mETH Protocol Bi-Weekly Report (Sept. 1 - Sept. 16)

Key Highlights:

~11% increase in cmETH TVL ($) across HyperEVM
~4% increase in cmETH TVL ($) on Bybit
Overview of the Top 3 Protocols by cmETH Deposits on Mantle Network & HyperEVM

Shifting Trends Across Networks

From Sept. 1 - Sept. 16, cmETH experienced overall positive momentum across its major networks.

Mantle Network TVL contracted by $38.7M (-11%), closing at $329.5M
Ethereum TVL experienced steady growth, climbing $6.6M (+2%) to $290.8M
HyperEVM recorded the strongest relative gains, rising $0.9M (+11%) to $9.5M

These trends suggest a rebalancing of activity across networks, driven partially by Season 3: Methamorphosis incentives, where HyperEVM cmETH deposits were rewarded substantially with Powder boosts and other ecosystem perks.

ETH yields across major liquid staking providers have increased steadily, ranging from 2.38% to 3.35%. mETH currently offers a base yield of 3.35%, ranking highest against leading peers like stETH (2.6%), rETH (2.38%), and eETH (3.1%).

Protocol-Level Contributions

Within Mantle Network, cmETH deposits saw positive increases across these top three protocols:

ApeX: ↑ 101.93%
Teahouse: ↑ 22.44%
WOOFi: ↑ 2.39%

Apex alone captured nearly five times the deposits of Treehouse, increasing its role as a liquidity sink for cmETH on Mantle Network.

HyperEVM

On HyperEVM, activity was a bit more fragmented, with the top three protocols by % change in cmETH deposits as follows:

Morphobeat: ↑ 15.05%
Mizu: ↑ 1.70%
Hyperswap: ↓ 0.48%

Although growth took a more modest approach compared to Mantle Network's cmETH deposits, a >15% increase over this two-week period in protocols like Morphobeat signals an growing appetite for the HyperEVM ecosystem.

Bybit Integration Performance

With Bybit taking a larger strategic role in the direction of the overall Mantle Ecosystem, it remains a central liquidity hub for cmETH, with TVL rising from $315.7M to $326.9M (+4%) over this two-week period.

cmETH amount increased from 67,434 to 67,742, indicating steady accumulation
cmETH price appreciated from $4,681 to $4,826, reflecting both on-chain demand and broader ETH market tailwinds.

Key Insights