Mantle Restaked ETH
CMETH
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
CMETH (Mantle Restaked ETH) is the liquid restaking receipt token of the mETH Protocol within the Mantle ecosystem. The project benefits from Mantle's active governance, continuous Layer-2 platform development, and a clean operational security history with formal audits completed by Secure3 and OpenZeppelin, showing no exploits, hacks, or depeg events. However, the token exhibits significant fundamental headwinds. Crucially, the mETH Protocol has announced that cmETH is being deprecated and placed into a managed wind-down. Furthermore, the token suffers from micro-cap valuation ($32M-$43M), an illiquid secondary market with near-zero daily volume, a narrow holder base (~1,340 holders), and centralized governance reliant on core team multisigs. In accordance with the deprecated token rule, the active deprecation and managed wind-down mandate an Avoid recommendation despite the mathematical weighted average score of 5.2/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Mantle Restaked ETH (CMETH)
Mantle Restaked ETH (CMETH) is a liquid restaking receipt token that has been deprecated and placed into a managed wind-down by the mETH Protocol within the Mantle ecosystem. Introduced in late 2024, CMETH was designed as a 1:1 receipt token representing mETH restaked across decentralized validation platforms including EigenLayer, Symbiotic, and Karak, along with their associated Actively Validated Services (AVSs). The token was deployed across Ethereum, Mantle, and HyperEVM, utilizing LayerZero's Omnichain Fungible Token (OFT) standard for cross-chain utility.
Governance and execution for CMETH have operated primarily under the Mantle ecosystem framework, where proposals are voted on by MNT holders and executed by core contributors via multisignature contracts. Security reviews include a September 2024 audit by Secure3, which identified code-level findings including permission control issues, unprotected initializers, and risks related to front-running exchange rate updates. While CMETH has maintained a clean incident history without recorded smart contract exploits or depeg events, ecosystem audits by OpenZeppelin on Mantle's OP-Geth fork previously flagged critical minting vulnerabilities prior to production fixes.
In addition to its formal deprecation status, CMETH is constrained by secondary market illiquidity, near-zero daily trading volume, and a small base of approximately 1,340 holders. Structural risk factors identified in protocol evaluations include reliance on off-chain Merkle tree infrastructure for reward distribution, slashing risks tied to restaking providers, and historical periods where a majority of backing assets remained unallocated to active restaking strategies.