Mantle has launched a liquidity staking protocol on the Ethereum mainnet that will allow users to deposit ETH and participate in network staking through validating nodes. The protocol, which grew out of a proposal on the Mantle Governance Forum in July 2023, would allow users to stake Ether and receive Mantle-staking mETH as tokens on behalf of their stake.
The protocol is governed by the Mantle Decentralized Autonomous Organization and represents Mantle’s expansion after deploying a layer 2 network.
Mantle began launching the Liquidity Staking Protocol (LSP) mainnet contract in a restricted alpha phase in early October. The project has now entered a license-free phase, expanding access and participation.
The main feature of LSP is to allow users to release capital from pledged assets, but its widespread use on Ethereum has also led to the concentration of Ethereum staking among major providers (such as Lido, Coinbase, Binance, etc.). The Mantle team stated that they hope to solve this staking concentration problem by increasing the range of available solutions. (The Blcok)