Behind mETH Protocol: Zoe, Institutional Lead

In this edition of “Behind mETH Protocol,” we sit down with Zoe, Institutional Lead, to talk about institutional growth amidst Ethereum’s evolving landscape.

With a background in M&A, investment, and strategy from her time at Bybit, Zoe brings a sharp institutional lens to DeFi. We ask her about the launch of MI4 and explore what it means for mETH, institutional adoption, and the future of liquid restaking.

Can you tell us a little bit about your backstory in crypto — what brought you in, and what has motivated you since?

"I came into crypto later than some, but the moment I understood its ethos (decentralization, sovereignty, resilience), and that all of these were achieved through cryptography and mathematics, I felt a deep personal resonance. I grew up hearing stories of my family's legacy in China, where we once owned a bank and one of the city’s first shopping malls. But like many families shaped by the tides of modern Chinese history, we witnessed how quickly political and economic systems can shift — how assets, status, and safety can disappear overnight under state nationalization.
One story has always stayed with me. After the civil war, a relative attempted to bring gold back from a Hong Kong bank to the Mainland. The gold was lost in transit, given instability and uncertainty during wartime in China. Years later, amid the shift toward centralized economic control, the missing gold was classified as an unaccounted state asset, and he faced serious consequences. That story deeply shaped how I think about ownership, resilience, and the role individuals can play in protecting their assets when systems break down. It often makes me wonder: what if Bitcoin had existed then? Could people have safeguarded what mattered, even when no one else could?
Bitcoin emerged after the 2008 financial crisis, out of frustration with banks and a desire to return ownership to individuals. We saw echoes of this again in 2020, with COVID, the GameStop movement, DeFi summer, and a renewed wave of interest in Ethereum and the broader crypto ecosystem. I often think of history as unfolding in a structure similar to DNA’s double helix — two opposing forces, like individual ownership and institutional regulation, cyberpunk ideals and mass adoption, constantly pushing against each other, shaping progress through tension.
The space is filled with some of the brightest traders, mathematicians, and developers, but also with scams, volatility, and hyper-financialization. These opposing forces constantly pull at each other, exposing weaknesses while driving innovation. It’s this ongoing tension that shapes the evolution of crypto. One thing remains clear: crypto will have a role to play in this era of uncertainty, and perhaps become a vital force for those most vulnerable under extreme conditions."

Can you tell us a bit about your time at Bybit and how your background in M&A and investments has shaped your overall approach to institutional strategy?

"My time at Bybit was probably one of the years I grew the most and learned the most. I was on the Corporate Development team, where we mainly focused on: strategy analysis of the livelihood of the CEX business, where we would do deep dives into Bybit’s core business on a weekly basis, understanding its global referral programs, what kind of products it needed to offer, and how we fell short compared to our competitors; strategic investment, including M&A and equity investments, to enhance Bybit’s capabilities in the market and think through how we wanted to position Bybit in the years ahead; and new initiatives, back then, Mantle was still just an idea, and our team contributed to some of the early thinking behind it.
I was also very lucky to be part of an absolutely stellar team, where I was encouraged to explore topics I found genuinely interesting. At the time, I was particularly drawn to staking, perp DEXs, and stablecoins, and looking back, many of the theses we developed then have played out: the Ethereum PoS transition, the rise and convergence of perp DEXs like Hyperliquid, and the global expansion of stablecoins. It was also during that time that I came to understand the fundamental role stablecoins play in hyperinflationary markets, not just as a financial instrument, but as a real hedge for people’s livelihoods. That realization made me both excited and humbled by the space.
Bybit also taught me how critical business models are, often outweighing other decisions an entrepreneur might face. The CEX model was, and still is, one of the most resilient and profitable business models in the industry. It was fascinating to see how each competitor approached the same problem differently, and when solutions began to emerge, each product entered a distinct phase of growth shaped by the strategic choices they had made.
I believe all of these experiences have shaped my growth in Web3, especially as I observe the growing convergence between TradFi and DeFi. More importantly, they’ve helped me understand why certain players are entering the space, and what their presence could mean for the future of the industry."

From an institutional lens, what gaps in the current crypto ecosystem does MI4 aim to solve?

"The idea behind MI4 was simple: to bring the most fundamental DeFi yields to traditional investors. It’s one of our core efforts to bridge the gap between two financial worlds.
For DeFi, MI4 introduces a new wave of liquidity, stickier, more aligned capital from institutional and long-term allocators. It’s the kind of product your parents, family friends, or conservative family offices might finally feel comfortable subscribing to — those who are curious about crypto but unsure how to access it safely and meaningfully."

Ethereum's roadmap has introduced a lot of innovation over the past year. How do you think such upgrades have impacted broader engagement and understanding?

"The recent Pectra upgrade will have multiple impacts, including:
- Better custody and transaction control
- Features like EIP-3074 help bring institutional-grade functionality (multi-sig behavior, automation, permissioning) into native wallets without complexity.
Onboarding-friendly architecture
- As Ethereum becomes more efficient and scalable, the barrier to entry for traditional finance players lowers significantly.
- Foundational for modular compliance tools
Future integrations (like Verkle Trees and account abstraction) will allow institutions to build compliant, auditable, and automated rails over Ethereum with better capital efficiency."

What's one blind spot you think the DeFi space has when trying to onboard institutional capital?

"I believe the space is heading toward a 20/80, or even 10/90, dynamic where a few battle-tested DeFi protocols become the foundational infrastructure for onboarding large-scale capital. These leaders will define the next era, while many others may struggle to scale.
Institutions often see crypto as just a channel. But years ago, Robinhood was also just a channel, and now it has accumulated the generation of investors and traders, and it's one of the most widely used financial platforms. Similarly, institutional adoption in crypto may start with access and distribution, but over time, it could evolve into something much more powerful.
Getting hands-on early, before everything scales, is where real conviction and opportunity begin."

What's one narrative you think institutional investors are sleeping on right now in crypto?

"I still believe the ethos of decentralization will prove its value as we enter a more turbulent chapter of history. Core ideas and infrastructure, like ENS and privacy-focused protocols, may be overlooked for now, but their relevance hasn’t faded. Their moment will come."