Mantle-based mETH Protocol Announces Oct. 29 Airdrop

COOK tokens will be available to claim on Oct. 29, and the network’s restaking token cmETH will launch the next day.

By: Pedro Solimano • October 25, 2024

Mantle-based mETH protocol revealed it will be launching its COOK token on Oct. 29, with an airdrop for early adopters. One day later, the project will launch its restaking token, cmETH.

The airdrop will mark the end of ‘Methamorphosis’ Season 1, with Season 2 kicking off the following day – accompanied by the cmETH token.

A total of 250 million COOK tokens were allocated for Season 1, which is running for 100 days. Users could accumulate tokens by completing quests, staking Mantle ETH (mETH), and opening positions on partner protocols. COOK has a total supply of 5 billion tokens.

More than $1.2 billion worth of mETH has been locked in the protocol, according to DefiLlama. The network offers a 3.44% APY. Although TVL has been stuck in a downtrend since its early March peak of $2.2 billion, it is up 400% in 2024.

Season 2 will last for 11 days. According to the team, cmETH holdings will be a core focus for Season 2, though both tokens will be incentivized with “Powder” (or points) in the early stages. The aim is for users to switch from mETH to the newly launched cmETH.

Mantle Network is an Ethereum Layer 2 network birthed from a rebrand of BitDAO, with the goal of turning Mantle into an all-encompassing DeFi hub channeled through the mETH token, COOK token, and the upcoming cmETH token.