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Deep Dive into @Mantle_Official @mETHProtocol
Recorded: March 27, 2025 Duration: 0:30:58Space Recording
Short Summary
Bungie and Emit protocol are set to revolutionize the crypto landscape with a new equity marketplace and innovative liquid staking solutions, offering users exciting yield opportunities and a chance to participate in a $30,000 prize pool.
Full Transcription
Thank you. Thank you. . GM, GM guys, can you hear me?
Or am I rugging big bungee into?
Hello, hello.
Pages, thanks for joining in.
We'll give it a minute before we can start.
Yeah. Thank you. So, yeah, thanks.
Thanks, Jess, and everyone for joining in.
Let me sort of set context.
Quick intro on Bungie.
Bungie is a global equity market place.
We enable users to swap between any assets onto chains or across any chains.
We are working closely with Emit protocol and Mantel team, making it easier for users
to buy Emit and see Emit from any chain via Bungie and get rewarded for it.
This includes a gas rebate,
this includes a raffle-based reward at the end of it.
Total price pool is around 30K USD worth of Mantle tokens.
And I thought it would be sort of a good idea
to speak with Jess from the Emit protocol team
and to sort of learn more about the protocol
understand
what can users do
with Emit and CEMIT
if they are getting these assets
via Bungie
there should be some sort of pathway for them
where they can get healed or do more
with that asset
while the spaces says deep dive into Mantle,
probably will deep dive both into EME protocol and Mantle.
So yeah, that's a quick intro on my end.
I focus on growth at Bungie.
Yeah, I'll quickly pass it on to Joyce.
Please go ahead and introduce yourself,
and then we'll get right into it.
Hello, hello. Thank you. Thank you so much, Sid, for the introduction. Nice to meet everyone here.
And I'm Jess, like what Sid already gave a very nice introduction earlier. I am currently working
for the ME protocol team. And then right now I am mainly focusing on the ecosystem growth side for METH.
And for those that are not so familiar with METH protocol,
it's actually the one and only vertically integrated LSP platform across in the market.
So currently we are offering two different kind of assets.
One is METH,
which is our liquid staking token. And the other one is CMETH, which is our liquid risk staking
token. And I think with Bungie having the, having a integration for CMETH, I think it's a very huge
step where it opens up a lot of very interesting and also very fun functionalities where users
will be a lot it will make users a lot easier whenever they wanted to you know like a cross
train bridge some of their usdc from base to to mental and to play around with cmeth or me
or any other tokens to explore different ecosystem yields
and what kind of fonts up there?
Thanks, yes.
And I think there are a couple of words that I picked there
that I'll come back to later.
But yeah, I think in addition to ME protocol,
do share more around your experience.
How long have you been in this space?
What have you done? Because space what all have you done
because i know like you have worked at some interesting projects including fireblocks and
chain links so maybe you start there and then we dive deeper into anything
yeah yeah for sure and so maybe i'll just share a bit about myself and my background so So I'd say I am not, I wouldn't say that I'm like an OG or like I've been in
space for a long time, actually joining the space around the last pool, around like the last DeFi
summertime. So probably 2021. And the reason why I got into the space was quite interesting.
Actually, I was just trying to find an internship during my
uni days. And then there's this exchange called Gemini, I reached out and then that was my first
exposure around crypto, but it's more of a trading assets, trading crypto as a sort of like assets.
So not really the more on-chain DeFi space.
But shortly after that, I soon to discover more on crypto, on blockchain,
on all different kind of infrastructures.
So that's why I've decided to go to Chainlink as my first full-time job after uni
and learned a lot more on the blockchain infra structures,
what is an oracle and also what are some of
the cross-chain stuff are playing out in terms of how the structure has been set up and things
like that.
So, yeah.
So, I think it's a very interesting journey and definitely I'm super excited right now
because after joining Mental, not just the infrastructure
side, I get to touch on all sorts of different verticals and angles within crypto.
And I have the opportunity to work with various different teams, including teams like Bonji,
where I learned a lot and I feel like there are a lot of very exciting things that's growing in this space.
Yeah.
Okay.
That's, yeah, that's a really interesting experience.
Actually, yeah, you have been at Chainlink, Fireblogs, Gemini, very interesting protocols and products in their own space contributing to crypto.
And, yeah, no, I think it's great that we are able to do something together with you guys on Bungie.
So I think, yeah, probably let's get right to it, right?
Like tell us about like any protocol, like what's any plan and probably how is it different from other LSDs that are out there?
