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Q2 2026 Performance Report: mETH Protocol

01 Jul, 20262 min read
MantlemETH
Q2 2026 Performance Report: mETH Protocol

Throughout Q2 2026, mETH maintained a resilient market presence, supported by sustained user inflows and retention across Bybit and Kraken, while continuing to strengthen its role in the market for liquid ETH. The quarter also demonstrated the operational strength of mETH Protocol’s Buffer Pool. Following the rsETH incident, the Buffer Pool processed approximately 98,000 ETH in redemptions and maintained mETH-to-ETH settlement times of approximately 24 hours, providing reliable liquidity access during a period of heightened demand.

Team Commentary

“We are focused on making mETH more useful across the platforms where users already hold and deploy it. That means expanding Earn, growing collateral utility on Bybit and Kraken, and progressing custody integrations for institutional access.” - Jess Zeng, Ecosystem Lead at mETH Protocol

TVL and Chain Distribution

Total Value Locked (TVL) measures the total USD value of mETH held in the protocol’s smart contracts. At the end of Q2, TVL stood at $539M+, down 19% from the end of Q1.

mETH Distribution

  • mETH Distribution on Ethereum: 198,640
  • mETH Distribution on Mantle Network: 29,446

cmETH Distribution

  • cmETH Distribution on Ethereum: 18,563
  • cmETH Distribution on Mantle Network: 37,704
  • cmETH Distribution on HyperEVM: 131

Note: cmETH has been sunset. For more details, visit our official announcement here.

Holder Growth & Distribution

By mid-June, the top 100 accounts held 207,875 mETH. Over the same period, the number of mETH holders rose to 10,710, a 0.6% increase from the start of April.

Trading Volume & Deposit Activity

Trading volume for mETH and cmETH can be found on our official Dune dashboard, broken down across the following chains: Ethereum, Mantle Network, and HyperEVM.

In June, 5,313 mETH and 5,458 cmETH were deposited on Mantle Network. For a more detailed breakdown, users can view mETH and cmETH trading volume by project, including Agni, HyperSwap, WooFi, Uniswap, and Merchant Moe.

mETH Trading Volume

  • Cumulative Quarterly Volume on Mantle Network: 17,418
  • Cumulative Quarterly Volume on Ethereum: 3,768

cmETH Trading Volume

  • Cumulative Quarterly Volume on Mantle Network: 20,611
  • Cumulative Quarterly Volume on Ethereum: 759
  • Cumulative Quarterly Volume on HyperEVM: 29

mETH Entity Balance Changes

Entity Balance tracks changes in capital concentration across ecosystem hubs, specifically reflecting liquidity movements across supported chains. During a one-week period in mid-June, the following balance changes were recorded, coinciding with higher total mETH trading volume:

  • EigenLayer: $2.25M (↑11.96%)
  • Stargate: $181.97K (↑9.32%)
  • Fuel: $117.78K (↑9.32%)
  • Symbiotic: $374.61K (↑8.82%)
  • Uniswap: $481.49K (↑5.89%)

This report draws on data from Dune, Arkham, and DeFiLlama. This content is for educational purposes only and should not be relied upon as legal, business, investment, tax, or other advice.