mETH Protocol (COOK): Uses, Supply and Risks

mETH Protocol is a liquid staking protocol for Ethereum. It lets users stake ETH and receive mETH, a receipt token designed to represent staked ETH and its accumulated rewards. mETH can also be used in supported decentralized finance applications, including liquidity pools and money markets, though each use comes with its own risks.

COOK is the protocol’s governance token, not the receipt token users receive for staking ETH. It is associated with participation in protocol decisions, such as voting on proposals and shaping parameters. Holding COOK does not, by itself, mean that you have staked ETH, own a claim to protocol assets, or automatically earn staking rewards. Check the current governance rules to understand which decisions COOK holders can participate in and whether any conditions apply.

COOK’s role is governance: it can be used to vote on proposals and influence the development and settings of mETH Protocol. The details of voting power, proposal thresholds, delegation and any other participation rules depend on the protocol’s active governance arrangements. Those rules can change, so review current governance materials before relying on a particular feature.

It helps to distinguish the protocol’s tokens. ETH is what users stake; mETH is the liquid staking receipt token; and cmETH is a liquid restaking token associated with restaking opportunities on Mantle. COOK is the governance token. The protocol description does not establish that COOK itself provides a share of staking yield, redemption rights for ETH, or a guaranteed source of income. Token holders should not assume that governance participation creates an entitlement to protocol revenue or rewards.

COOK is issued on Ethereum and Mantle; it is not described as the native token of either chain. Make sure you identify the correct COOK asset and network when viewing or transferring tokens, since assets with the same name or symbol can exist in different places.

As of 2026-11-05, the reported circulating supply was about 960 million COOK, against a total and maximum supply of 5 billion. These figures may change as tokens enter circulation or are otherwise accounted for, so check current token information before making decisions. The difference between circulating and maximum supply is not a promise about when or how additional tokens will be released. Supply figures also do not indicate what the token is worth or whether it has sufficient trading liquidity.

COOK carries the usual risks of a crypto asset. Its market price and liquidity can change sharply, and governance tokens may have limited practical influence if participation is low or decisions are controlled by a small group. Changes to protocol rules can also affect how the token is used. There is no guarantee that COOK will retain value or that its governance function will create an economic benefit for holders.

The wider mETH Protocol has separate risks. Staking and restaking depend on smart contracts, validators and other protocol components; failures, exploits, operational problems or changes in market conditions could cause losses. mETH’s use in DeFi can add liquidity, lending and liquidation risks, and its market price may differ from the value of the ETH it represents. These risks are distinct from COOK’s governance and market risks. Review the relevant protocol and application terms before interacting with them.

COOK can generally be held in a crypto wallet that supports the network on which your tokens are issued. Confirm that the wallet supports the correct chain and the exact COOK asset before receiving or sending tokens. A mistaken transfer to an unsupported network or address may be difficult or impossible to reverse. Never rely on a token name or ticker alone to identify an asset.

For self-custody, keep your recovery phrase and private keys secret and offline, and never share them with someone claiming they need them to release tokens or enable voting. Consider a hardware wallet if it fits your needs, and test a small transfer when appropriate. If using a hosted exchange or custody service, check its supported networks, withdrawal rules and security practices. Wallet custody does not remove COOK’s price, liquidity or governance risks.