The memo
REJECTED. mETH is deployed on Ethereum L1, permissionless to hold and use, and backed by ETH routed through protocol contracts to Ethereum validators; the Mantle chain rejection does not automatically dispose of it. But the direct comparison now resolves against approval. Four permissioned professional operator groups run the disclosed validator set, operator allocation and client diversity remain insufficiently public, a 6-of-13 Mantle Security Council holds material parameter and emergency roles, and the proxy system is upgradeable through a TimelockController. The protocol charges 10% of staking rewards, the same headline fee as Lido, without Rocket Pool's permissionless operator set. Since December 2025, the project has described a Buffer Pool upgrade intended to make mETH-to-ETH redemptions more efficient. The surviving primary record does not establish fixed capacity, a contractual completion time, exact asset allocation or stress behavior, so the upgrade receives no decision credit beyond its stated purpose. The structure has a clean disclosed core-loss and slashing record, but offers no verified net-yield advantage over approved peers. Primary project materials do not establish a client-usable advantage over approved Lido or Rocket Pool that compensates for the four-operator set, transitional Mantle/COOK authority and upgrade controls. A buffer may improve convenience, but its live capacity, controls, assets and stressed performance must be verified rather than inferred. Rejection is therefore the present decision, with measurable reopening tests rather than indefinite review.
What would reopen the file
- Reopen only after one current authority map identifies every proxy admin, timelock delay, Security Council threshold, pauser, oracle quorum, COOK execution path, and residual Mantle power
- Reopen only if no operator controls more than 33% of active mETH stake and at least eight independent operator groups are active for two consecutive quarters
- Reopen only after the exact buffer contracts, assets, balance, allocation rules, privileged roles, fallback path and loss allocation are published and independently reproducible, with no failed proposed-size withdrawal for 90 days
- Reopen only if median net mETH yield exceeds or matches both wstETH and rETH within 25 basis points over the same trailing 180-day window after all protocol and buffer costs
- Any native redemption request older than 30 days, any mETH backing loss, or any undisclosed change to buffer assets or allocation keeps the protocol rejected
Facts on file
- Verdict
- Rejected
- Exposure
- ETH staking
- Chains examined
- Ethereum
- Instruments
- METH
- Memo version
- v1
- Reviewed
- Next review