Season 3 was introduced to accelerate cmETH integrations across new ecosystems and deepening collaborations with existing dApp partners.
Built to evolve as a composable restaking asset for both retail and institutional users. cmETH is the only LRT offering native exposure to multiple restaking protocols, on top of native staking yields and AVS incentives, scaling to become the 4th largest LRT by TVL today.
Running from Mar. 26 to Sept. 22, 2025, below are some of the key highlights from the campaign.
Overall Protocol Growth
Total participation for Methamorphosis seasons amounted to 76,712 unique addresses, with an 8% growth during this period. cmETH saw a strong adoption rate and momentum across supported networks: Mantle Network, Ethereum, and HyperEVM.
cmETH Total-Valued-Locked ($)
- Mantle Network: $329,553,208 (46%)
- Ethereum: $290,802,288 (13%)
- HyperEVM: $9,506,475 (1,900%)
Scaling into the HyperEVM Ecosystem
The team expanded into the HyperEVM ecosystem shortly after the start of Season 3, kickstarting with the HyperETH vault by Mizu Labs.
Together with partners like Harmonix and Hyperlend, the vault allowed cmETH holders to tap early into one of DeFi’s most anticipated ecosystems and gain access to multi-protocol rewards, in addition to native rewards accrued under cmETH.
Today, cmETH is actively integrated across 6 leading platforms on the network.
cmETH Total-Value-Locked ($) Across HyperEVM Protocols (from day of inception to Sept. 19, 2022)
- HyperSwap cmETH/UETH 0.05% Liquidity Pool: $4,822,193 (124,761%)
- Morphobeat cmETH/UETH Lending Market: $5,274,404 (239,646%)
- Mizu Labs HyperETH Vault: $8,733,124 (1,172%)
- HypurrFi cmETH/UETH Isolated Market: $433,946 (11,829%)
- Spectra cmETH PT/YT Market: $17,158 (1,616%)
- INFINIT cmETH Looping Strategy: [Tracked through Hyperbeat]
dApp Partner Highlights
Season 3 provided more pathways from engaged user incentivization and greater token utility, spanning new protocol integrations and initiatives with close dApp partners. Through them, cmETH was a highly versatile asset, accessible for leverage lending, passive yield farming, and more.
Top 5 Protocols Ranked by cmETH Supply (Across All Supported Networks)
- Pendle: 13,260
- Treehouse 4,285
- INIT Capital: 1,649
- Morphobeat: 1,093
- HyperSwap: 999
On the CeDeFi side, Bybit remained one of our strong core distribution channels, seeing a 132% increase in total cmETH Total-Value-Locked to $326,896,296. cmETH is available as margin and lending collateral to users on the platform, with competitive rates offered on their On-Chain Earn product, providing users with flexible options to put their asset to work.
Looking Ahead: Future Plans Post Season 3
With Season 3 now complete, mETH Protocol enters a more infrastructure-led phase of growth.
We’re moving away from seasonal campaigns and toward a more durable roadmap focused on unlocking deeper utility, institutional trust, and composable liquidity. In Q4, the team will announce a major protocol upgrade designed to position mETH Protocol as the instant, on-demand access point for ETH capital and restaking yield, solving for ETH’s persistent liquidity challenges.
As the market evolves, we see strong alignment between our architecture and the needs of treasuries, funds, and platforms seeking capital efficiency, DeFi interoperability, and predictable ETH yield. Our upcoming initiatives include deeper integrations with HyperEVM-native dApps, onboarding with Tier-1 custodians and exchanges, and offering a complete ETH treasury solution across both Web2 and Web3 platforms.
Stay updated on our roadmap by following our X account here!