Mellow Protocol (N/A)

Mellow is a liquid restaking protocol built on the Symbiotic restaking protocol, designed to shift the AVS ecosystem and economic model. Previously, the company was focused on AMM services for decentralized exchange - Uniswap; however, it later switched its focus to liquid restaking.

Like most LR protocols such as EtherFi and Renzo, it allows users to contribute their funds in exchange for APR and liquid restaking tokens. However, the Mellow crypto platform has gone even further and enabled permissionless creation of restaking and modular LRT vaults on its platform, each with a unique risk profile and APR. With the Mellow protocol, developers are able to create more user-tailored products with a safer or more APR-targeted approach.

Currently, it supports restaking of Ethereum LSTs in exchange for rstETH, Renzo's pzETH, steakLRT, coETH, amphrETH, and more LRTs, Ethena's staked stablecoin $sUSDe in exchange for $rsUSDe, and governance token $ENA for $rsENA. Mellow restaking platform plans to add WBTC and USDC vaults shortly after Symbiotic starts supporting those assets.

In June 2026, Mellow signaled the completed pivot on X by launching a redesigned site focused on the vault layer underneath institutional earn products rather than its earlier restaking positioning. The update framed Core Vaults as the infrastructure for fintechs, exchanges, and asset managers to launch branded yield products.

🪙 Mellow token: Similarly to the Symbiotic protocol, the project’s team hasn’t released or confirmed any information about its native token. 

However, considering the launch of the Mellow point system and previous cases of token launches of existing LRT protocols like Swell Network, Renzo, and others, we assume the project will launch a token soon. And it will be purely used for rewarding active community members and granting them access to the governance votings. 

The platform already has an active point farming campaign, which enables you to farm not only Mellow but also Symbiotic and Ethena’s Sats or Renzo points by restaking stablecoins, ETH, or $ENA tokens. Our team believes that those Mellow points will be the main criteria to qualify for the airdrop. 

Hence, we conducted a comprehensive research on the project in order to find its pros and cons, so you may make a more informed decision on whether to participate in the Mellow airdrop or not:

✅ Mellow protocol’s pros:

• Pioneering design and concept of the product in the trending industry of restaking;
• Presence of security audits from top-tier companies including ChainSecurity and Statemind;
• Strong Growth Marketing performance;
• Above-average influencer marketing score;
• Robust network of partners supporting the project;
• Diverse network of funds and angel investors backing the project.

❌ Mellow protocol’s cons:

• No info on the project’s tokenomics, roadmap and team;
• Weak SMM performance;
• Below-average SEO, PR, and Marketing Infrastructure score;
• The amount of funds raised by the project is relatively low compared to such industry leaders like EtherFi or Renzo.