cmETH wind down begins as mETH Protocol disables minting, starts phased redemptions, and sets a Nov. 7, 2026 reward claim deadline.
Author: Kritika Gupta
7th May 2026 – The cmETH wind down marks a major shift for mETH Protocol as the Mantle-backed ETH liquid staking platform disables cmETH minting and begins a phased exit from its liquid restaking token. The move affects a product that once reached $620 million in TVL, while core mETH staking remains active.
According to the official blog post, the decision follows “careful evaluation of current sector developments and product priorities.” The team described the move as part of its effort to strengthen long-term protocol alignment.
High Signal Summary For A Quick Glance
Slipmaster
@IhorRiabukha
cmETH is being shut down Here’s a full breakdown so you don’t panic or miss anything 👇 @mETHProtocol announced the wind-down of cmETH (their liquid restaking token) Important: this is NOT a failure, it’s a strategic pivot 🧠 📊 Context cmETH scaled fast and became one of the https://t.co/9JnoTXuekC
10:56 AM·May 7, 2026
Steady attention without excessive speculation.
cmETH launched on October 30, 2024, following Mantle Improvement Proposal MIP-30. It allowed users to restake their mETH tokens across EigenLayer, Symbiotic, and Karak in exchange for cmETH at a 1:1 ratio.
The token quickly became one of the most widely integrated liquid restaking tokens on-chain and on Bybit. At its peak, cmETH held $620 million in TVL. According to DefiLlama data, mETH Protocol’s overall TVL sat at roughly $570 million before the announcement.
The team said its continued focus is on “infrastructure-led growth centered on institutional-grade ETH yield and long-term protocol sustainability.” In practice, this means streamlining the product suite down to mETH as the core offering.
mETH Protocol laid out a phased schedule for the cmETH wind down. The key dates are as follows.
On May 7, 2026, cmETH minting was disabled. Existing positions remain unaffected. Starting May 15, 2026, unstaking claims begin. Holders can convert cmETH back to mETH using an 8-hour fast withdrawal if buffer liquidity is available. Otherwise, the process takes up to 14 days.
In mid-June 2026, the team will distribute final EigenLayer rewards for activity earned through October 20, 2025. Then on November 7, 2026, the reward claim window closes for all prior campaigns. Those campaigns include EigenLayer Phases 1 and 2, Pendle USDe, Methamorphosis Seasons 1 through 3, COOK Feast Season 1, and the Fixed Yield Vault.
After November 7, unstaking and bridging contracts are expected to remain available. The team said this is subject to review based on remaining supply and activity.
Key milestones related to this development
mETH Protocol launches as a Mantle-incubated ETH liquid staking product, forming the base for later restaking expansion.
Mantle begins the first Methamorphosis campaign, setting up mETH user incentives, $COOK alignment, and the path toward cmETH.
Mantle publishes its cmETH explainer, positioning cmETH as a composable liquid restaking token connected to EigenLayer, Symbiotic, Karak, AVS rewards, and Mantle L2 integrations.
Mantle says mETH became the fourth-largest ETH liquid staking token in under a year and reached a peak TVL of $2.19 billion.
cmETH launches alongside Methamorphosis Season 2, with the campaign designed to drive migration from mETH into the restaked cmETH product.
Season 2 rewards both mETH and cmETH during the opening phase, then shifts incentive focus toward cmETH for the remainder of the campaign.
mETH Protocol says cmETH supports rewards across EigenLayer, Karak, Symbiotic, and Veda, while mETH remains one of the largest ETH liquid staking products.
Mantle and Republic Technologies announce a strategic partnership focused on institutional mETH integration and ETH yield infrastructure.
mETH Protocol announces the cmETH wind-down, marking a shift away from the cmETH restaking product while keeping the broader mETH ecosystem active.
Final redemption or migration deadlines need to be filled from the official wind-down announcement once the exact dates are confirmed.
Existing cmETH holders face no forced liquidation or loss. They can unstake to mETH or bridge at any time through the mETH Protocol interface. There is no deadline to exit, though reward claims close on November 7, 2026.
mETH stakers do not need to take any action. The base liquid staking product is unaffected by this change.
Partner protocols that integrated cmETH should review their own support independently. The team did not specify whether all integrating protocols have been notified yet.
Before the announcement, cmETH traded at roughly $2,550 to $2,650, pegged near the price of ETH. Its circulating supply was approximately 67,155 tokens, according to DefiLlama. The token’s market cap was around $173 million.
Trading volume was low to moderate, ranging between $100,000 and $700,000 in the 24-hour period before the news. On-chain data from Etherscan shows the cmETH contract on Ethereum mainnet. No large redemption transactions appeared publicly at the time of the announcement.
Post-announcement price action and TVL shifts have not yet been reported. The event is less than 24 hours old.
cmETH compared with other major liquid restaking tokens
The cmETH wind down comes amid a broader maturation of the liquid restaking sector. EigenLayer pioneered restaking in 2023, and the market quickly filled with LRT competitors. Those include Ether.fi, Renzo, Puffer, and Kelp.
Many of these products grew rapidly through points programs and incentive campaigns. As the sector matures, protocols are now evaluating which products generate sustainable value. The cmETH wind down may reflect this industry-wide reassessment.
mETH Protocol’s decision to consolidate around its core mETH product suggests a shift toward capital efficiency over product breadth. The team’s emphasis on “institutional-grade ETH yield” points to a more focused strategy for the Mantle ecosystem going forward.
mETH Protocol is built by and governed under the Mantle Network ecosystem. Mantle operates as an L2 focused on liquidity and institutional DeFi. The parent ecosystem’s official X account, @Mantle_Official, responded to the cmETH announcement with a simple affirming emoji.
Whether mETH Protocol will launch a replacement restaking product remains unclear. For now, the protocol is channeling resources into its core ETH liquid staking operation.
Holders should track the remaining cmETH wind down milestones through the official blog post and monitor the Dune dashboard for on-chain redemption data as the process unfolds.
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