the mETH protocol.

All COOK holders will be able to determine and shape the future of mETH protocol. To ensure that Ethereum LSTs do not end up in centralized hands, 60% of the token supply has been reserved for the community itself, with the remaining 30% going to the treasury and 10% to the core contributors.

When you interact with the mETH protocol, you earn Powder. These are the internal points system, which are later convertible to COOK. The amount of Powder you earn is purely subject to how you use your mETH and cmETH holdings.

Get COOKing through Methamorphosis Season 2

The recent launch of Methamorphosis Season 2 unlocks new opportunities for utilizing mETH and cmETH to earn COOK.

Through its carefully designed incentive program, only the users with skin-in-the-game who actively leverage their mETH and cmETH holdings get Powder, which is later convertible to COOK.

There are multiple ways you can earn Powder. Let’s explore some of the ways you could be earning 10x, 20x, 30x, and even 40x Powder/day.

How to earn 40x Powder/day

1. Hold cmETH YT or LP on Pendle: Get 7.078-7.599% APY, 40x Powder, EigenLayer Multiplier, Symbiotic Multiplier, Karak Multiplier, and Veda 3x Multiplier. Check it out here.

2. LP for cmETH/MNT on Merchant Moe: Get 236% APR, 72.53 MOE/day, 40x Powder/day. Check it out here.

3. Buy pyt-cmETH from Hourglass: Earn up to 40 Powder per day for owning 1 pyt-cmETH purchased via Hourglass. Check it out here.

How to earn 30x Powder/day

1. LP to cmETH/WETH pool on Agni: Earn up to 30x Powder/day. Check it out here.

2. LP to cmETH/WETH on Cleo Exchange: Earn 132% APR and 30x Powder/day. Check it out here.

3. LP to cmETH/WETH on Swapsicle: Get 54% APR, 30x Powder, and further earn ICE from their reward pool. Check it out here.

How to earn 20x Powder/day

1. Deposit cmETH on WooFi: Get 4.52% APY and 20x Powder/day. Check it out here.‍

2. Deposit cmETH on Treehouse: Get 2.869% APR and 20x Powder/day. Check it out here.

How to earn 10x Powder/day

1. Hold 1 cmETH/day in your wallet: Get 10x Powder/day if you hold 1 cmETH. Check it out here.

Additionally, holding cmETH gets you 3% APY and 3x rewards from Veda, and you also get eligible for restaking rewards from EigenLayer, Symbiotic, and Karak. To mint cmETH, you can simply restake your mETH on the app here. The ease with which you can earn multi-protocol LRT rewards by simply holding cmETH outcompetes any other LRT service provider in the industry.

Referrals

You can also earn 10% extra Powder from the total Powder earned by those who use your referral link. The referral links can be generated here.

The billion-dollar opportunity

Methamorphosis is a dedicated program aimed to incentivize users to mint the highly coveted cmETH token and use it to multiply their Powder earnings. This will last until February 16, 2025. The reason why we’re super bullish on this campaign is:

• You are being incentivized to earn boosted rewards from all major LRT protocols by simply holding one token, cmETH.
• Some of the major protocol partners haven’t even launched their tokens yet, offering you the chance to earn their native points and potentially qualify for future incentives.
• COOK is one of the most undervalued tokens for liquid staking and restaking in the market today. It doesn’t even come close to other seminal LSTs/LRTs such as LDO and EIGEN.

The total restaking TVL from mETH has reached $622 million, which is just 1.7% of Lido’s TVL and about 50% TVL of EtherFi’s LRT vault.

With this comparison, it is pretty evident where COOK stands against the broader LST/LRT market today and how undervalued it is. As more tokens are distributed via Methamorphosis and other campaigns in the future, some good price action can be expected.

Moreover, cmETH is the only LRT that offers you exposure to a variety of LRT protocols. This maximizes your earnings without needing to hold multiple LRT positions. Now, if that doesn’t send you running over to the top of the I’m-freaking-bullish-on-this hill, I don’t know what will.

Get your mETH, mint cmETH, and start earning Powder today. Qualify for COOK, and shape the future of the next-gen, most promising LST/LRT protocol in the market!