Ultimate Guide to S1 of Mantle "METHamorphosis"
Mantle enters the restaking area with LRT $cmETH. An airdrop campaign launched on July 1 to earn Powder, convertible into $COOK , the new governance token for Mantle LSP.
This is a guide on how to maximize POWDER and the best legos.
Some important notes:
- The campaign began on 1 Jul, lasting 100 days
- cMETH is not launched yet, Powder will be earned via mETH initially
- mETH holders can upgrade to $cmETH upon launch
- There will be a transition period where both mETH and cMETH will earn Powder
- The next snapshot for Powder will be on 2 July, so the Points are not showing up yet
- If you already have mETH positions on Mantle, you do not need to do anything or take a look at the guide below to see whether you can optimize them for the best results.
- You can track all the tasks related to Mantle on the One Click airdrop app.
There are 3 main ways to farm $COOK:
- Holding and using mETH on Mainnet / Mantle L2.
- Holding $PUFF, further details announced later.
- Locking $MNT on Mantle Rewards Station, commencing 10th July.
We will focus on #1 and mETH on Mantle L2, as it earns the best rewards.
Deposits of mETH on Mainnet such as Eigen Layer, Karak, Symbiotic, and Zircuit only earns you 5x Powder / 1 mETH / Day
While deposits of mETH on Mantle L2 earn you up to 40x Power/day.
However, this involves providing LP to volatile pairs such as mETH / USDT which I do not recommend as you will be subject to impermanent loss.
IMO, below are the best lego opportunities:
1. Lending and Borrowing on Init Capital
Which has its own Points program, and here is the referral link.
- Deposit mETH
- Borrow stables
- Swap into USDe and deposit back into Init to farm Ethena Season 2 to earn 20x Sats / Day
Or borrow ETH and loop your mETH.
2. Deposit mETH in Karak Network
- Make sure you filter the pools by Mantle on the left
- Deposit mETH
- Invite code: cBwS9
This will earn you both Powder and Karak Points at the same time. You will be able to track your progress on the Methamorphosis Dashboard. As well as the full list of supported partners and the multipliers for Powder.
You can use this referral link for 10% more Powder: https://meth.mantle.xyz/campaigns/methamorphosis/cruzcontrol
