Primary Market Rates

This article is for trading firms looking to provide liquidity and arbitrage the mETH primary market and secondary market prices.

Reference Rate

Considered the "fair" or "midpoint" rate for mETH to ETH conversions.

Calculation Method 1

$${Reference Rate} = \frac{\text{staking.totalcontrolledETH}}{\text{meth.totalSupply}}$$

staking.totalcontrolledETH https://etherscan.io/address/0xe3cBd06D7dadB3F4e6557bAb7EdD924CD1489E8f#readProxyContract#F30

meth.totalSupply https://etherscan.io/address/0xd5F7838F5C461fefF7FE49ea5ebaF7728bB0ADfa#readProxyContract#F16

Primary Market Rate

Stake Rate (ETH to mETH)

Calculation Method 1

$$StakeRate = {Reference Rate} ^{-1} * (1-staking.ExchangeAdjustmentRate)$$

staking.ExchangeAdjustmentRate https://etherscan.io/address/0xe3cBd06D7dadB3F4e6557bAb7EdD924CD1489E8f#readProxyContract#F11 Note this is calculated in bps, at the current rate of 4bps, this can be applied by * 0.9996.

Calculation Method 2

Query: staking.ethtoMETH () https://etherscan.io/address/0xe3cBd06D7dadB3F4e6557bAb7EdD924CD1489E8f#readProxyContract#F10

Settlement Time

Near instant (next Ethereum block).

Capacity

Unlimited (up to the global maximum meth.totalSupply).

Unstake Rate (mETH to ETH)

Calculation Method 1

$$UnstakeRate = {Reference Rate}$$

Calculation Method 2

Query: staking.mETHToETH https://etherscan.io/address/0xe3cBd06D7dadB3F4e6557bAb7EdD924CD1489E8f#readProxyContract#F19

Settlement Time

Generally requires 1-6 days, see Unstake Lifecycle.

Capacity

Unlimited (amount of mETH in your custody).

Estimations

The mETH-to-ETH rate will generally increase by the average ~4% annualized (see market reference: https://www.validatorqueue.com/).

This rate can decrease if there is a slashing event, see Slashing Event Handling.

This rate can be boosted if Mantle LSP has outsized MEV rewards, or boosted native yield campaigns via the staking.Topup mechanic.