What is mETH Protocol (COOK)?

Deep Dive

1. Purpose & Value Proposition

mETH Protocol solves ETH’s liquidity lockup problem by letting users stake ETH to mint $mETH, a token that accumulates staking rewards and remains usable in DeFi (e.g., trading, lending). For higher yields, $mETH can be restaked as $cmETH, which taps into protocols like EigenLayer and Symbiotic for additional rewards. This dual-layer approach balances base ETH staking yields with optional restaking risks.

2. Technology & Architecture

Built on Ethereum L1, mETH uses audited smart contracts to custody ETH and issue $mETH. Restaking via $cmETH aggregates positions across protocols into a single token, simplifying exposure. The protocol leverages Mantle Network’s L2 for low-cost DeFi composability and LayerZero’s OFT standard for near-instant cross-chain transfers. Oracles update rewards every 8 hours, and withdrawals follow a FIFO queue (up to 8 days for $mETH, ~7 days for $cmETH).

3. Tokenomics & Governance

$COOK (5 billion total supply) governs fee distribution, node operator selection, and product upgrades. For example, 10% of $mETH staking rewards go to the protocol, partly shared with node operators, while 20% of $cmETH restaking rewards fund ecosystem growth. Holders opt into risks by choosing between $mETH (base ETH staking) or $cmETH (restaking + slashing risks).

Conclusion

mETH Protocol reimagines ETH as a yield-generating, multi-chain asset through its liquid staking and restaking tokens, governed by $COOK. How will decentralized decision-making shape its integration with emerging restaking ecosystems?