Yeah, I think just now maybe I briefly touched on it so basically for me one thing that is one of the most
unique thing about me protocol comparing to maybe some of the other competitors within the market
for example lido etherfy uh kelp uh r is uh that we are one of the only vertically integrated
liquid staking uh platform meaning that not only we do provide our own LST product,
which is METH, but also we have our LRT product,
which is CME.
So by doing so, I think it creates a lot of different kind of structure
and also products that we can push up.
Currently, for CME, as an example, we are running
our very own fixed sale vault product where we can bring our users a 3% baseline yield on their ETH,
but also an additional 2% extra yield in ETH. Basically, this 2% additional yield are coming
from users,
some of the users that didn't really want it to hold on
to symbiotic or eigenlayer points,
then they can forego these points
and we will be taking,
we will be offloading all of these risks in return.
We'll be just giving them pure ETH yield,
which is something I think a lot of the users
are quite interested in.
No, I think that does sound very interesting.
I know all my friends who are ETH maxis would love a 5% yield on their ETH.
So they're like, oh, like three plus two percent.
Yeah, it's actually really interesting.
So I'm just curious, and this sort of brings me to this question that, you know,
you have Emeet, you have CMEet.
And how does CMEet adds value to a meet or as
as a user what should i if i'm getting you into magnetic ecosystem by a bungee getting into one
of these assets what should i prioritize yeah i think that's actually a very great questions to
touch on because for emmeat and CMETH, currently we are not just very
active on the on-chain space.
We are currently not just on MANTO, but also on Ethereum L1.
And at the same time, we are having this very strong push across different unique ecosystems.
For example, we just announced our partnership and deployment into HyperEVM, and soon there will be more to come on different very unique ecosystems.
But also, we do have a very strong proposition of being one of the very strong CD5 assets, meaning for both METH and CMETH, these are tradable cross-margin assets on Bybit currently.
And back to your question on what are some of the differences
between METH and CMETH,
and also how people or users should prioritize
when it comes to holding on to these assets,
I'd say the biggest difference is depending on your risk tolerance.
So some people, they would feel more
comfortable just uh just to hold on to a lst uh token like me to get the uh pure uh more simple
baseline yield from uh like pos staking uh but if you are more adventurous or like if you want
to explore a bit more on-chain,
like how does these different kind of points play around?
And also, like, you want to be a bit exposed to risk,
then maybe CMEs would be something that you are interested in.
And also, at the same time, for CMEs,
we are also expanding the functionalities and usabilities of it.
So I'm also quite excited to see once we are plugging into HyperEVM ecosystem,
how we can build up more playable routes there for OD on-chain,
DeFi and active traders to execute different kind of like fund trading strategies there.
Got it. And I think from a risk perspective, with both Emmit and C Emmit, you still get the baseline
E field of three percent and then probably C Emmit gives you more on top of it, right?
Yeah, correct.
Interesting.
And let's sort of take a broader lens
and talk about like Mantle DeFi
and how do you see like this,
both EMEET and CME,
like EMEET protocol fits into
growing the Mantle DeFi ecosystem.
Yeah, I think that's a very great question.
Then maybe I'll just give out a bit more of an overview about mental and how mental network
is a bit unique comparing to other layer two chains out there.
So for mental, we are very unique because we are the only chain that are also at the
same time issuing our own assets.
So MEth is one of the assets, ETH-based assets that we are issuing.
We also have our own FBTC, which is a red Bitcoin asset.
And also we are going to launch our very own index fund, banking, and also like AI business lines very soon this year.
banking and also like AI business lines very soon this year. So having all these different
kind of like business units and also unique assets, I think it creates a lot of opportunities
on Mento chain. So for MEth and CMEth as an example, users, you can't just provide liquidity
on Mento using CMEth and creating opportunities across all of the DeFi protocols on MENTL,
such as Merchant Mall, Intercapital, and et cetera, to get higher yields
and also to get different kind of interesting play around strategies there.
But also at the same time, if you want to do some kind of arbitraging or do some kind of hedging on centralized exchanges, you do have a lot of unique values.
And also, mental, we are creating a very strong proposition
there as well as one of the core native assets
on mental literature chain.
Yeah.
Got it.
And because you mentioned this twice,
this term CD5 and the institution,
and I see there's more dedicated push from the team
in driving adoption on that front.
Any alpha that you can share with us
or anything interesting that you see happening there
with these assets on the CD5 institution side?
