Mirrored EtherPrice

(METH)

Mantle Staked Ether (mETH) is a Liquid Staking Token (LST) within the Mantle ecosystem. Unlike standard Ether, mETH serves as a receipt for ETH that has been staked. It is a value-accumulating token, meaning 1 mETH represents the original 1 ETH deposited plus the staking rewards accumulated over time. This allows users to maintain liquidity while earning yield, as mETH can be utilized across various decentralized finance applications while the underlying ETH continues to earn rewards through the consensus layer.

Rewards for mETH holders are generated through Ethereum's proof-of-stake consensus mechanism. As the protocol stakes the underlying ETH, it earns validation rewards. Instead of distributing these as separate tokens, the value is reflected in the exchange rate of mETH. Consequently, the amount of ETH each mETH represents increases over time. Additionally, the protocol may feature incentive programs that provide boosted yields to participants, making it a competitive choice among liquid staking solutions in the current ecosystem.

To retrieve the underlying ETH, users must initiate an unstaking request through the official protocol interface. The withdrawal process follows the standard Ethereum consensus layer withdrawal queue, which typically takes a few days depending on network congestion and validator exit status. Once the unstaking period is complete, the ETH becomes available for claim. Alternatively, users can swap their mETH back to ETH instantly on various decentralized exchanges or trading platforms like LBank, depending on available market liquidity.

COOK is the dedicated governance token for the mETH protocol. It was introduced to decentralize the decision-making process, allowing holders to vote on key protocol parameters, future upgrades, and strategic directions. Users often have opportunities to earn COOK through staking initiatives or participation in the ecosystem. The introduction of COOK marks the transition of the staking service toward a community-led governance model, ensuring that the development of the liquid staking ecosystem is managed by its active participants.

The legacy Mirrored Ether project, originally part of the Terra ecosystem, is currently defunct. It was a synthetic asset designed to track the price of Ether via price oracles. Following the collapse of its native ecosystem in 2022, the protocol effectively ceased operations, and the developers are no longer active. The token has lost its peg to the actual price of Ether because the infrastructure for minting, redeeming, and price-tracking is no longer functional, making it a legacy asset with no remaining utility.

Recovering funds from the legacy Mirrored Ether project is generally not possible. Most official bridges and redemption mechanisms associated with the original protocol have been shut down or are non-functional. While residual liquidity might exist on some older decentralized exchanges, the underlying collateral for these synthetic assets has collapsed. Users are advised to exercise extreme caution and distinguish between this defunct asset and the active Mantle Staked Ether to avoid permanent loss of funds.