Nouns DAO

Some of the key clarifications we would love to share with the community:  1. We fully recognize that the DAO Governance process of Mantle runs more like a corporation rather than a DAO, and we believe this is exactly why we would love to engage with Nouns DAO, given how dynamic and vibrant the community and we would love to treat it as a learning process for us.  2. We would love to view this partnership as a window of opportunity to first, enhance and diversify Nouns’ treasury yield strategies. mETH and cmETH have been the first LST/LRT tokens deployed on HypeEVM, providing some unique market exposure compared to other LST/LRT tokens. 3. We genuinely hope that through the 5 million MNT delegation, Nouns can be an important partnership for us to drive forward within the DAO space. There will also be many other opportunities in the future as well. For example, Mantle will launch its banking division very soon. There could also be an interesting opportunity for Nouns DAO to engage with the wave of convergence of CeFi and DeFi.

Overview

• mETH Protocol and the broader Mantle ecosystem have taken note of the recent governance and structural developments within Nouns DAO and are deeply aligned with the DAO’s forward-looking vision for decentralized governance and its evolving framework.
• We strongly resonate with Nouns DAO’s commitment to advancing governance models, exploring legal compliance pathways, offering strategic advisory capabilities, and fostering collaborative partnerships.
• As the fourth-largest liquid staking token (LST) protocol on Ethereum, mETH Protocol is eager to contribute to and participate in this ongoing reform. We look forward to establishing a long-term, strategic partnership with Nouns DAO in the years ahead.

Brief Introduction of mETH Protocol

mETH Protocol is a permissionless, vertically integrated liquid staking infrastructure purpose-built for Ethereum L1. It delivers a robust, non-custodial staking solution designed to meet the security, composability, and operational standards of institutional participants. Since launch, mETH Protocol has demonstrated sustained growth and adoption, currently ranked as the 4th largest liquid staking protocol globally, with $2.1 billion in total value locked (TVL) at its peak.

mETH is a value-accumulating receipt token for ETH staking. Users can redeem mETH for the underlying principal and accumulated ETH rewards. It is a straightforward product with a risk-reward profile associated with Ethereum 2.0 validation services.

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 provides users with a convenient way to participate in the risk-reward profile of restaking.

Value Proposition

Security-First, Pragmatically Engineered

mETH Protocol is built on a decentralized architecture — validator delegation spans top-tier operators like A41, Blockdaemon, and P2P — but user safety remains our north star. In times of market stress, we’ve acted swiftly to protect funds, as evidenced in recent recovery actions on platforms utilizing mETH (see case study)

Institutional Liquidity on Demand** **We understand the operational need for agile, reliable access to assets. mETH offers multiple redemption pathways: <1-day access via Mantle’s on-chain buffer pools, OTC redemption through trusted partners (e.g. Bybit), Integration with custodians and off-platform rails for block trades

Key Metrics (as of May 2025)

• Total mETH Supply: 366,160 ETH
• Slashing Events: None to date
• Networks Supported: Ethereum Mainnet, Mantle L2, HyperEVM (cmETH only)

Security Overview

• Audits: Completed by Hexens, Secure3, Mixbytes, Verilog
• Oracle Design: 6-oracle model, 3-of-6 quorum
• Bug Bounty: Up to $500,000 via Immunefi

Current Yield of mETH & cmETH

	mETH	cmETH
Yield source	Native staking on Ethereum Network	Restaking yield from 3 restaking protocols, i.e. EigenLayer, Symbiotic Points, Karak, and Veda
APY	2.71% (floating given the network activity)	Restaking points (Est. 2.8% APY)

What we propose

From Nouns DAO

1. Treasury Optimization:
2. We propose that Nouns DAO reallocate a portion of its treasury—starting with 1,000 stETH—from existing stETH holdings to cmETH/mETH. This shift aims to enhance yield-generation opportunities through the mETH Protocol.
3. Collaborative Marketing:
4. Initiate co-marketing efforts in partnership with mETH Protocol and the broader Mantle ecosystem to amplify visibility and shared brand equity.

From Mantle

1. Token Delegation:
2. Delegate 5 million MNT tokens to Nouns DAO to support governance engagement and incentivize aligned participation.
3. Joint Marketing Initiatives:
4. Collaborate on a series of marketing activities, including AMAs, livestreams, offline events, and co-branded merchandise design.

Important links

• mETH Product Page: https://app.methprotocol.xyz/stake
• mETH Protocol Doc: https://docs.mantle.xyz/meth
• Security and risk: mETH Protocol has undergone comprehensive audits conducted by leading security firms. All audit reports are publicly accessible and can be reviewed at: https://docs.mantle.xyz/meth/security/audits.

Product information

mETH receipt token	Value accumulating ERC-20 Receipt for underlying ETH principal and rewards
mETH Token address	https://etherscan.io/address/0xd5F7838F5C461fefF7FE49ea5ebaF7728bB0ADfa#code https://explorer.mantle.xyz/address/0xcDA86A272531e8640cD7F1a92c01839911B90bb0/contracts#address-tabs
Node Operators	https://www.a41.io/stake,https://p2p.org/,https://www.blockdaemon.com/,https://stake.fish/
Rewards	Realized in ETH upon redemption https://meth.mantle.xyz/stats/meth/apy
Protocol Fee	10% of rewardsA portion is shared with the Node Operators
cmETH receipt token	Pegged 1:1 with mETH ERC-20 LayerZero OFT Receipt for underlying mETH principal restaked across a dynamic set of restaking protocols
cmETH token address	https://etherscan.io/address/0xe6829d9a7ee3040e1276fa75293bde931859e8fa#writeProxyContract https://mantlescan.xyz/address/0xE6829d9a7eE3040e1276Fa75293Bde931859e8fA#writeProxyContract
Restaking Protocols	https://www.eigenlayer.xyz/,https://symbiotic.fi/,https://karak.network/
Rewards	Inherits mETH rewardsAdditional restaking rewards (details TBD)
Vault Access	Ethereum L1

How the fund flow

Stake 1000 ETH to mETH

Call the stake method on 0xe3cBd06D7dadB3F4e6557bAb7EdD924CD1489E8f to stake ETH and receive the new receipt token mETH (0xd5f7838f5c461feff7fe49ea5ebaf7728bb0adfa).

Stake function input data:

• minMETHAmount — this parameter means the minimum amount of mETH that the user expects to receive in return. This parameter essentially serves as a protection value. The conversion rate between ETH and mETH increases gradually over time. Even if this parameter is set to 0, the stake function can still be used correctly to convert ETH into the current accurate amount of staked mETH. In this case, since we anticipate that the Nouns proposal will be executed approximately 10 days from now if it passes, we have set a slightly conservative estimate for this parameter. However, at the time of execution, the DAO will still receive the full amount of mETH in return.

Conclusion

We’re truly excited to partner with Nouns and help push the boundaries of DAO governance, unlocking the full potential of decentralized coordination in today’s evolving economy.

We would love to hear feedback from the community and see how we can move forward together.

Let’s COOK!