Yeah, I definitely see there are,
I understand that right now a lot of people
are having a bit of a passive or like bad sentiments
towards Eve because of the price
that is currently reflecting.
But I do see a lot of people are quite interested
in having an LST asset as one of the core assets
you hold on for CD5 strategy.
And the main reason is being
it's a naturally yield bearing asset.
So it earns you yield at the same time you can trade.
So it's a very good asset to hold on as a collateral.
And also for institutions in general, as you can see recently on the news, World Liberty Finance, they have just announced they have purchased a large portion of M&T also in their own vault.
They are holding on to a lot of ETH and also LST assets.
So I feel like there is a very strong narrative on the institutional side for adoptions.
We are also trying to explore and also expand our METH and CMETH adoption across all the institutions.
That's why currently we are talking to different kind of custody providers or like earn apps or like earn products to expand all these kind of use cases.
Yeah.
Got it. products to expand all these kind of use cases. Yeah.
Got it. Yeah, no. Yeah, I think that world liberty finance news I was not aware of.
So it's great to see that Mantel is also part of their portfolio.
And I agree.
I mean, that is something unique that ETH offers, right?
It's like you will not have a lot of geekly bearing assets and this, yeah,
I can know sentiment hasn't been great.
We'll see all the ETH memes over the last two years.
The price has not changed.
But I think from an option perspective,
there are more interesting things to come.
Another thing actually, which I came across, Jess,
and I think you guys launched yesterday,
was the season three of Metamorphosis.
Can you just give us a quick run through that?
What is it?
How can users benefit from it?
Yeah, absolutely.
Maybe before I jump in to talk more on what's different for our season three campaign,
I'll just give a general introduction about Metamorphosis campaign, I'll just give a general introduction about metamorphosis campaign because I would
expect that maybe a lot of the people, listeners here might not know what exactly is a metamorphosis
campaign. So at its core, our metamorphosis campaign are the heartbeat of our incentive
strategy. So this campaign are designed to reward every single user who contribute liquidity by staking
either our LSD product ME or our LRT product CME.
So when you stake ME or CME, you start earning what we call powder.
There's a unique reward that you later can convert into KOOC, which is our governance
token.
So we started launching these metamorphosis campaigns at the pivotal moment of our journey back in 2024,
because we saw a very rapid growth of our protocol becoming one of the fourth largest liquid protocol within the market.
So we wanted to accelerate it into our next phase.
So in season one, our focus were more on driving the auto option to our LSD product, which is ME.
So we designed a reward structure to vary based on users' activity across our network
and with partner protocols, for example, like Aguilera and Pento. And over a hundred days period, this approach really helped us to lay down a robust
foundation by ensuring that liquidity was both abundant and also actively managed. Then we moved
on to season two, which ended, I believe, last month. So we shifted our gears to fast track the transition into our LIT product, which is the CME product.
So for CME, it wasn't just an upgrade.
It was a reimagining of what liquid restaking token could do and also what are some of the potential that you can get from just having a LRT product.
So with CME, we introduced enhanced benefits and also more diversified yield opportunities
that went beyond just the traditional LRT could offer.
And then the result was quite remarkable as well.
So that's why after the season two has ended, we quickly started planning and started
running our season three campaign for metamorphosis, which is all about driving CME
adoption across various ecosystems, not just on Ethereum and also on Mento, but also we want to
expand it into other ecosystems, such as HyperEVM, like I mentioned earlier. So for season three, we're focusing more on rewarding users
who stake CME and also participating in restaking
across different protocols, mainly not just mental,
but also on HyperEVM and more in the future
once we have integrated.
And also we will be offering like product rewards
to our stakers and also to those that has participated in our referral program for users to participate in this campaign.
And with these Potter points that you get from the campaign, you will be receiving Cook tokens and also rewards on the ETH staking and also restaking efforts.
And that's why I feel like Bungie really gave us a very good distribution channel there,
meaning that a lot of the users, they could basically rely on Bungie to easily swap or a bridge over their assets onto Mantle or directly into CME to participate into this campaign.
And I think it will make a lot of the processes a lot simpler.
And that's exactly what we wanted to do for our season three as well, to make things simple for users so that they would feel that there are not a lot of heavy lifting when they want to do a bit more like plug and play, that kind of like stuff for ME10CME.
Yeah, no, definitely.
