mETH Protocol Launches $COOK Token and $cmETH in Upcoming Season 2: Methamorphosis

Daily Top Performer — Raydium (RAY)

Last week, the S&P 500 fell by 0.96%, while easing geopolitical risks and a weaker yen supported market sentiment. However, investors remain cautious ahead of the November 5 presidential election. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.08%, with Bitcoin and Ether dropping by 0.42% and 0.58%, respectively in the past 24 hours.

Today's top performer is RAY, which surged 11.5% after the announcement of Raydium's enhancements to its Burn & Earn feature, including CPMM support and a transferable Fee Key NFT.

Raydium (RAY), founded in 2020 is an AMM on Solana that provides liquidity to the Serum exchange. It allows permissionless trading via liquidity pools, with users earning RAY tokens as rewards, which can be staked for more rewards. Raydium introduced two significant updates for its Burn & Earn feature: CPMM support, which allows teams to lock liquidity in CP and CL pools while still claiming trading fees, and the creation of a transferable Fee Key NFT that enables users to claim fees from locked positions. All previous Burn & Earn users have received an airdropped NFT, and the liquidity page has been updated to display the percentage of burned and locked liquidity in AMM pools.

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Talk of the Town

The mETH protocol will launch its $COOK token on October 29, 2024, with the start of Season 2: Methamorphosis and the introduction of the liquid restaking token $cmETH on October 30, 2024. Season 1, which began on July 1, 2024, successfully increased the Total Value Locked (TVL) for $mETH by 12.5% to $1.21 billion. Season 2 will focus on integrating $cmETH, allowing users to benefit from restaking opportunities while earning Ethereum Proof-of-Stake yields and $COOK rewards. Users can earn Powder rewards, convertible to $COOK, with both $mETH and $cmETH incentivized for the first 30 days and only $cmETH incentivized for the subsequent 80 days. The season will last for 110 days, and details about Powder accrual rates, referral programs, and incentives will be provided later.

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Bitcoin Spot ETF Flows

Between October 21-25, 2024, BTC Spot ETF inflows totaled $997.6 million, with $1,009.5 million from non-GBTC sources and a $11.9 million outflow from GBTC. The cumulative totals now stand at -$20,062 million for GBTC and $42,068 million for non-GBTC, amounting to $22,006 million overall.

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Airdrop to Watch

Mantle announced that its $COOK token will be listed on the Bybit trading platform on October 29 at 10 AM UTC. To celebrate the launch, Bybit will offer a prize pool of 20,000,000 $COOK. More listing announcements are expected in the future.

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