You’ve patiently waited for Season 3: Methamorphosis.

Today, we’re kicking off our first ecosystem spotlight: Pendle.

Join Season 3

What is Pendle?

Pendle is a DeFi protocol built around yield trading, allowing users to tokenize and trade future yield. It does this by converting yield-bearing assets into Standardized Yield Tokens (SY) — a wrapped version optimized for Pendle’s AMM.

From there, SY is split into two components through a process called yield tokenization:

• Principal Token (PT) – representing the underlying asset
• Yield Token (YT) – representing the future yield

This separation gives users far more control over how and when they earn — including strategies like selling yield upfront, locking in fixed returns, or gaining leveraged exposure to future rewards.

How mETH Protocol integrates with Pendle

mETH Protocol’s restaked token is $cmETH. When deposited into Pendle, $cmETH can be split into YT cmETH and PT cmETH, or paired in a liquidity pool to become LP cmETH.

Only YT cmETH and LP cmETH are eligible for Powder rewards during the campaign. PT cmETH does not earn rewards.

• YT cmETH – Maximize yield-based rewards

  • YT cmETH is designed for users who want to maximize their short-term points exposure by focusing entirely on the yield component of $cmETH.
  • Each 1 YT cmETH earns 40 Powder daily.
  • YT cmETH has a defined expiry date. After maturity, it holds no value as the yield has been fully distributed. However, you can sell it anytime before maturity and still keep all Powder earned up to that point.

• LP cmETH – A more stable, long-term strategy

  • LP cmETH is ideal for users who want to keep exposure to $cmETH while still earning rewards. By providing liquidity, you:
  • Earn staking and restaking rewards from cmETH
  • Receive Powder, $PENDLE incentives, and swap fees
  • LP cmETH does not decay in value and allows flexible exit at any time — no staking or lock-up required.

How to Get Started

Step 1: Visit Pendle

Go to Pendle’s official app. Click on the "Points Markets" tab and filter to "Mantle Network". You’ll see cmETH as one of the supported assets.

Step 2: Pick Your Yield Strategy

You’ll be presented with two choices — YT cmETH or LP cmETH — depending on your risk appetite and goals.

Option 1: YT cmETH

1. Click “Purchase YT cmETH”
2. You’ll be redirected to the Swap page
3. Connect your wallet and enter the amount of $cmETH to convert
4. Approve the transaction — and YT cmETH will appear in your wallet

Option 2: LP cmETH

1. Click “Provide Liquidity”
2. You’ll be brought to a Zap page where you can exchange your $cmETH for LP cmETH.
3. Zap = simplified, one-click process that allows you to deposit assets into Pendle’s ecosystem without needing to manually break your assets into their Principal Token and Yield Token components
4. Connect your wallet and enter your desired $cmETH amount
5. Approve the transaction — and LP cmETH will be sent to your wallet

Step 3: Hold and Earn

Now that you’ve acquired YT or LP cmETH, you’re set to start earning 40x Powder throughout the season! Keep an eye on your rewards by checking Pendle’s dashboard!

Follow us @mETHProtocol on X/Twitter for more updates, guides, and more yield opportunities.