MNT Surges After Launching New Ethereum Liquid Staking Protocol with mETH, Osmosis and UX Chain Plan Merger to Create Unified DeFi Hub in Cosmos Ecosystem

Daily Top Performer — Mantle Network (MNT)

The SPX index is down 0.54%, pressured by higher U.S. Treasury yields, which made returns on stocks less attractive. The broader cryptocurrency market is up, with Bitcoin and Ether rising 0.84% and 0.93% respectively in the past 24 hours. 

Today’s outperformer is MNT, which jumped 5.9%% after Mantle introduces mETH liquid staking protocol on Ethereum to diversify staking options.

Mantle Network, launched in July 2023, is a modular Ethereum Layer 2 optimistic rollup solution that improves blockchain efficiency and cost-effectiveness. Mantle Network has launched a liquid staking protocol on Ethereum, offering Mantle staked ether (mETH) as a derivative for ETH stakers. This non-custodial protocol, driven by Mantle's DAO, enables users to stake ETH and diversify liquid staking options on Ethereum. Post-merger with BitDAO in May 2023, Mantle holds a significant treasury, including a large amount of ether and stablecoins. In November, Mantle Network partnered with Ondo Finance to introduce USDY, a tokenized note secured by real-world assets such as short-term U.S. treasuries and bank demand deposits and has since attracted $30 million of TVL. 

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Talk of the Town:

Osmosis, the largest decentralized exchange on Cosmos, and lending protocol UX Chain (previously Umee) are proposing a merger within the Cosmos ecosystem. The merger aims to integrate UX Chain's lending features into Osmosis’ decentralized exchange, creating a comprehensive DeFi hub. The process would start with merging UX Chain’s codebase into Osmosis, combining their capabilities and total value locked. The merger, subject to separate governance votes by each network's community, could potentially lead to a unified token. This consolidation is seen as a strategic step to enhance features like advanced liquidations, native margin trading, and MEV markets, leveraging the strengths of both networks. Both projects have previously raised significant funding, with UX Chain securing $32 million and Osmosis $21 million.

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