Season 3: Methamorphosis is now live!

Following a breakout Season 2 — which saw $cmETH supply grow by 214% — Season 3 shifts focus toward deepening ecosystem alignment and expanding $cmETH’s reach across multiple blockchains.

With new integrations like HyperEVM via the HyperETH Vault, this seasons continues to reward existing partners and users while unlocking new opportunities for $cmETH adoption across the broader on-chain DeFi landscape.

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One Token, Multiple Yield Streams

Since its inception on Oct. 30, 2024, $cmETH has become a core asset within mETH Protocol — giving users access to:

1. ETH staking yields of ~3–4% APY via the underlying $mETH
2. Restaking rewards across protocols like EigenLayer, Karak, and Symbiotic
3. Powder points from Methamorphosis campaigns, redeemable for future $COOK rewards
4. Technology partner rewards, including point systems from infrastructure partners like Veda
5. Additional yield from dApp integrations across Mantle Network, HyperEVM, and beyond
6. Future AVS incentives, as Actively Validated Services begin distributing value

Season 3: Methamorphosis

Season 3 starts today and will run for 180 days, ending on Sept. 22, 2025.

Below is the full list of teams supporting Season 3: Methamorphosis, along with the structure for Powder emissions.

Powder emissions and participating protocols may be updated periodically throughout the season. Please note that the HyperETH vault is not currently live on our Earn page. However, users with eligible deposits will have their rewards added retroactively. Changes will be reflected soon. For the latest information, please refer to updates on mETH Protocol’s X profile and the Methamorphosis campaign page.

$cmETH holdings will remain a central focus in Season 3, with all positions — across any supported chain — eligible for Powder incentives. Users will be able to track their Powder rewards directly on the dashboard once indexing is complete.

Further details on distribution and restaking reward claims will be provided at a later date.

Season 3 also introduces a referral program, allowing users to earn additional Powder by referring others and boosting their total $COOK rewards. Each user may enter one referral code, which will be permanently bound and cannot be changed once submitted.

Information on Pendle's Powder Calculations

Pendle distributes Powder and Restaking Share rewards to holders of cmETH LP and YT. Each YT cmETH is treated the same as one cmETH, earning 40x Powder and 1 Restaking Share daily.

For LP holders, calculations follow Pendle's incentive method. SY receives Powder and Restaking Share rewards, and a user's SY amount is influenced by vePendle:

1. Calculate the user's proportion under the vePendle incentive model: proportion = LP.activeBalance(userAddress) / LP.totalActiveSupply()

2. Calculate the amount of Powder and Restaking Share eligible SY or YT for the user based on the total SY in the LP and the user's proportion: Qualified cmETH Amount = SY.balanceOf(LP) * proportion

For further details, refer to Pendle's documentation or contact Pendle support.

Looking Ahead

Our focus is on expanding $cmETH’s presence across chains, rewarding ecosystem integrations, and positioning it as a chain-agnostic restaking asset. This includes launching new growth initiatives, deepening collaboration with DeFi protocols, and introducing broader incentive mechanisms to strengthen both adoption and utility.

To meet the needs of both retail and institutional participants, we also offer the cmETH Fixed Yield Vault — a simplified option for users seeking stable returns without the complexity of multiple restaking positions. While fixed yield depositors do not earn restaking rewards or Powder, the vault offers a predictable yield experience for those prioritizing ease of use and capital preservation.

$cmETH is redefining how restaking is done — efficient, composable, and flexible.