March 27, 2024
Mantle's Staking Frenzy: 40,000 ETH Entrusted to Lido After Governance Decision
Latest Cryptocurrency News

Mantle’s Staking Surge: 40,000 ETH Deposited on Lido Post Governance Vote

Layer 2 network Mantle deposited 40,000 ethers (ETH) onto the staking protocol Lido following an affirmative governance vote on Treasury Management earlier this month.

The staked ether, also known as stETH, currently holds a valuation of approximately $66 million and is anticipated to yield a return of 4.1% annual percentage rate (APR) based on current rates. Mantle’s treasury is valued at more than $3.2 billion, with the majority of assets being held in its native governance token (MNT), bitDAO (BIT), and stablecoins.

In light of the recent governance vote, community members are now empowered to determine strategies concerning Mantle’s treasury. A ceiling of 200,000 ether has been greenlit for staking, with 20% of this allocation earmarked for Lido.

Mantle’s intrinsic token is presently trading at $0.43, marking a 29% decline over the past month, mirroring the broader downturn in the cryptocurrency market. Notably, Mantle has also recently introduced its mainnet technology stack, aimed at scaling Ethereum to rival competitors such as Arbitrum and Optimism. Currently, the Mantle network boasts a total value locked (TVL) of $37 million, as it grapples to carve out a prominent position within the realm of layer two networks.

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