KEY TAKEAWAYS
- The mETH Protocol will hold a Token Generation Event for $COOK on October 29, 2024, followed by the launch of $cmETH on October 30, 2024.
- Season 2: Methamorphosis focuses on integrating $cmETH, offering users restaking opportunities and Ethereum PoS yields.
- Incentives during Season 2 include Powder rewards for $mETH and $cmETH, with a referral program and varying accrual rates for DeFi activities.
- The season will last 110 days, with details on $COOK allocation and transferability to be announced later.
The mETH Protocol has announced that the Token Generation Event (TGE) for $COOK and claims will occur on October 29, 2024. Following this, Season 2: Methamorphosis, along with the launch of $cmETH, the liquid restaking token, is set to begin on October 30, 2024. This announcement marks a significant milestone for the protocol as it continues to expand its offerings.
The first season of Methamorphosis commenced on July 1, 2024, providing the community with the opportunity to secure their initial share of $COOK, the governance token of the mETH Protocol. This season also laid the groundwork for the introduction of $cmETH. By the end of the season, the Total Value Locked (TVL) for the liquid staking token, $mETH, had increased by 12.5%, reaching $1.21 billion. Additionally, the Mantle Rewards Station reported a 125% increase in $MNT locked, totaling over 148 million.
Season 2: Methamorphosis and $cmETH Launch
Season 2: Methamorphosis aims to build on the growth achieved in the first season, with a focus on the integration and adoption of $cmETH. The new token, $cmETH, is designed to enable users to capture the future of restaking while benefiting from the widespread adoption and composability of $mETH. By restaking their $mETH for $cmETH, users can access multiple restaking opportunities, enjoy Ethereum Proof-of-Stake yields, and earn $COOK rewards.
Similar to the first season, Season 2 will allow users to accrue Powder rewards, which can be converted to $COOK in the future. Dashboards will be available for users to track their Powder accumulation. However, the total $COOK allocation for this campaign season and the transferability of $COOK will be disclosed at a later date. The season will last for 110 days, starting on October 30, 2024.
Incentives and Program Details
During the initial 30 days of Season 2, both $mETH and $cmETH holdings will be incentivized with Powder rewards, allowing users time to transition from $mETH to $cmETH without missing out on initial benefits. For the remaining 80 days, only $cmETH will be incentivized. Different Powder accrual rates will apply to holdings in wallets and various qualified DeFi activities on Mantle L2, with L1 protocols not being incentivized in this season.
Powder will be calculated through daily indexing, and application lists, accrual rates, qualification, and disqualification factors may be updated periodically. A referral program will also be part of the season’s offerings. All details are subject to change, as outlined in the official announcement here.
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