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| 00 | Table of contents |
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| 01 | Date of notification |
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| 02 | Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114 |
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| 03 | Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114 |
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| 04 | Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114 |
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| 05 | Statement in accordance with Article 6(5), point (d) |
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| 06 | Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114 |
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| 07 | Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114 |
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| Summary | ||
| 08 | Characteristics of the crypto-asset |
The Mantle Restaked ETH (“cmETH”) token is a utility token as defined by Article 3(1)(9) of Regulation (EU) 2023/1114 of the European Parliament and Council of 31 May 2023 on markets in crypto-assets (“MiCA”) |
| 09 | Further information about utility tokens |
Users can convert mETH to cmETH on a 1:1 basis to participate in restaking opportunities. cmETH holders gain exposure to rewards from restaking protocols like EigenLayer, Symbiotic, and Karak, as well as Actively Validated Services (AVSs). Transfer of cmETH tokens may be subject to legal restrictions under applicable laws. Under no circumstances shall cmETH tokens be reoffered, resold or transferred within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended. |
| 10 | Key information about the offer to the public or admission to trading |
https://www.coingecko.com/en/coins/mantle-restaked-eth cmETH is a 1:1 receipt token for mETH restaking across a portfolio of positions, including EigenLayer, Symbiotic, Karak and associated Actively Validated Services. Rewards will accrue in multiple third-party assets, which users can claim periodically. cmETH is a unified receipt token for a portfolio of restaking positions, providing users with a convenient way to participate in the risk-reward profile of restaking. cmETH utilizes the LayerZero OFT Standard, providing added convenience to users by enabling fast bridging between chains within minutes and without slippage. cmETH has a total / circulating supply of 138,039 cmETH |
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mETH Protocol is a permissionless, vertically integrated protocol for Ethereum liquid staking (mETH) and liquid restaking (cmETH). With approximately 300,000 ETH in TVL, the protocol enables users to earn Ethereum 2.0 validation rewards while maintaining liquidity. mETH is a value-accumulating receipt token for ETH staking, while cmETH provides users with a convenient way to participate in the risk-reward profile of restaking across a portfolio of positions including EigenLayer, Symbiotic, and Karak
Since our inception, the protocol has established a strong financial track record. Our growth has been characterized by a rapid increase in TVL, leading to a consistent and sustainable revenue stream generated from protocol fees on network staking rewards
Throughout this period, financial management has been focused on strategic reinvestment into ecosystem growth, security, and operational excellence, all while maintaining a robust and healthy treasury position under the governance of the mETH protocol team
Since its registration, the DAO entity supporting mETH Protocol has maintained a strong and stable financial position. This position is characterized by a sustainable revenue model, a highly liquid treasury, and a robust capital structure
The mETH Protocol is a permissionless, non-custodial liquid staking and restaking platform for Ethereum (ETH), developed by Mantle. It enables users to stake ETH and receive mETH, a value-accruing ERC-20 token representing the staked principal and rewards. Additionally, users can opt to restake mETH into cmETH, gaining exposure to multiple restaking protocols and associated yields. The protocol operates on Ethereum Layer 1 and integrates with various Layer 2 solutions, offering enhanced capital efficiency and composability across decentralized finance (DeFi) applications.
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Users can convert mETH to cmETH on a 1:1 basis to participate in restaking opportunities.
cmETH holders gain exposure to rewards from restaking protocols like EigenLayer, Symbiotic, and Karak, as well as Actively Validated Services (AVSs).
The mETH Protocol, operated by MantleLSP Limited, has directed substantial resources towards the development and growth of the cmETH token ecosystem. Since its inception, the protocol has established a strong financial track record characterised by a rapid increase in Total Value Locked (TVL), approximately 300,000 ETH, which has generated a consistent and sustainable revenue stream from protocol fees on network staking rewards. Financial management has been focused on strategic reinvestment into ecosystem growth, security, and operational excellence, all whilst maintaining a robust and healthy treasury position under the governance of the mETH Protocol team. Key resource allocations to date include the successful deployment of mETH Protocol smart contracts on Ethereum Mainnet, the establishment of a diversified set of professional node operators (including P2P, Blockdaemon, Kraken Staked, and A41), and the launch of both the mETH Liquid Staking Token and the cmETH Liquid Restaking Token.
The protocol collects a fee, calculated as a percentage of the total staking rewards generated by the ETH staked through the protocol. This revenue is allocated to fund the following core activities:
Protocol Development & Security: Funding the infrastructure providers (such as node operators) responsible for maintaining and upgrading the protocol
Ecosystem Growth & Incentives: Funding go-to-market campaigns, user incentives, and liquidity programs designed to increase the adoption and utility of mETH and cmETH
Operational Costs: Covering the day-to-day operational expenses of the protocol
Mantle has not officially disclosed a reason for the token’s admission to trading. However, it can reasonably be inferred that the listing aims to enhance the growth, governance, and overall utility of the Mantle ecosystem.
