From becoming the first liquid staking protocol to appear on a public company's balance sheet to joining Mantle Index Four, our efforts continue to reinforce mETH and cmETH as gold standards for Ethereum liquid staking and restaking.
As our products mature, we're doubling down on ecosystem growth to drive lasting utility and broader reach.
Institutional Expansion, cmETH Integrations, Community
Institutional credibility strengthened in April as mETH became the first liquid staking asset to appear on a corporate balance sheet, via Republic Technologies. This momentum continued with OSL, a licensed digital asset custodian in Hong Kong, officially onboarding mETH as a supported custody asset.
Institutional confidence also extended into capital markets, with mETH positioned as a core yield driver for MI4, the diversified fund launched in partnership with Mantle and Securitize.
On the product front, the cmETH Fixed Yield Vault reached its 30,000 cmETH cap within six weeks of launch, underscoring sustained demand for predictable, passive yield.
Building on our partnership with Mantle Scouts and HypurrCo through Initiative DaL, cmETH TVL grew by 750% from April to June, with notable milestones including:
- Hyperbeat/Mizu: $3.96M TVL — Aggregator vault deployed across various Hyperliquid partner protocols, earning 10x Powder, 1–2% partner token supply, and more
- Morphobeat: $968.84K TVL — New cmETH/uETH pair with up to 91.5% LTV, earning users a 10x Powder boost plus Hyperbeat points
- HyperSwap: $675.5K TVL — Provide liquidity to the cmETH/uETH v3 0.05% pool to earn 20x Powder daily under Season 3: Methamorphosis, along with HyperSwap points
- HypurrFi: $249.3K TVL — Supply cmETH as collateral to unlock liquidity and boost capital efficiency without borrower default risk
On CeDeFi rails, cmETH on Bybit continued to gain traction in Q2:
- Restaked cmETH increased by 25.46%, from ~65k to ~81k
This steady, organic growth reflects sustained demand for simplified, exchange-native access to restaking.
On the community front, we prioritized stronger thought leadership, amplifying our presence through education and active engagement.
This quarter, we published research pieces with Messari, Four Pillars, Memento, and MOIC Digital. As part of Season 3: Methamorphosis, over 10 step-by-step blog guides were released to help both beginner and advanced users navigate Pendle, Demex, HyperSwap, HypurrFi, and Morphobeat.
These efforts were supported by educational videos on X, covering cmETH yield, MI4 positioning, and Morphobeat UI walkthroughs. We also hosted several live AMAs with teams from Hyperbeat, Pendle, Republic Technologies, and Mantle Scouts, creating space for real-time conversation and community connection.
What's Next in Q3?
In Q3, our focus is distribution. We're expanding the reach of mETH and cmETH across the platforms, protocols, and systems where capital flows.
A key priority is strengthening support across institutional rails. With the Bybit x EigenLayer campaign underway, we’re making restaking more accessible through familiar exchange infrastructure. We're also working with custodians and capital allocators to lay the foundation for broader adoption, including exploring integrations with UR, Mantle's crypto-first neobank, to support real-world utility.
On-chain, we’re scaling cmETH integrations into new ecosystems. Beyond HyperEVM, we're unlocking additional yield strategies and liquidity paths. NounsDAO’s delegation of 1,000 stETH to mETH reflects growing alignment around liquid staking as a core primitive.
All roads lead back to Ethereum.