$COOK Airdrop? Mantle Launches “Powder” Farming for COOK in October
15% of the token’s total supply is allocated for rewards.
Mantle Network, an EVM-compatible scaling solution for Ethereum, has started a farming campaign for $COOK, the new governance token for Mantle Liquid Staking Protocol.
What’s the Significance: It is another opportunity for crypto stakers to earn while reusing their liquid staking tokens (LSTs).
What is $COOK and its airdrop?
- It is an ERC-20 token.
- A total of five billion tokens will be created.
- 750 million tokens will be distributed in four ecosystem initiatives in the form of an airdrop:
- 5% for “Season 1: Metamorphia” participants.
- 4% for those who locked their $MNT on “Mantle Reward Station.”
- 5% for the Puff Project.
- 1% for Puff NFT holders.
- The $COOK Airdrop will be unclocked within the first 12 months of the TGE.
- The airdrop will follow a points system, which will be called “Powder.”
- Powders farmed will be automatically converted into $COOK.
- It is not yet disclosed how many $COOK will be received per powder.
How to Collect Powder?
Option 1: Collect $mETH
Mantle Staked Ether (mETH) is an LST received when a user stakes their $ETH on Mantle.
- Step 1: Go to https://meth.mantle.xyz/stake.
- Step 2: Connect a wallet. Compatible wallets include MetaMask, Bybit Wallet, Binance Web3 Wallet, OKX Wallet, WalletConnect, Trust Wallet, SafePal Wallet, TokenPocket, Coin98 Wallet, Bitverse Wallet, Bitget Wallet, imToken, XDEFI Wallet, and Rabby Wallet.
- Note: The wallet should have $ETH.
- Step 3: Swap $ETH into $mETH.
- Note that the exchange rate is not always 1:1.
- Step 4: Confirm the transaction.
- Step 5: Hold or deposit the $mETH LSTs until the TGE or snapshot.
Option 2: Do Tasks
However, it should be noted that these are not social tasks and mostly require $mETH.
- Step 1: Go to https://meth.mantle.xyz/campaigns/methamorphosis/earn.
- Step 2: Do the tasks listed.
Option 3: Do both the options 1 and 2.
Monitor the points collected at https://meth.mantle.xyz/campaigns/methamorphosis/leaderboard.
Option 4: Lock $MNT.
But it should be noted that those who lock their $MNT will automatically receive airdrop rewards directly, and no powder points will be reflected.
- Step 1: Go to https://rewards.mantle.xyz/.
- Step 2: Connect a wallet.
- Note: The wallet must have $MNT.
- Step 3: Type in the desired amount of $MNT to be locked in.
- Step 4: Choose the lock-in period.
- Step 5: Confirm the transaction.
- Step 6: Wait for rewards.
To Clarify: The expected TGE is in mid-October.
- According to the team, they are still talking about the token deployment and on what crypto exchanges will $COOK first be minted.
What’s Next? Mantle will also release a liquid restaking token, which will be called $cmETH. It is a permissionless and composable token that is designed to broaden access to restaking opportunities, which can enable Mantle users to earn:
- Yield from ETH Proof-of-Stake validation.
- Yield from restaking protocols, including EigenLayer, Symbiotic, and Karak.
- Yield from Actively Validated Services.
- $COOK rewards, even in multiple seasons.
- Other technology partner rewards.
- Yields from L2 dApps and protocol integrations.
References
- https://www.mantle.xyz/blog/announcements/season-1-cook-campaign-rewards-allocation
- https://meth.mantle.xyz/campaigns/methamorphosis/faq
- https://docs-v2.mantle.xyz
This article is published on BitPinas: $COOK Airdrop? Mantle Network Launches “Powder” Farming for COOK in October
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