Transfer of cmETH tokens may be subject to legal restrictions under applicable laws. Under no circumstances shall cmETH tokens be reoffered, resold or transferred within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended.
1. Centralised Exchanges (CEXs)
Credit/Debit Cards:
Platforms may allow users to purchase cmETH tokens directly with credit or debit cards.
Bank Transfers:
Exchanges may support bank transfers, by linking the bank account to the platform, selecting cmETH and confirming the transaction.
Peer-to-Peer (P2P) Trading:
Certain exchanges offer P2P trading, where users can buy cmETH directly from other holders using local payment methods, including bank transfers and digital wallets.
2. Decentralised Exchanges (DEXs)
Cryptocurrency Swaps:
On platforms like Uniswap, users can swap tokens for cmETH tokens. This requires a compatible crypto wallet and familiarity with gas fees and slippage.
3. Fiat On-Ramp Services
Payment Gateways:
Services like Transak, act as fiat on-ramps, enabling purchases of cmETH tokens via card payments, bank transfers, and other local payment methods.
4. On-chain Re-staking:Direct re-staking via mETH protocol website. Users can redeem cmETH by staking their mETH/ETH.
Not applicable.
1. Access Wallet or Exchange Account
Centralised exchange: Log in to your account (e.g., Kraken, Bybit).
Personal wallet: Open your non-custodial wallet (e.g., Rabby) that holds your cmETH tokens.
2. Navigate to the ‘Withdraw’ or ‘Send’ Section
On exchanges, go to the “Withdraw” or “Assets” page.
On personal wallets, select the cmETH token and then tap or click “Send”.
3. Enter the Recipient’s Wallet Address
Copy and paste the correct wallet address of the recipient.
Double-check that the wallet supports cmETH tokens on the correct blockchain.
Using the wrong chain or incorrect address could result in permanent loss of your tokens.
4. Specify the Amount
Input the number of cmETH tokens you wish to transfer.
Some platforms may require a minimum transfer amount.
5. Select the Network (if applicable)
If your cmETH tokens are available on multiple networks, make sure you select the correct network that matches the recipient’s wallet.
6. Review and Confirm the Transfer
Check all details: recipient address, network, and amount.
On centralised platforms, you may need to complete 2FA verification or enter a withdrawal password.
7. Pay the Network Fee
Blockchain transactions require a network fee (gas fee), paid in the native currency of the chosen network: ETH for Ethereum.
8. Wait for Confirmation
The transaction will be processed and broadcast to the blockchain.
To participate in the acquisition and management of cmETH tokens, purchasers must meet the following technical requirements.
Wallet requirements
To begin using cmETH, the first step is to connect to a wallet.
Users can connect wallets such as Rabby and others that support ERC-20.
Before interacting, users should review Mantle’s contractual and protocol documentation and accept any on‑chain prompts or terms of use.
Once connected, users gain full access to Mantle functions (lock-up, rewards, governance) via compatible interfaces.
Network Connectivity
A stable internet connection is required to maintain wallet connectivity, submit transactions, and interact with network without interruption.
Access to Supported Exchanges
Centralised Exchanges
cmETH tokens are listed on several exchanges, including centralised platforms (CEXs) including Kraken and Bybit, and decentralised exchanges (DEXs) like Uniswap.
Accounts and Verifications
To trade or provide liquidity, users typically need accounts on these platforms. Some centralised exchanges require KYC/AML verification for deposits, withdrawals, or trading.
Investors can access trading platforms where Mantle’s native tokens are listed by creating an account on their respective platform, completing the required identity verification (KYC) processes, if applicable, and funding their accounts with supported cryptocurrencies or fiat currencies.
Once registered and funded, investors can search for the cmETH token trading pairs and place buy or sell orders directly through the platform’s interface.
Detailed guides and tutorials are generally available on the trading platform to assist investors in navigating and using their services effectively.
Platform Type | Fee Type | Cost Estimate |
Centralised Exchange (CEX) | Trading Fee | 0.1%–0.2% per trade |
Withdrawal Fee | ~ 2-5 or platform-specific (often in USD) | |
Decentralised Exchange (DEX) | Swap Fee | ~ 0.3% |
Gas Fee | ~ $2 - $15 depending on network | |
Fiat On-Ramp | Service/Processing Fee | ~1.5%–6% of transaction |
No known conflicts of interest.
