Mantle, the Ethereum layer-2 project associated with a $2.3 billion treasury, said Monday that its new liquid-staking protocol, known as Mantle LSP, is now live.

Mantle LSP was deployed on Ethereum, and this will be the second core product of the Mantle ecosystem, according to a press release seen by CoinDesk. The main Mantle Network, launched in July, currently has more than $220 million of deposits known as total value locked or TVL, according to L2 Beat.

The debut of Mantle LSP means that users can stake their ETH on Mantle LSP to receive $mETH tokens, designed to be a representation of that staked ETH. The press release also claims that with $mETH, users will get access to earn yield.

Jordi Alexander, chief alchemist at Mantle, told CoinDesk in an interview that Mantle’s treasury “has to be successful in its own right. We want it to be like, the third-largest eventually after Lido and Rocket Pool.”

“We’re targeting the No. 3 spot pretty aggressively and quickly,” Alexander added.

layer 2 Liquid staking Ethereum

Margaux Nijkerk

Margaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds a small amount of ETH and other altcoins.