Demex Daily #188: Mantle's 'Metamorphosis' Campaign Rewards mETH Stakers

What’s Interesting Today:

Mantle Network has initiated its "Metamorphosis" campaign on its Ethereum Layer 2 system, incentivizing mETH stakers with "Powder," which can be exchanged for the forthcoming governance token, COOK. Starting today and concluding in October, the campaign offers greater rewards for mETH that is held and utilized on Mantle compared to usage on partner protocols such as Pendle or EigenLayer. Beyond providing Powder, the initiative also prepares mETH holders for the switch to a new Liquid Restaking Token (LRT), cmETH, which will offer varied yields and additional benefits from ecosystem partners. Currently, mETH ranks as the fourth-largest liquid staking token in DeFi with a market capitalization of $1.65 billion.

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The Aptos Foundation has proposed the deployment of Aave Protocol v3 on the Aptos mainnet, marking the first potential use of Aave’s liquidity protocol on a non-EVM blockchain. Aptos, a layer-1 blockchain designed for scalability and DApp development using its own Move programming language, could enhance its capabilities significantly with this integration. Aave, a leading DeFi protocol with over $12 billion in locked value, is ready to proceed with the deployment after further community approval and development. This move could introduce new use cases and benefits for both Aave and Aptos communities. Additionally, Aptos has recently achieved a record high in user transactions but has also experienced significant network outages.