mETH Launch Campaign

The mETH Launch Campaign is a part of Dolomite's Community XP program. The campaign awards 10 XP for achieving a series of credentials/objectives related to mETH on Dolomite. The following guide will describe how to achieve the three credentials for the mETH Launch Campaign.

This campaign utilizes Galxe for tracking progress and distributing XP. After completing all of the credentials on the mETH Launch Campaign Galxe Page, you can go to the Galxe page to claim an OAT representing the 10 XP. If you're new to the XP program, make sure you also go to the Dolomite Discord channel and connect your Galxe account so you can receive Discord roles that match your level.

This Campaign is intended to be done on the Mantle network, where the mETH token resides. This means if you wish to complete it, you mush have funds available on the Mantle network.

Credentials

1. Get mETH

Simply have mETH in your Dolomite Balance.

• This can be done by either:

  • Deposit mETH to your Dolomite Balance (i.e. Wallet -> Dolomite Balance).

  • Zap an asset to mETH within Dolomite, adding it to your Dolomite Balance (i.e. Dolomite Balance Asset -> mETH).

1. Zap your mETH

Use the Zap feature on Dolomite to trade to or from mETH.

• No requirements on which asset is traded to or from mETH.

• No requirements on which Zap type.

1. Open a Borrow Position with mETH

Have mETH in a Borrow Position, either as collateral or debt.

• This Borrow Position must open, with mETH within the position, for at least 24 hours.

• If you use mETH as collateral, you have to borrow an asset. Any borrowed asset will qualify.

Use the following guides for any additional action-specific help:

Depositing To Dolomite Balance:

• https://docs.dolomite.io/guide/depositing-to-dolomite

Using Zap:

• https://docs.dolomite.io/guide/zap

Opening a Borrow Position:

• https://docs.dolomite.io/guide/borrow#opening-a-borrow-position

Example

The following steps is one method for fully completing this Campaign.

Prerequisites:

For the following method, it is assumed that the wallet already has an integrated asset within their Dolomite Balance on the Mantle network. It is also assumed the wallet has MNT to pay gas fees for transactions.

This Campaign is done on the Mantle network. See the following guide for support bridging funds to Mantle, or help changing networks on the Dolomite app:

• https://docs.dolomite.io/different-networks

1. Get mETH and Zap your mETH

To complete both of these credentials in one action, simply Zap any asset into mETH within your Dolomite Balance.

Within your Dolomite Balance, on the Balances page, select the Swap button (highlighted in a red box in the image above). After a successful transaction, you will have mETH in your Dolomite Balance, and qualify for both the Get mETH and Zap your mETH credentials.

2. Open a Borrow Position with mETH

Create Borrow Position with mETH as Collateral

Navigate to the Borrow tab, and click the Open New Borrow Position button. Select mETH from the asset selector, and enter an amount in to add as collateral in the Borrow Position. Review, then click the green Add button to initiate the transaction. After a successful transaction, you should see a new Borrow Position with mETH as collateral at the top of the page.

After your Borrow Position is created, you can now create a personalized position using the unique yield-bearing mETH asset. For the following example modification to the Borrow Position, we will be sacrificing APR, in order to leverage the speculative side of mETH.

If we hover over mETH on the Balances page, we notice that on top of the Dolomite Lending APR and ETH Staking APR (2.95% combined), we are earning all sorts of additional speculative rewards. These include rewards from Mantle, EigenLayer, and Dolomite itself. If we perhaps want to speculate that these rewards might have value in the future, we can utilize Dolomite's unique features to "one-click loop" our mETH Borrow Position in order to multiply our future rewards.

The above example using Zap - Trade and deposit as collateral loops ETH for roughly a 5x leveraged position. This utilizes the the nature of mETH's price being a function of ETH's price, meaning they share extremely similar changes in price. If the price of ETH goes down, so will mETH. This makes our Borrow Position Delta Neutral, which will keep our Borrow Position Health the same regardless of changes in ETH's price. By looping in one-click, we have multiplied our rewards by 5 times the amount we would've earned just simply holding the mETH (i.e. $0.4 worth -> $2 worth), as shown in the image below.

Now that we are finished personalized the Borrow Position utilizing mETH, this Position will qualify for the Open a Borrow Position with mETH after 24 hours has passed.