In the rapidly evolving world of cryptocurrency, staking has emerged as a popular method for earning passive income while contributing to network scrutiny. Among the various staking options available, Mantle Staked Ether (mETH) stands out as a unique solution that combines the benefits of Ethereum staking with the flexibility of liquid assets. By allowing users to stake their Ether (ETH) and receive mETH tokens in return, this innovative protocol enables participation in decentralized finance (DeFi) applications without locking up funds. As more investors seek ways to maximize their crypto holdings, understanding what mETH is and how to acquire it becomes essential.
This beginner’s guide will walk you through the fundamentals of Mantle Staked Ether (mETH) and provide step-by-step instructions on how to buy mETH.
What is Mantle Staked Ether (mETH)?
The Mantle-regulated mETH system is a permissionless, non-custodial ETH liquid staking system on Ethereum L1. It uses the resources of the Mantle ecosystem to increase production potential while implementing a simple design and strong risk management techniques. Stakers can pool their ETH by using Mantle Staked Ether ($mETH), which is the token that represents staked ETH.
In addition to their accumulated incentives and staked Ethereum (ETH), holders receive $mETH tokens that can be used in other apps. When stakers unstake, they get their ETH back along with benefits like issuance, priority fees, and maximal extractible value (MEV), which are split between node operators, LSP, and stakers.
By investigating yield prospects in Mantle L2 DeFi applications, core technology collaborations, and centralized exchange, the protocol seeks to provide a fulfilling mETH experience. It places a strong priority on maintaining the greatest core yield through Treasury yield sharing and MEV exploration.
The mETH protocol emphasizes the ETH: mETH process fidelity on L1 without the complications of other PoS tokens or chains, adhering to the Ethereum Shanghai Upgrade principles. Staked ETH security is ensured by robust risk management using off-chain services and non-custodial smart contracts, with Tier 1 Node Operators handling validation chores.
According to Mantle, the determinism of the ETH to mETH exchange rate reduces the effect of stake amount on slippage. Additionally, mETH can be traded on a number of exchanges, and market forces determine its price.
How to Buy Mantle Staked Ether (mETH)?
There are many ways you can purchase Mantle Staked Ether (mETH). The simplest method is to locate a trustworthy centralized exchange, like Binance, where you can purchase mETH. A decentralized exchange (DEX) that supports the blockchain in which your Matle Staked Ether is stored is an additional way to purchase it.
In this guide, we will discuss purchasing Mantle Staked Ether by connecting your crypto wallet to a decentralized exchange (DEX) and leveraging your Binance account to purchase the base currency.
1. Download the Trust Wallet Wallet
There are numerous crypto wallet options available to choose from within the Ethereum network. However, Trust Wallet is one of the most integrated ones. Trust Wallet is supported on both desktop and mobile. If you are using a desktop, you can simply download Google Chrome and the Wallet Chrome extension. You can also download it on your mobile device using the Play Store or App Store. Ensure to download the official version of the Trust Wallet by visiting the Trust Wallet’s website.
2. Set up your Trust Wallet
Once you download the application, the next step is to register and set up the crypto wallet. While registering with Trust Wallet, make sure you keep your seed phrase safe and secure and take note of your wallet address. These are important and will be needed later.
3. Purchase ETH as your Base Currency
After setting up your wallet, the next step is to log in to your Binance account to purchase ETH. if you are new to Binance, then you have to create an account on Binance. After creating an account on Binance, navigate to the Binance Crypto webpage and purchase the required ETH.
4. Transfer ETH from Binance to your Trust Wallet
After purchasing ETH, navigate to your Binance wallet and look for the ETH you bought. Click on the ‘Withdraw’ button and fill out the required information. Set the network to Ethereum, and enter your wallet address and the amount you wish to transfer. Once entered, click on the ‘Withdraw’ button and wait for your ETH to be transferred to your Trust Wallet.
5. Choose a Decentralized Exchange (DEX)
The next step is to choose a trustworthy and reliable decentralized exchange (DEX). There are many options you can choose from. Since you are using Trust Wallet, you can go to 1inch to make the transaction.
6. Connect your wallet
After choosing the decentralized exchange, the next step is to connect your Trust Wallet to it. You can connect them by using your wallet address.
7. Trade your ETH with the Coin you Want to Get
Choose ETH as your payment method and choose the Mantle Staked Ether as the coin that you want to purchase. If you can’t find the coin you want, you can use the smart contract address. Just copy and paste the smart contract address into 1 inch and search for it.
8. Apply the Swap
Now you can simply swap your coins by clicking on the ‘Swap’ button.
Mantle Staked Ether (mETH) Fundamentals
The current market price of Mantle Staked ETher is $3452 with a market capitalization of $1.496 billion. The total number of tokens that are in circulation is 433482 mETH.
Conclusion
Mantle Staked Ether (mETH) represents a significant advancement in the Ethereum staking landscape, offering users the dual benefits of earning rewards while maintaining liquidity. By converting staked ETH into mETH tokens, investors can participate in various DeFi applications, enhancing their earning potential without sacrificing access to their assets. As the cryptocurrency market continues to grow, understanding and utilizing innovative solutions like mETH can provide a competitive edge for both novice and seasoned investors. As always, it is essential to conduct thorough market research and consider your risk tolerance before diving into any investment. With the right knowledge and tools, you can effectively leverage Mantle Staked Ether to enhance your crypto portfolio and navigate the exciting world of decentralized finance.