DeFiPunk'd

mETH Protocol

Liquid Staking

TVL $444.8M
Type Liquid Staking
Chain Ethereum
View on DeFiLlama ↗
Control criteria
Upgradeability Upgradeable Bug bounty immunefi.com Governance forum Docs docs.mantle.xyz
About

Mantle Liquid Staking Protocol (LSP) is a permissionless, non-custodial ETH liquid staking protocol deployed on Ethereum L1 and governed by Mantle. Users stake ETH to receive mETH, a value-accumulating receipt token composable across DeFi. cmETH enables restaking via EigenLayer and Symbiotic. The protocol features a Guardian network, multi-oracle validation, and targeted ~24-hour redemptions via a Buffer Pool, aiming to deliver best-in-class institutional-grade staking.

Risk analysis

One card per dimension, sorted by severity. Only Verifiability and Autonomy carry automated signals in Phase 0. See methodology for scope.

Audit a dimension yourself · DEFI@home Contribute an LLM-run assessment — any model, any dimension. Three agreeing runs merge automatically into the public record.

DEFI@home is a distributed audit network modeled on SETI@home: instead of CPU cycles, it crowdsources LLM reasoning. Paste a slice prompt into Claude, ChatGPT, Gemini, or any browsing-capable model, and submit the JSON output as a pull request. The quorum bot merges it once ≥3 independent runs (from different models) reach the same grade — no single model, and no single contributor, can move the needle alone. How it works →

  • Address discovery 12 addresses on file · 1 run Submit run ↗
  • Verifiability Unverified Submit run ↗
  • Control Unverified Submit run ↗
  • Ability to exit Unverified Submit run ↗
  • Autonomy Unverified Submit run ↗
  • Open Access Unverified Submit run ↗
  • Audit all 5 dimensions · one prompt Submit run ↗
  1. Verifiability tentative
    Open source, no audits

    A GitHub repository is published but no audit is recorded in DeFiLlama's dataset. Audits may exist upstream without being indexed here; open a PR with an overlay if so.

    Run your own prompt Submit run ↗
  2. Autonomy tentative
    Validator set reduces autonomy

    Liquid staking and restaking protocols hand solvency to an external validator set with slashing dynamics they do not control. At Phase 0 this is a category-level heuristic; a real Autonomy assessment (oracles, fallbacks, governance-mutable dependencies) arrives with onchain review.

    Run your own prompt Submit run ↗
3 dimensions not yet assessed (Control, Ability to exit, Open Access)
  1. Control unknown Unverified
    Not yet assessed

    Who holds admin privileges, how contracts can be upgraded, and how quickly. No automated heuristic grades this at Phase 0; a real assessment arrives when onchain discovery reads roles, owners, and timelocks.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  2. Ability to exit unknown Unverified
    Not yet assessed

    Whether users can exit on their own terms if the team disappears or acts adversarially. Requires per-protocol review; not available at Phase 0.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  3. Open Access unknown Unverified
    Not yet assessed

    Whether the protocol depends on privileged operators, whitelists, geo-restrictions, or off-chain infrastructure. This is not a signal DeFiLlama carries in a usable form; crawler-based detection lands in a later phase.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗

Stage

Preview of the Phase-3 maturity framework. DeFiPunk'd will adopt DeFiScan v2's stages verbatim; the section is rendered below in its intended shape so the structure is visible today.

mETH Protocol has not yet been assessed under the DeFiScan v2 stage framework.
The walkaway test is the central criterion. Once stages land, protocols reach Stage 1 only if users can exit in the presence of malicious operators even when the emergency council disappears.
Scope of assessment
Stages are assessed per-protocol against DeFiScan v2's criteria: governance structure, upgradeability path, timelock durations, emergency-council scope, and the walkaway test. The analysis depends on onchain discovery (roles, owners, timelocks) and deeper review of deployed contracts — neither of which DeFiPunk'd automates at Phase 0.
Stage 0 requirements pending
Governance is largely off-chain, contracts are upgradeable with short or no timelock, and the protocol depends on a multisig or team with full discretion. At Phase 0 DeFiPunk'd does not automatically evaluate these; the assessment lands with crawler-based onchain discovery.
Stage 1 requirements pending
Users can exit or opt out on their own terms even if the team disappears. Upgrades run through a meaningful timelock with an emergency security council clearly scoped. The walkaway test is the headline criterion.
Stage 2 requirements pending
Protocol is fully permissionless and immutable, or upgrades require a supermajority of token holders with a long timelock and no emergency override. This is the terminal stage of the DeFiScan v2 framework.
Learn more about DeFiScan v2 stages →
Stages are an opinionated assessment of maturity, not a rating of security or safety. A protocol can sit at Stage 2 and still carry substantial technical or economic risk; the framework exists to incentivize decentralization, not to rank protocols.

Contract surface

Every contract in scope for this protocol — pooled from DeFiLlama's TVL adapter (mechanical) and DEFI@home discovery submissions (LLM-curated). Verified-source flags come from Etherscan + Sourcify; owner / multisig metadata is read on-chain when available. Reviewer audit context, not a slice score. A lending protocol's adapter set will list third-party collateral tokens alongside its own contracts; attribution is the grader's job.

  • 13addresses
  • 1verified source
  • 1proxies

TVL adapter pinned at 683d369. Sourcecode fetched 2026-05-06. Control fetched 2026-05-07.

ethereumTransparentUpgradeableProxy0xd5f7…adfaTVL + discproxytoken
ethereumnull0x0000…0000TVL
Ethereumguardian (pauser)0x29ab…f1f8discoveryguardian
Ethereumoracle0x8735…8192discoveryoracle
Ethereumoracle (quorum manager)0x92e5…0d90discoveryoracle
Ethereumreceiver (consensus layer)0xd4e1…493fdiscovery
Ethereumreceiver (execution layer)0xd6e4…9cefdiscovery
Ethereumreturns (aggregator)0x1766…3b82discoveryoracle
Ethereumstaking0xe3cb…9e8fdiscovery
Ethereumtoken (implementation)0x052f…3e52discoverytoken
Ethereumunstake (requests manager)0x38fd…dcf9discovery
Mantlegovernance0x9f0c…b94ddiscoverygovernance
Mantletoken (L2 bridge)0xcda8…0bb0discoverybridge

Protocol Info

Links

[defillama] Source: DeFiLlama [:] Source: DEFI@home quorum
Twitter
@mETHProtocol

Security

[defillama] Source: DeFiLlama [:] Source: DEFI@home quorum
Audits
unknown
Security contact
unknown

Technical

[:] Source: DEFI@home quorum
Voting token
COOK Mantle: 0x9f0c013016e8656bc256f948cd4b79ab25c7b94d
Deployed contracts
https://docs.mantle.xyz/meth
Upgradeability
Upgradeable

Provenance

[defillama] Source: DeFiLlama
Review status
listed
Updated
2026-06-01 11:27 UTC