BitDAO’s Mantle Core proposes a multi-million fund for Ethereum developers
Mantle Core Proposes 200M Fund on BitDAOs Governance Forum
- Mantle Core has proposed a fund worth $200 million on the BitDAO governance forum.
- The fund seeks to promote the use of Mantle among decentralized applications and developers.
Mantle Core, the high-performance Ethereum layer 2 network built by the BitDAO ecosystem, recently proposed a multi-million dollar fund on its governance forum. Co-authored by Mantle and Mirana Ventures – a crypto asset management firm – this proposal is known as the Mantle EcoFund, aiming to support developers and decentralized application (dAPP) adoption of Mantle. To meet its secondary objectives, the fund will also aid in building dAPPs, ensure sustainability through consistent fund performance and returns, and attract reputable venture firms into the Mantle Ecosystem.
Currently, at the discussion stage, BitDAO’s community has been asked to authorize the setting up of the Mantle EcoFund 1 with the first capital call of 10 million USDC from BitDAO’s Treasury. The proposal further seeks a 100 million USDC investment from BitDAO and another $100 million from Strategic Venture Partners through 1:1 capital matching. If approved, this will amount to an overall pool of $200 million in capital over a three-year active investment period, which can be extended by two years if necessary.
The Mantle EcoFund seeks to be the premier early-stage investor in projects within the Mantle ecosystem. The fund will work alongside Strategic Venture Partners of BitDAO and Mantle Ecosystem, investing at Pre-seed and Seed stages with further substantial investments into those projects that demonstrate strong use cases and impressive traction. Where possible, these investments will be made with $BIT, according to the fund’s proposal.
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Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
