How to Earn Yield on Ethereum and Qualify for a Massive Airdrop

Ethereum (ETH) holders, if you’re looking for ways to earn passive income on your ETH while qualifying for a potentially lucrative airdrop, this guide will walk you through a process that could maximize the value of your ETH. Whether you have your ETH on an exchange or in cold storage, there’s an opportunity to leverage a protocol that allows you to earn rewards and qualify for an airdrop without locking up a huge amount of ETH.

In this article, we’ll explain how the Mental Network and its Metamorphosis Campaign can help you achieve both yield and airdrop eligibility using Ethereum liquid staking.

What is the Mental Network?

The Mental Network is a Layer 2 solution built on Ethereum, designed to tackle some of Ethereum’s long-standing issues such as:

High network fees
Slow transaction speeds
Scalability concerns

Layer 2 solutions work by running on top of the Ethereum blockchain, processing transactions off-chain, and then settling them back on Ethereum. This reduces the load on the Ethereum network, making transactions faster, cheaper, and more scalable.

Mental’s goal is to improve user experience with Ethereum while offering additional features that can benefit its users. It rebranded from BitDA, one of the largest decentralized autonomous organizations (DAOs) backed by notable entities such as Bybit, Penta Capital, and others.

What Sets Mental Apart?

The standout feature of the Mental Network is its treasury size. Mental boasts one of the largest treasuries in the entire crypto space—second only to Uniswap. This is important because a robust treasury can fund essential project aspects such as research and development, marketing, and adoption, ensuring the project survives during tough market conditions like bear markets.

The Opportunity: Yield and Airdrop

Mental recently launched the Metamorphosis Campaign, a protocol designed to let Ethereum holders participate in liquid staking. This staking process not only earns you rewards (i.e., yield on your ETH) but also qualifies you for a massive upcoming airdrop of the governance token, Cook.

Let’s break down how you can capitalize on this.

Liquid Staking with M-Eth

Liquid staking allows ETH holders to stake their Ethereum to help validate the network without the usual constraints of traditional staking, such as the need to lock up 32 ETH or run a validator node. Through liquid staking, you convert your Ethereum into M-Eth, which automatically stakes your ETH without locking it up.

Benefits of Liquid Staking

Earn Rewards: You earn validator rewards (yield) from the Ethereum network.
Retain Liquidity: You still have access to your M-Eth, which you can use within the ecosystem.
Earn Additional Tokens: You can earn extra rewards such as the governance token Cook just by participating.

The Cook Token and Its Airdrop

Cook is the governance token for the Mental Network, and it is set to launch soon. With 5 billion tokens planned for distribution, 15% will be allocated to participants in the ecosystem.

Right now, there is no Cook token available, but you can start earning points called Powder, which will later convert into Cook tokens during the Token Generation Event (TGE). The more Powder points you accumulate, the larger your share of Cook tokens will be.

How to Qualify for the Airdrop

You can qualify for the airdrop in two main ways:

Hold M-Eth in your wallet: Simply holding M-Eth in your wallet on the Mental Network will qualify you for the airdrop.
Participate in Ecosystem Activities: You can increase your chances of getting a larger airdrop by actively participating in the Mental Network ecosystem. This involves providing liquidity or staking M-Eth.

Step-by-Step Guide to Participate

Step 1: Set Up Your MetaMask Wallet

To participate in the Mental Network, you need a MetaMask wallet. If you don’t have one, here’s a quick setup guide:

Install MetaMask from the official website or your browser’s extension store.
Follow the setup instructions, securely store your seed phrase, and create a wallet.

Step 2: Add the Mental Network to MetaMask

Go to chainlist.org and search for the Mental Network.
Connect your MetaMask wallet to the site and add the Mental Network.

Step 3: Get M-Eth

The easiest way to obtain M-Eth is by transferring it from a centralized exchange, such as Bybit.

On Bybit, search for M-Eth in the trading section.
Swap your ETH or USDT for M-Eth.
Withdraw the M-Eth to your MetaMask wallet.

Step 4: Participate in Ecosystem Activities

To increase your rewards and earn more Powder points, consider participating in the Mental Network’s ecosystem. There are several ways to do this, but here are the two main methods:

Provide Liquidity: By providing liquidity, you not only hold M-Eth but also help secure the network, earning Powder points for the airdrop. For example, providing liquidity to the M-Eth/USDT pool earns you 40x Powder points. The more liquidity you provide, the more Powder you earn.
Complete Other Tasks: The Mental Network offers various tasks that can earn you lower Powder multipliers, such as staking R-Eth or participating in other decentralized finance (DeFi) protocols within the ecosystem.

Step 5: Track Your Progress

Mental has a Metamorphosis dashboard where you can track your Powder points and see how close you are to earning the airdrop. You can log in using your MetaMask wallet, and the dashboard will show your tasks, Powder balance, and other relevant information.

Important Considerations

While this opportunity is appealing, it’s important to be aware of potential risks:

Impermanent Loss: If you provide liquidity to two assets (like M-Eth and USDT) and their prices diverge, you could suffer from impermanent loss, where you might miss out on profits.
Research: Always do your own due diligence before participating. The Mental Network has vetted its options, but it’s essential to understand what you’re getting into.

Key Advantages of the Mental Network

Large Treasury: With the second-largest treasury in the crypto space, Mental is well-funded and positioned to survive market volatility.
Fair Airdrop: Since the project is funded without venture capitalists, there are no big investors to dump tokens on participants, ensuring a fair distribution of Cook tokens.

Frequently Asked Questions (FAQs)

1. What is the Mental Network?

The Mental Network is an Ethereum Layer 2 solution designed to make Ethereum transactions faster, cheaper, and more scalable.

2. What is liquid staking?

Liquid staking allows you to stake ETH to earn rewards without locking it up or running a validator node. You receive M-Eth in exchange, which you can use while still earning staking rewards.

3. How do I qualify for the Cook airdrop?

To qualify, you must hold M-Eth or participate in the Mental Network ecosystem by staking or providing liquidity.

4. What is the Cook token?

Cook is the governance token for the Mental Network, distributed to participants through an airdrop.

5. What is Powder?

Powder is a point system that will convert into Cook tokens at the Token Generation Event.

6. Is there a risk in providing liquidity?

Yes, there’s a risk of impermanent loss if the two assets you provide liquidity for change in value relative to each other.

7. How do I earn more Powder points?

You can earn more Powder by providing liquidity, staking M-Eth, or completing tasks within the Mental Network ecosystem.

By following this guide, you can earn yield on your ETH while positioning yourself to benefit from a significant airdrop. Take advantage of the Metamorphosis Campaign before the deadline, and maximize the value of your Ethereum.

How to Earn Yield on Ethereum and Qualify for a Massive Airdrop