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Ethereum’s Mantle LSP Races Towards $100 Million TVL Marker in Less Than a Day

2 mins
Updated by Geraint Price
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In Brief

  • Mantle Liquid Staking Protocol's (LSP) Total Value Locked (TVL) nears a $100 million milestone within a day of deployment.
  • The Ethereum Layer2 solution aims to challenge Lido's dominance in the LSP sector with a 4% APY native yield.
  • New protocols like Blast, offering native yields for ETH and stablecoins, have also emerged, with a TVL of $700 million.
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Mantle Liquid Staking Protocol’s (LSP) Total Value Locked (TVL) has almost surged to $100 million within 24 hours of the deployment. It offers native yield for Ethereum (ETH) and stablecoins.

The trend of LSP has become immensely popular in the past couple of years. However, Lido has been the only dominant player in the LSP sector, bringing skepticism about the centralization. Lido has a TVL of $20 billion, approximately 10 times higher than Rocket Pool, the project with the second-highest TVL in the liquid staking category.

Now, new liquid staking projects are emerging, aiming to challenge Lido’s dominance.

Mantle LSP Aims to Offer 4% APY Native Yield 

On Monday, the Ethereum Layer 2 solution Mantle announced the deployment of its permissionless, non-custodial Liquid Staking Protocol, Mantle LSP. The protocol promises a 4% APY native yield through Ethereum’s proof-of-stake (PoS) participation.

Read more: Top 7 High-Yield Liquid Staking Platforms To Watch in 2024

Similar to Lido’s stETH, Mantle LSP has mETH as a “value-accumulating receipt token” of the protocol. Within 24 hours of the deployment of Mantle LSP, it has almost hit a TVL of $100 million.

Mantle LSP TVL. Source: DefiLlama
Mantle LSP TVL. Source: DefiLlama

Along with Mantle LSP, many new protocols offering native yields have emerged. For instance, in November, Pacman, the founder of Blur, announced a Layer 2 protocol, Blast, offering native yields for ETH and stablecoins.

It instantly became the center of community attention, as the community members expected an airdrop. As of writing, Blast has a TVL of over $700 million.

Read more: What Is Mantle Network? A Guide to Ethereum’s Layer 2 Solution

Blast TVL
Blast TVL. Source: DefiLlama

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.