By Jordan Reese, March 10, 2026
ANKOM Technology
Season 1: Methamorphosis Recap
The inaugural phase of “cooking” under Season 1: Methamorphosis has officially come to a close. This exciting season saw a surge in participation, with thousands of unique wallets engaging in various ecosystem initiatives. The advancements realized during this period for both the mETH Protocol and the accompanying Mantle Rewards Station have set new records, paving the way for future growth.
Understanding the mETH Protocol
To grasp the significance of the developments in Season 1, it’s important to revisit the fundamentals. Following the approval of MIP-30, the mETH Protocol—previously recognized as Mantle LSP—embarked on an ambitious growth campaign for the $mETH token. One of the most notable introductions was the $cmETH token, which serves as a liquid restaking mechanism, alongside the governance token $COOK.
The introduction of $cmETH marks a critical step forward in the rapidly expanding restaking sector. This innovative token is designed to be the most versatile and adaptable liquid restaking token available. Its primary function is to enable users to experience both the risks and rewards associated with restaking across a plethora of vault strategies. Users can earn returns from the underlying mETH, and through integrations with both Layer 1 and Layer 2 decentralized applications (dApps), the flexibility and potential of $cmETH are immense. In parallel, the $COOK token provides stakeholders with a channel to influence the economic strategies of the mETH Protocol directly, allowing them to share in the protocol’s growth and prosperity.
Key Metrics of Progress
The progress recorded over the span of Season 1 highlights the tremendous engagement and momentum behind the mETH ecosystem:
- The Mantle Network experienced a remarkable 67% increase in cumulative active on-chain users, culminating in a total exceeding 4.39 million users.
- The Mantle Rewards Station achieved an impressive 125% net increase in $MNT locked, which now totals over 148 million.
- The Total Value Locked (TVL) for $mETH, across both the Ethereum and Mantle networks, rose by 12.5%, surpassing 1.21 billion.
- Participation in the mETH Protocol Methamorphosis campaign skyrocketed, with participants increasing by 2,154%, from 1,600 at the onset to more than 37,000 by the conclusion.
To further illustrate the competitive landscape, the top five protocols showcasing the highest Powder amounts from eligible $mETH positions throughout the Methamorphosis campaign were:
- EigenLayer
- Agni
- Symbiotic
- INIT Capital
- Karak
Rewards Distribution and Tokenomics
The newly launched $COOK token has a total supply anticipated to reach 5 billion tokens. An initial distribution of 15.1028% is slated for eligible users engaged in all ecosystem initiatives and campaigns during Season 1, except for the Journey to Methamorphosis Quests. Detailed announcements regarding the total allocation of $COOK to eligible participants will be shared via our social channels in the near future.
- mETH Protocol — 5% (250,000,000 tokens)
- Mantle Rewards Station — 4% (200,000,000 tokens)
- Puff Project — 5% (250,000,000 tokens)
- Puff NFT Holders — 1% (50,000,000 tokens)
- Bybit New Users Campaign — 0.002% (100,000 tokens)
- Bybit Web3 Wallet Campaign — 0.0148% (740,000 tokens)
- Binance Web3 Wallet Campaign — 0.05% (2,500,000 tokens)
- Stash Campaign — 0.036% (1,800,000 tokens)
It is important to note that we are currently finalizing updates regarding the overall $mETH data for Season 1. Users may observe adjustments in their Powder balances during this transition. A formal announcement will follow once the data is completely updated and verified.
Future Prospects and Community Engagement
Delving deeper into $COOK’s distribution, it’s crucial to mention that 50% of the total supply will be directed towards the community, which encompasses rewards from Season 1. As we progress into the subsequent seasons, participants will encounter enhanced opportunities to increase their holdings of $COOK.
Please be aware that the tokenomics surrounding $COOK as illustrated in our documentation may be subject to adjustment and will be finalized as we approach the Token Generation Event (TGE).
Updates regarding the TGE and potential listings are expected soon. In the interim, our team is diligently working on processes that will allow users to restake their $mETH to obtain $cmETH, thereby unlocking a variety of yield opportunities through the dynamics of restaking. Additionally, users can anticipate educational content in the coming week, helping them understand how to acquire $cmETH seamlessly.
For ongoing updates, be sure to follow mETH Protocol on X/Twitter and join the broader community in discussions on platforms like Telegram and Discord!
Join the Community
Your engagement is invaluable. Connect with us on various platforms to stay informed and participate in our evolving ecosystem. Whether it’s through following our updates or joining discussions, every interaction strengthens our community.
For more information on ANKOM Technology, please visit ANKOM Technology.
We appreciate all participants for their engagement and excitement during this pivotal phase and look forward to more transformative experiences in future seasons.