Manifold Finance has released a new liquid staking token (LST) that is mev-optimized in an effort to wipe out competition in the ether staking derivatives market. Manifold promised in a blog post examined by Blockworks that its users would soon be able to convert their 28,000 crETH2 to mevETH, a reformed LST created to deliver the most potential value in the setting of authenticators.
A total of 25,000 ether (ETH) were previously purchased by Manifold from CREAM Finance and were staked as liquid assets under the ticker crETH2. This was agreed upon in April of 2023. CREAM’s staking operations moved to Ethereum’s liquid staking market earlier than its competitors.
Frax, Rocket Pool, and Lido are just a few of the companies that can compete at the top levels in the market for liquid staking tokens. Currently, there are around 27.35 million ETH at stake, with a total market value of about $44 billion.
Instead of the current system of one slot and one winner in the Flashbots MEV Boost System, Manifold aims to surpass the formidable competition by focusing on a novel MEV auction approach that would allow the possibility of multiple winners for each slot. Flashbot’s MEV Boost uses the block builder to hold more than 90% of the ETH authenticator space.
The auction method is going to be carried out in association with 20squares, an entity that was closely associated with Flashbots, as per the information released by Sam Bacha of Manifold. Various LSTs will have the option of using the auction method.
Also, the protocol will come with an connected token, MEV, as stated in a post on the governance forum. However, the functionality factor that it will provide is under wraps. Presently, Manifold possesses a governance and rewards token by the name of FOLD. There are possibilities of further DeFi incorporations, one of them being Yearn, along with an upcoming lending protocol.