And thanks for sort of giving us a rundown across the seasons and it's
really interesting
that you know it right now
you guys just went live
with it so it really very well
coincides with the Bungie
campaign and yeah so
for any ETH Max who is listening
if you have ETH across any chain
like across any L2
mainnet just swap into CM ETH across any chain like across any L2 mainnet just swap into
CMETH or METH stake it and earn powder and potential cook token and more rewards and
then also you have a chance of earning 230k mint rewards via bungee today don't delay it while
this is live for 180 days i mean i'm sure like the thing in crypto is if you are
earlier, you are like earliest you are better at us.
So yeah, do not delay that.
I think in additions to metamorphosis, just like what are other yield strategies that
users or yield opportunities that users have with ME or CME across the Mantle DeFi ecosystem
or any like partner projects or ecosystems?
Like anything off the top of your head
that you can share with us?
Yeah, for sure.
So other than like just the simple stake
into ME and CME, Mantle, like what I mentioned,
there are a lot of different use cases
across the DeFi protocols there.
For example, we do have our pools set up on Merchant Mode,
and also we do have our lending markets on Mantle,
where users can simply do some ETH looping strategies
or leverage staking strategies there via these lending markets.
At the same time, for us, we are also supported on Pendle. multipliers for those that are participating via pendle for YT or PT points.
Yeah. So there are actually a lot of things that you can do on chain for like more complex
DeFi, different kind of DeFi, like variations of routes that you want to take. Also, at the same time, if you're just looking for like a simple,
lazy vault where you just sit your asset there for like a higher yield,
we have the CME fixed-out vault that is also live and public right now
where users can just simply stake your CME there.
By doing so, you're getting the metamorphosis like powder points for those at the same time
you will be also earning a very high yield onto the ETH just by putting it there.
Got it. Got it. So yeah, I think for to summarize Jesse's point, so there is definitely metamorphosis
where you get powder points and potentially coke. And then there is merchant move pools, there are lending markets, there is multipliers
or pendles.
So there are a bunch of things that you can do with Emit and CEMEED once you swap into
it via Bungie to get more yield across the mantle leaf fiber system.
So I think, Jesse from like broadly, I think we have covered all the key questions I had. Some fun, like a fun question, which I had was, what, what, what,
beyond Mantle, I mean, what are the, some of the fun projects on Mantle,
like any meme coins, any, any interesting projects that you see,
like interesting or fun?
Yeah, I think one of the interesting projects on Mantle would be funny money.
the interesting project on Mento would be funny money.
So it's actually like a meme text
that is still in the building right now.
But basically the initial concept that they were having
was that they wanted to build out a very unique kind of way
for people to just swipe and buy meme coins rather than the traditional
way where you have to see into like a market and see which meme coins that you want to buy
depending on their market cap or like depending on I don't know different kind of resources
or information or research that you usually would use. It will be like a Tinder kind of swapping functions
where you just swipe on the meme coins that you want to buy
and then just with a simple swipe to purchase.
So that's something that I would find quite interesting
on currently on Mento.
So yeah, if you guys are interested in funny money feel free to
should be in search about this process on yeah on twitter and then take a look at them
amazing and and another like yeah so i think probably this would be last question from mine
mind and then we'll open it up for audience if anybody wants to ask any questions but
and then we'll open it up for audience if anybody wants to ask any questions but
if if you have to make one like one or only one wish that you could come through in 2025
and encrypt again not a few hundred what would that be i'm sorry i i didn't get the question
can you can you yeah i was saying that if you could get one wish fulfilled in crypto in 2025, what would that be?
I wish ETH could get to 5,000.
That's the strongest wish that I have.
If ETH could perform well for this year.
And yeah, I think that's the biggest wish that I would have.
I think for all of us, E eat at 7k would look really sweet.
No, I think that's amazing.
Thank you, Jess, for speaking with us
and for answering all the questions that I had.
Dhee, can we check if in the audience
anybody wants to ask any question?
Ask me or just.
OK, I don't see any questions. I think we'll wrap it here then.
Do check out, if you joined late, if you missed out on things, do check out the
pinned post, which gives more details on the campaigns that you're running with Emeet Protocol
and Mantle, making it super easy. One click, you can buy Emeet and see Emeet from any asset on any
chain. Go take that Cmeet or Emeet into Metamorphosis, earn rewards that are part of season three.
So yeah, I think there's lots to do.
And thanks, Jesse, for coming on board,
sharing insights into EMEET protocol and Mandarin ecosystem.
Yeah, and thanks everyone for tuning in and listening to us.
Thank you, Seth, for your time as well.
Thanks. Cheers, everyone.
