As April comes to an end, we're reflecting on a month marked by steady growth and deeper integrations across the on-chain and institutional landscape. From deploying $cmETH in new ecosystems to initiating conversations with wealth managers and custodians, here's a snapshot of what moved at mETH Protocol this month.

Growth Metrics: A Strong Month for $cmETH

This month, the total $cmETH supply saw meaningful growth.

By early April, the overall supply had increased by 5.93%, reaching 225,177 — with $cmETH on Mantle Network rising by 4.9% to 105,396.

These gains reflect continued demand from a diverse user base seeking risk-adjusted liquid restaking exposure, reinforcing our conviction in positioning $cmETH as a core building block across multiple DeFi ecosystems.

Engineering & Infrastructure

The cmETH/COOK pair was successfully deployed on Hyperliquid, while our infrastructure expanded to HyperEVM with verification completed on the Sepolia x HyperEVM testnet.

On the product side, we introduced a revamped "Earn" page that showcases HyperEVM-integrated protocols participating in Season 3: Methamorphosis. The page offers a centralized view of where users can earn boosted rewards, including Powder and protocol points, across supported platforms. Such deployments include the Mizu HyperETH vault, Merchant Moe's USDe liquidity pool, Demex's Pendle LP, and Thetanuts.

In parallel, EigenLayer announced that slashing is live, a major milestone that brings accountability to restaking. AVSs like bridges and oracles must now compete for restaked ETH by offering stronger incentives, unlocking a more sustainable and verifiable yield landscape.

For $mETH holders, this unlocks new opportunities. Users who actively restake their $mETH and select AVS operators can earn enhanced rewards from slashing-enabled services.

For $cmETH holders, restaking exposure remains passive and risk-managed. While operator-level details are not yet disclosed, vault strategies are designed to evolve with EigenLayer’s new incentive structure — positioning $cmETH to capture upside as the slashing phase matures.

Strategic Conversations & BD Momentum:

April marked meaningful traction across our staking/restaking product suite, underscoring growing institutional interest in yield-bearing Ethereum assets.

• The $cmETH Fixed Yield Vault is now 100% filled, reaching 30,000 $cmETH in deposits as of Apr. 29. Built for institutions and passive participants, the vault offers a ~5-6% annualized return — combining ~3-4% APY from Ethereum staking with a 2% fixed yield subsidy from Mantle Treasury. Fully managed and requiring no active engagement, this vault demonstrates growing demand for stable, ETH-native yield.
• The HyperETH Vault has reached $5.3 million in TVL, with over 50% of deposits held in $cmETH. Alongside native yield opportunities, participants receive 10 Powder per $cmETH deposited, further enhancing its reward profile in a secure, yield-optimized environment.

• On Bybit Earn, users can access 4.99% APR by restaking $mETH into $cmETH through a seamless one-click experience. Past campaigns offered up to 9.5% APR, establishing $cmETH as a high-efficiency yield asset for both new and seasoned users. $cmETH held on Bybit grew from 3,579.6 to 12,446 between Jan. 27 and Apr. 24 — an increase of 8,866.4.
• $mETH is also now part of MI4, Mantle’s institutional index fund backed by up to $400M from the Mantle Treasury. Created with Securitize, the issuer of BlackRock’s BUIDL fund, MI4 allocates to $mETH for ETH-based yield exposure. The fund is managed by Mantle Guard with quarterly rebalancing, investor protections, and full regulatory compliance, offering institutions secure access to Ethereum-native returns in a familiar format.

We continue to work closely with custodians, earn platforms, and asset managers to refine integrations and expand compliant staking access for $mETH and $cmETH. This includes exploring regulatory frameworks to support broader onboarding, positioning both assets as preferred collateral for composable yield strategies, and advancing cross-chain developments to improve accessibility.

Community/Marketing

Our community and marketing efforts this month focused on deepening engagement, strengthening education, and showcasing the value of participation across the mETH Protocol ecosystem. Through a mix of interactive campaigns, educational content, and platform growth, we’ve continued building a more informed and connected user base.

Discord has grown to over 4,260 members, serving as the central hub for campaign updates, product discussions, and support. Our Guild campaign also gained traction, now with more than 1,900 active members completing quests and earning Powder through verified on-chain activity.

To reward contributors, we launched Thursday Trivia Nights, driving strong participation around recent updates like the Fixed Yield Vault, spotlight blog features, and Season 3: Methamorphosis, with $cmETH rewards reinforcing knowledge in a gamified format. Community AMAs were also introduced, giving members direct access to the team and the chance to earn exclusive $USDT rewards.

On the content side, we’ve rolled out new videos and spotlight blogs demystifying $mETH, $cmETH, and Season 3, while introducing products like the Fixed Yield Vault and HyperETH Vault. Livestreams featuring core contributors, including Edmund on EigenLayer slashing and Jon on $COOK utility, further anchored our position in the institutional staking space.

Our X account has grown to 28k followers, supported by ongoing campaign coverage, thought leadership, and product updates. At the same time, BD team members Jess, Jonathan, and Zoe have begun building their personal X presence to share insights and humanize the mETH Protocol brand.

Looking Ahead

As we step into May, our focus remains clear: accelerating the protocol's expansion, deepening the utility of $mETH and $cmETH in institutional and DeFi protocols, and simplifying access for users through yield-optimized products like the Fixed Yield Vault and HyperETH Vault.

Central to this momentum is $COOK, our governance token that empowers users with control over $mETH and $cmETH decision-making and strategic alignment.

Follow us @mETHProtocol on X/Twitter for updates, guides, and more yield opportunities.