Convert Magma Staked Monad GMONAD to Mantle Restaked Ether CMETH

Magma is a DAO-owned Liquid Staking platform for Monad. gMONAD is a derivative of MONAD that is staked on Magma, allowing users to stake their MONAD tokens and retain their liquidity. gMONAD holders will be able to tap into the liquidity of their MONAD tokens, and use gMONAD for DeFi activities on Monad. gMONAD can be used as collateral across dAPPS within the Monad ecosystem to buy, sell, trade, lend and borrow.

Deployed on Ethereum layer 1 (L1) and governed by Mantle, mETH Protocol has, since late 2023, been providing users with access to $mETH, a value-accumulating receipt token that is highly composable across a range of DeFi applications on Mantle Network L2, offering exposure to additional yield-bearing opportunities. Users stake ETH with mETH Protocol and receive yield-bearing $mETH, and unstake $mETH to receive the underlying principal staked ETH and accumulated rewards. Since the inception of mETH Protocol, Mantle's mission has been to deliver the most user-friendly and rewarding $mETH experience. Thanks to ecosystem-wide adoption, $mETH users are able to trade on Mantle DEXs, earn yield by providing liquidity to $mETH liquidity pools, and generate yield within decentralized money markets. With $mETH's increasing adoption and composability within Mantle Ecosystem dApps, the protocol now ranks as the fourth largest ETH LSP by TVL. The introduction of $cmETH, a permissionless, composable liquid restaking token that unlocks restaking opportunities on Mantle, and $COOK, the protocol's upcoming governance token, mETH Protocol enters its next phase with further enhanced offerings. Through these features, mETH Protocol provides its users with capital efficiency, convenience, and a wide range of yield-bearing opportunities within Mantle Ecosystem dApps, all in a design that has been created to maximize security with non-custodial core smart contracts and off-chain services that enforce sanity bounds and risk limits.