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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 Staked ETH (“mETH”) 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. mETH can be utilized within various DeFi applications for lending, borrowing, and liquidity provision. Transfer of mETH tokens may be subject to legal restrictions under applicable laws. Under no circumstances shall mETH 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-staked-ether Mantle Staked Ether (mETH) is a value-accumulating and permissionless ERC-20 receipt token that can easily be adopted by applications. It is earned by staking ETH on the Mantle Liquid Staking Protocol (LSP) and can be unstaked to receive the underlying principal staked ETH and accumulated rewards. mETH has a total / circulating supply of 279,492 mETH |
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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.
mETH can be utilized within various DeFi applications for lending, borrowing, and liquidity provision.
The mETH Protocol has allocated substantial resources to the development and growth of the project since its inception. The protocol has established a strong financial track record, characterised by a rapid increase in Total Value Locked (TVL) - currently 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, whilst maintaining a robust and healthy treasury position under the governance of the mETH Protocol team. To date, resources have been directed towards several key milestones, including the successful deployment of mETH Protocol smart contracts on Ethereum Mainnet, the establishment of a diversified set of professional node operators (P2P, Blockdaemon, Kraken Staked, A41), the launch of the mETH (Liquid Staking Token) and cmETH (Liquid Restaking Token), etc.
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
Listing aims to enhance the growth, governance, and overall utility of the Mantle ecosystem.
Transfer of mETH tokens may be subject to legal restrictions under applicable laws. Under no circumstances shall mETH 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 like Kraken or Bybit may allow users to purchase mETH tokens directly with credit or debit cards.
Bank Transfers:
Exchanges like Kraken support bank transfers, by linking the bank account to the platform, selecting mETH and confirming the transaction.
Peer-to-Peer (P2P) Trading:
Certain exchanges offer P2P trading, where users can buy mETH 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 mETH 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 mETH 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 mETH tokens.
2. Navigate to the ‘Withdraw’ or ‘Send’ Section
On exchanges, go to the “Withdraw” or “Assets” page.
On personal wallets, select the mETH 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 mETH 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 mETH tokens you wish to transfer.
Some platforms may require a minimum transfer amount.
5. Select the Network (if applicable)
If your mETH 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 mETH tokens, purchasers must meet the following technical requirements.
Wallet requirements
To begin using mETH, 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
mETH 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 mETH 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.
mETH is a 1:1 receipt token for ETH staked. Supply is not fixed and will expand or contract based on the amount of ETH deposited into the protocol
Not applicable.
See D.7.
Jurisdictional Restrictions
Transfer of mETH tokens may be subject to legal restrictions under applicable laws. Under no circumstances shall mETH 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 mETH 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
mETH 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, mETH inherits the following technical properties:
Fungibility: Each mETH token is interchangeable with another, ensuring seamless transferability and integration.
Smart Contract Compatibility: mETH interacts natively with Ethereum smart contracts.
Wallet and Exchange Support: The token is supported by major Ethereum-compatible wallets.
Oracle: mETH 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
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.
The underlying blockchain is Ethereum, secured by Proof-of-Stake consensus. mETH directly reflects staked ETH on Ethereum and does not introduce any additional consensus or restaking risks beyond those inherent to Ethereum PoS.
mETH Protocol receives 10% of mETH staking rewards as fees, with fees already baked into the offered APR on mETH.
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 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 mETH adoption and value.
Regulatory Exposure
The meth Protocol 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 mETH’s accessibility, exchange listings, and legal status in various jurisdictions, potentially restricting its adoption and use.
Regulatory Exposure
Although mETH 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
mETH is primarily functional within the mETH Protocol ecosystem. 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 mETH 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 mETH token usage, governance participation, or limit access on certain exchanges or jurisdictions.
Smart Contract and Technical Risks
Operating on Ethereum-compatible networks means mETH 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 mETH smart contracts.
Exchange Availability
mETH is listed on leading exchanges, including Kraken and Bybit, enhancing access and liquidity.
The underlying blockchain is Ethereum, secured by Proof-of-Stake consensus. mETH directly reflects staked ETH on Ethereum and does not introduce any additional consensus or restaking risks beyond those inherent to Ethereum PoS.
mETH Protocol receives 10% of mETH staking rewards as fees, with fees already baked into the offered APR on mETH.
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