mETH Protocol
COOK
Evaluation Score
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Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
COOK serves as the governance token for mETH Protocol, a liquid staking and restaking protocol on Ethereum and Mantle Network boasting significant underlying protocol TVL ($456M+) and a solid security record (14 audits across reputable firms, zero slashing, and effective incident response during the Lazarus-related Bybit flow recovery in February 2025). However, the token itself exhibits severe weaknesses across fundamental adoption metrics: active development and community engagement have shown little verifiable signal since the late 2024 launch, market liquidity is extremely thin with a micro-cap valuation of ~$2.28M (down ~95% from ATH), and value accrual mechanisms from protocol TVL to COOK remain limited. Centralization in governance via the Mantle Treasury and contract pause controls further tempers the outlook.
Development Activity
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Community Support
Social media presence and community engagement
Tokenomics
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Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About mETH Protocol (COOK)
COOK is the governance token for mETH Protocol, a non-custodial Ethereum liquid staking and restaking protocol operating across Ethereum and the Mantle Network. Governed within the Mantle ecosystem, the protocol issues liquid staking assets, primarily mETH and its restaked variant cmETH. The token launched following a token generation event in late October 2024 with a fixed total supply of 5,000,000,000 tokens, allocated among the community (60%), the Mantle Treasury (30%), and core contributors (10%).
The protocol’s security framework includes over a dozen audits across firms such as Hexens, MixBytes, Quantstamp, and BlockSec, with zero recorded validator slashing events. In February 2025, following a major security breach of the Bybit exchange attributed to the Lazarus Group, approximately 15,000 cmETH (valued at around $43 million) in illicit fund flows entered mETH Protocol contracts. The protocol team utilized its built-in eight-hour withdrawal delay mechanism to pause contracts and successfully recover the funds to a designated recovery address, resulting in no direct loss to the protocol.
Despite the underlying protocol maintaining substantial total value locked, the COOK token has faced significant market and governance headwinds. The token has experienced a price drawdown of approximately 95% from its all-time high, alongside low trading liquidity, a limited holder base, and a heavy token unlock schedule. Furthermore, development updates and active community governance participation have remained minimal post-launch, while governance authority and pause controls remain heavily concentrated under the influence of the Mantle Treasury.