Laws of Hong Kong.
Any dispute shall be referred to and finally resolved by arbitration in Hong Kong in accordance with the Arbitration Rules of the Hong Kong International Arbitration Centre (HKIAC) for the time being in force. The Tribunal shall consist of one (1) arbitrator. The language of the arbitration shall be English. The seat of the arbitration shall be Hong Kong. Any award is final and may be enforced in any court of competent jurisdiction.
See D.8
See D.8. Timelines subject to change and development times.
cmETH is a 1:1 receipt token for mETH restaked. Supply is not fixed and will expand or contract based on the amount of mETH deposited into the protocol.
Not applicable.
cmETH holders can redeem 1:1 for mETH through the protocol’s smart contracts, subject to restaking withdrawal timelines. Holders have no governance or voting rights. Rewards and fees are reflected in the cmETH/mETH exchange rate. All rights are exercised through on-chain flows; upgrades or emergency pauses can only be enacted by the governance of mETH Protocol team.
Holders can redeem cmETH 1:1 for mETH via protocol smart contracts, subject to restaking exit timelines. Holders cannot participate in governance or voting. Rewards are not currently embedded in the cmETH–mETH exchange rate; additional restaking rewards (e.g., EigenLayer, Symbiotic) are tracked separately and distributed based on program rules. All rights are exercised on-chain.
Upgrades are managed by the mETH Protocol Security Council with a timelock mechanism. Core holder rights, including 1:1 redemption for mETH, cannot be altered. Emergency powers are limited to pausing contracts; any upgrade scope beyond bug fixes or security patches requires mETH protocol governance approval. Users are notified via official announcements, and upgrades are transparent on-chain. Redemption rights and fee structures are not subject to indirect modification.
See D.7.
Jurisdictional Restrictions
Transfer of cmETH tokens may be subject to legal restrictions under applicable laws. Under no circumstances shall cmETH tokens be reoffered, resold or transferred within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended.
Exchange-Imposed Restrictions
When using centralised platforms transfers of cmETH tokens may be restricted or delayed if the user fails to complete required AML/KYC procedures. Transactions from unverified accounts may be limited, blocked, or reversed to ensure compliance with anti-money laundering and counter-terrorism financing (CTF) regulations.
Decentralised Transfers
Transfers conducted via DEXs are generally unrestricted at the protocol level. However, users remain solely responsible for ensuring their actions comply with the legal and regulatory requirements of their jurisdiction.
Not applicable.
Laws of Hong Kong.
Distributed Ledger Technology (DLT) refers to a decentralised digital infrastructure used for recording transactions across multiple locations simultaneously. Unlike traditional, centralised databases, DLT systems operate without a central authority, relying instead on a network of independent nodes, each maintaining a synchronised copy of the ledger. Transactions are validated through consensus mechanisms, promoting transparency, security, and resistance to tampering.
One of the most widely adopted forms of DLT is blockchain, which consists of sequentially linked blocks containing timestamped transaction data. Each block is cryptographically connected to the previous one, making it virtually immutable and resistant to retroactive alteration. Blockchains can also support smart contracts, self-executing agreements that automate processes and enforce rules without intermediaries, thereby increasing trust and efficiency in decentralised systems.
Blockchain-based DLT enhances transparency, consumer choice, and interoperability within the broader digital economy. Users can inspect open-source blockchain code, independently verify data integrity, and choose platforms that align with their preferences. The permissionless nature of public blockchains promotes seamless integration and innovation across applications, wallets, and services.
Technical Standards
cmETH adheres to the ERC-20 token standard, ensuring compatibility with the extensive EVM tooling ecosystem, including smart contracts, wallets, decentralised exchanges, and staking platforms.
As an ERC-20 token, cmETH inherits the following technical properties:
Fungibility: Each cmETH token is interchangeable with another, ensuring seamless transferability and integration.
Smart Contract Compatibility: cmETH interacts natively with Ethereum smart contracts.
Wallet and Exchange Support: The token is supported by major Ethereum-compatible wallets.
Staking Mechanism: ETH is staked through the mETH Protocol, with validators managed by Tier 1 node operators.
Restaking Mechanism: mETH can be restaked into cmETH, distributing assets across multiple restaking platforms.
Bridging: Utilizes LayerZero's Omnichain Fungible Token (OFT) standard for cross-chain interoperability, enabling fast and slippage-free transfers between networks.
