Liquid Staking · COOK · $1B TVL. 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.
"A chain is as strong as its weakest link." The conservative composite takes the weakest dimension and inherits any notching cap, so a single structural weakness cannot be diluted by strength elsewhere.
