Liquid Staking · COOK · $0.49B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy BBB, Growth B. Mantle-ecosystem LST; ecosystem-treasury backing.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $1B | $0.49B |
| 12-month TVL change | -30% | -42% |
| Worst 90-day drawdown | 35% | 24% |
| Drawdown scored | 35% (90-day only, v1.0) | 42% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 71 | BBB · 64.8 |
| Growth | B · 34.8 | B · 34.8 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BBB (64.8 / 100), previously A in the July 27, 2026 screen. The worst 90-day TVL drawdown is 24% and 12-month TVL change is -42%. TVL stability is scored on the 12-month decline of 42%, because it is worse than the latest 90 days. Sustainability ratio (2x), unlock pressure (5%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at BBB (61 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at B (34.8 / 100), unchanged from the July 27, 2026 screen. TVL is $0.49B, -42% over twelve months (it was -30% at the previous screen). Category share (6%) and momentum (4 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is BBB and the Growth outlook is B; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can mETH Protocol survive stress and pay its users back. Legitimacy (BBB) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| mETH Protocol (this page) | BBB | BBB | B |
| Lido | A | AA | BB |
| Jito | BBB | A | B |
| Rocket Pool | BBB | AA | CCC |
| Marinade | BBB | A | B |
| Sanctum | BBB | BBB | BB |
| StakeWise | BBB | BBB | CCC |
mETH Protocol is the Mantle ecosystem's liquid staking arm — mETH and its restaked variant cmETH are seeded and sustained by one of the largest treasuries in crypto, giving the protocol a balance-sheet patron most competitors lack.
Solvency screens at A on the numbers: 2x fee coverage, a milder-than-peers 35% drawdown (treasury-anchored deposits are stickier), and modest unlocks. The risk score notes the flip side of patronage — deposit concentration in one ecosystem's hands.
Legitimacy screens at BBB: competent execution and audit posture, with governance (4/10) the clear deduction — direction is set by Mantle's treasury governance more than by COOK holders.
Growth screens at B: 6% category share, fair momentum, -30% TVL. Growth is structurally tied to Mantle's L2 trajectory rather than open-market LST competition.
Composite B. A treasury-backed staking franchise: stable, well-resourced, captive. A full rating would model it as an ecosystem subsidiary rather than a standalone credit.
