Mantle Offers High Yield for Your ETH

Having Ethereum in your portfolio is one thing. But how about putting your ETH to work to earn you passive income? Mantle is an L2 on Ethereum that gives you these options.

Currently, they claim to offer the highest yield on the market for staking ETH. And there’s more, you get exposure to the Mantle Network and more yield options. Furthermore, there are potential Mantle airdrops from protocols in their ecosystem. So, let’s find out what Mantle offers with their mETH.

How to use Liquid Staking on Mantle Network?

Mantle Network has its liquid staking protocol (LSP). With liquid staking, you receive a derivative for staking the main asset. This derivative, mETH, in this case, represents the staked underlying asset, ETH. With mETH, or any other liquid staking derivative (LSD), you can earn extra rewards.

In other words, you earn your staking rewards with your staked asset. With the Mantle Liquid Staking Protocol, that’s ETH.  After you staked your ETH, you receive mETH. With this mETH, you can plan other DeFi strategies. This allows you to earn double the rewards. Once for staking ETH and an extra reward for making mETH work for you.

Over the last 30 days, mETH was the fastest-growing liquid staking token (LST). Currently, it has a target APY of 7.2%. This happens to be the current highest yield for your ETH. You have a couple of options. For example, you can,

  • Find other yield-earning strategies with your mETH.
  • Hold on to your mETH and do nothing.
  • Sell your mETH. However, whoever owns the mETH, also owns the underlying asset.

But you are here to find the best yield-earning strategies. So, let’s take a closer look at them.

Get the Current Highest Earning LST

To get the current highest earning LST, you have two options.

  1. Deposit ETH to the Mantle Liquid Staking Protocol. You receive mETH and 7.2% APY on your staked ETH. Remember, that’s currently the highest LST yield for ETH.
  2. You can also visit the NativeX DEX and swap your stETH to mETH. NativeX doesn’t charge any fees and only minimal slippage. stETH is the derivative of Lido-staked ETH. So, if you have stETH, here you can swap it for mETH. This swap will also earn you Native points. This could qualify you for their airdrop.

Once you swapped stETH to mETH, you need to bridge it to Mantle. Use the official Mantle bridge for this. You will need ETH and MNT to pay for gas fees. By using this bridge, you earn Mantle Journey Miles. At the end of the season, you will receive your rewards in the MNT token. You can earn more MNT by just holding mETH on the Mantle Network. The picture below shows the native Mantle bridge.

Mantle network

Source: Mantle bridge

Earn Double Rewards with mETH

Now it’s time to start earning double rewards with your mETH. So, there are a couple of strategies available. For example, you can visit:

  • Butter Exchange — They offer a mETH/wETH liquidity pool. You earn yield, Mantle Journey Points, and $BUTTER points.
  • Agni Finance — On this DEX, you can also find a mETH/wETH liquidity pool. You can earn yield, Mantle Journey Points, and the $AGNI airdrop.
  • Lendle Protocol — Deposit your mETH. You will receive yield, Mantle Journey Points, and $LENDLE. If you like adventure, you can loop your yield. Looping is to supply and borrow the same asset over and over again. 
  • mETHLab — Once this protocol launches, you will have extra options. For now, you can join the waitlist. Currently, it is on testnet.

Conclusion

Taking part in the Mantle mETH journey earns you the current highest yield. But that’s not all, you also earn Mantle Journey Points or airdrops from Mantle’s ecosystem. If you join the mentioned DeFi strategies, you can also earn more yield. However, make sure to know your risk levels. Some of these platforms are new. So, never invest more than you can afford to lose. You can join the Mantle Journey here. 

This article was inspired by this tweet.

Tectum

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

Copyright Altcoin Buzz Pte Ltd.

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