Wednesday, February 19, 2025

$COOK: Governance Token of mETH Protocol to Launch Soon

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The mETH Protocol, a prominent player in the Ethereum ecosystem, is set to launch its governance token, $COOK, as announced here. As one of the largest liquid staking and restaking protocols, mETH Protocol aims to further enhance its strategic direction and decision-making processes through the introduction of $COOK.

Formerly known as Mantle LSP, mETH Protocol operates as a permissionless, non-custodial ETH liquid staking protocol on Ethereum (L1), governed by Mantle (L2). Its liquid staking token, $mETH, has rapidly grown to become the fourth largest ETH LST, achieving a peak Total Value Locked (TVL) of $2.19 billion within a year.

With the upcoming launch of the liquid restaking token $cmETH, the protocol aims to capture a larger market share in the expanding restaking sector. $COOK will allow holders to play a crucial role in guiding the protocol’s future.

Token Distribution and Vesting

The total supply of $COOK tokens at genesis will be 5 billion, distributed across three primary categories. The mETH Protocol Community will receive 60% of the tokens, focusing on growth initiatives such as TVL campaigns, protocol collaborations, and user rewards. Notably, 11.12% of this allocation will be initially directed towards initiatives related to Season 1: Methamorphosis.

The Mantle Treasury will account for 30% of the token distribution, aimed at promoting the development and adoption of mETH Protocol assets within the Mantle Network. An initial 4% will be distributed to eligible users who have locked $MNT on Mantle Rewards Station.

The remaining 10% is allocated to the Core Contributor Team, recognizing their role in developing the protocol. These tokens will be subject to a lock-up period.

Future Developments and Expectations

At the Token Generation Event (TGE), the circulating supply of $COOK will be approximately 916 million tokens. Further details regarding TGE specifics, centralized exchange (CEX) listings, and on-chain liquidity are expected to be released soon.

Additionally, a blog post will outline the $COOK claim process. The mETH Protocol plans to integrate $COOK across various DeFi functions, including liquidity pooling and collateral, leveraging resources from Mantle’s ecosystem partners.

For ongoing updates, stakeholders are encouraged to follow the protocol’s communications channels.


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Shree Narayan Jha
Shree Narayan Jha
Shree Narayan Jha is a tech professional with extensive experience in blockchain technology. As a writer for CoinsHolder.com, Shree simplifies complex blockchain concepts, providing readers with clear and insightful content on the latest trends and developments in the industry.

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