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Q1 2026 Performance Report: mETH Protocol

01 Apr, 20263 min read
cmETHmETHmETH Protocol
Q1 2026 Performance Report: mETH Protocol

Q1 marked a strong start to 2026 across mETH Protocol's core metrics, with average TVL holding steady around ~$669M. Market share on Tier 1 exchanges saw strong positive inflows and retention, primarily on Bybit, as mETH continues to grow as a core ETH liquidity infrastructure. Onchain active users increased across partner protocols as weekly trading volume saw increasingly positive metrics across Ethereum, Mantle, and HyperEVM.

Team Commentary:

"Over the past quarter, our main emphasis has been on pushing out our Buffer Pool upgrade, as well as extending mETH's reach to Tier-1 distribution channels like Bybit. Currently, ~20% of our TVL is placed into ETH on Aave, allowing it to effectively earn yield and be quickly accessible to users with appropriate security measures in place through our partnerships with leading custodians like Copper and Anchorage for off-chain settlement. Our goal is to establish ourselves as a premier collateral asset, functioning as a core infrastructure layer for exchanges and core compliant ETH asset in various treasury frameworks." - Edmund Chua, CEO of mETH Protocol

TVL and Chain Distribution

Total Value Locked (TVL) measures the total USD value of mETH held in smart contracts of the protocol. At the end of Q1, TVL averaged $669M, down 19% from the previous quarter's TVL average of $798M.

mETH Distribution

  • mETH Distribution on Ethereum: 236,922
  • mETH Distribution on Mantle: 29,587

cmETH Distribution

  • cmETH Distribution on Ethereum: 50,051
  • cmETH Distribution on Mantle: 18,428
  • cmETH Distribution on HyperEVM: 177

Active User Growth & Engagement

As of mid-March, a total of 270,955 tokens are held by the top 100 accounts from a total supply of 271,491. Currently, there are 10,637 mETH holders, a 0.1% increase since the start of February.

Weekly Trading Volume

Weekly trading volume for mETH and cmETH can be found on our official Dune dashboard, sectioned by the following chains: Ethereum, Mantle, and HyperEVM. Historical deposits were seen in February with 24,058 mETH and 72,892 cmETH deposited on Mantle. For a more specific breakdown, users can view mETH and cmETH trading volume by project: Agni, HyperSwap, WooFi, Uniswap, and Merchant Moe, with LP pairs like cmETH-mETH seeing highs of 2,192 on Agni in February.

mETH Weekly Trading Volume

  • Cumulative Quarterly Volume on Mantle: 50,942
  • Cumulative Quarterly Volume on Ethereum: 1,268

cmETH Trading Volume

  • Cumulative Quarterly Volume on Mantle: 160,744
  • Cumulative Quarterly Volume on Ethereum: 341
  • Cumulative Quarterly Volume on HyperEVM: 28

mETH Entity Balance Changes

Entity Balance tracks the net concentration of capital within specific ecosystem hubs, specifically measuring the migration of liquidity across the multichain landscape. As of mid-March, the following changes were seen over the course of a week, supporting a surge in total mETH trading volume overall:

  • Merchant Moe: $914.3K(↑25.89%)
  • Agni: $169.96K (↑18.17%)
  • Copper: $81.59M+ (↑0.091%)
  • Dolomite: $3.2M+ (↑3.15%)
  • Fuel: $140.03K (↑3.15%)

This report utilized data taken from reputable blockchain data sites including: Dune, Arkham, and DeFiLlama. Disclaimer: The purpose of this content is educational only and should not be relied upon as legal, business, investment, tax, or other advice.