Oracle: cmETH relies on decentralized oracles (e.g., Chainlink, Redstone, Pyth) for price feeds. The oracle set is governed by mETH Protocol's governance, with updates or changes subject to proposal and approval. In the event of oracle failure or data deviation, fallback logic reverts to on-chain ETH/mETH pricing and governance-approved manual overrides. These measures ensure continuity and mitigate oracle-related risks.
cmETH ultimately relies on Ethereum's Proof-of-Stake consensus as the base layer. Restaking introduces additional security dependencies through AVSs (EigenLayer, Symbiotic), which provide extra yield opportunities. cmETH restaking layer only delegating to non-slashble vaults that does not introduce additional slashing risk.
mETH Protocol receives 20% of cmETH restaking rewards as fees, with fees already baked into the offered APR on cmETH.
Completed audit reports are available at https://docs.mantle.xyz/meth/security/audits
Volatility
The value of mETH Protocol tokens may experience high levels of volatility due to market sentiment, macroeconomic factors, exchange activity, or protocol-related news. These fluctuations could result in financial losses for token holders or short-term traders.
Token Utility Risk
The utility of mETH carries several risks: its value depends heavily on ETH adoption Regulatory Risk
As regulations around centralised exchanges and crypto-asset trading continue to evolve globally, Mantle may be subject to new or unforeseen legal and compliance obligations. Such changes could impact exchange access, token functionality, or availability in specific jurisdictions.
AML/KYC Compliance
Purchasing or trading mETH Protocol tokens via centralised platforms typically requires identity verification in accordance with anti-money laundering (AML) and know-your-customer (KYC) standards. Users who do not comply may face restricted access, account limitations, or full service denial based on local legal requirements.
Lack of formal disclosures
Investors do not have access to a full prospectus or detailed risk documentation.
Limited financial transparency
There may be insufficient public information on how funds are managed or allocated.
Project Continuity Risk
The value and utility of the mETH Protocol tokens depend heavily on the ongoing development, maintenance, and sustainability of the mETH Protocol and its ecosystem. Any disruption or slowdown in project development could negatively impact cmETH adoption and value.
Regulatory Exposure
Mantle operates in a rapidly evolving regulatory environment. Changes in laws or enforcement actions concerning crypto-assets, decentralised governance, or AI-driven blockchain solutions could impact cmETH’s accessibility, exchange listings, and legal status in various jurisdictions, potentially restricting its adoption and use.
Regulatory Exposure
Although cmETH is currently treated as a utility token, future regulatory developments may reclassify it, imposing stricter compliance requirements. This could affect how it's traded or used, especially in regions with evolving crypto legislation.
Ecosystem Dependence and Interoperability Limitations
cmETH is primarily functional within the mETH Protocol. If the mETH Protocol adoption slows or external Web3 integration lags, the token’s broader relevance and usability may suffer, reducing its long-term value and appeal.
Token Utility Risk
The utility of cmETH carries several risks: its value depends heavily on ETH adoption.
Third-Party Reliance
mETH Protocol depends on various third-party technologies and services, including blockchain infrastructure providers (Ethereum), cross-chain bridges, oracle services, and smart contract auditors.
Regulatory Developments
Increasing regulatory scrutiny on blockchain projects, AI applications, and decentralised finance platforms may lead to new compliance obligations or restrictions affecting the mETH Protocol. Such developments could constrain cmETH token usage, governance participation, or limit access on certain exchanges or jurisdictions.
Smart Contract and Technical Risks
Operating on Ethereum-compatible networks means cmETH token inherits the standard risks of smart contracts. If the underlying code is flawed or governance mechanisms are overly centralised, token functionality could be compromised.
Smart Contract Audit & Governance Controls
The mETH Protocol has undergone third-party tokenomics audits to identify vulnerabilities in cmETH smart contracts.
Exchange Availability
cmETH is listed on leading exchanges, including Kraken and Bybit, enhancing access and liquidity.
cmETH ultimately relies on Ethereum's Proof-of-Stake consensus as the base layer. Restaking introduces additional security dependencies through AVSs (EigenLayer, Symbiotic), which provide extra yield opportunities. cmETH restaking layer only delegating to non-slashble vaults that does not introduce additional slashing risk.
mETH Protocol receives 20% of cmETH restaking rewards as fees, with fees already baked into the offered APR on cmETH.
Pursuant to Articles 2(2) and 6(2) of Commission Delegated Regulation (EU) 2025/422, the information provided in S.6 – S.8 has been obtained from the white paper drawn up by Payward Global Solutions LTD (LEI: 9845003D98SCC2851458) for the Liquid Staked ETH token, available here: https://assets- cms.kraken.com/files/51n36hrp/facade/f230baf4c2ef986b39971ac7d6c12a18b8cf9f31.pdf