BitDAO Proposes $200 Million Mantle Ecosystem Fund

BitDAO Proposes $200 Million Mantle Ecosystem Fund

BitDAO has released MIP-24: Mantle Ecosystem Fund Proposal, jointly drafted by Mirana Ventures and the core contributors of Mantle. The proposal suggests (1) authorizing the allocation of $100 million from the Mantle Treasury to establish the Mantle Ecosystem Fund; (2) authorizing the establishment of the Mantle Ecosystem Fund Investment Committee; and (3) approving the initial capital deployment of $10 million USDC from the Mantle Treasury.

The proposal aims to deploy $200 million within the Mantle ecosystem, with $100 million supported by the Mantle Treasury for the Ecosystem Fund, while the remaining $100 million will be composed of external matching funds provided by strategic venture partners.

The goal of the Mantle Ecosystem Fund is to deploy over 40 projects on the Mantle ecosystem within 3 years and achieve a financial return of 1.5x MOIC. Institutions interested in becoming strategic venture partners include Animoca Ventures, Bankless Ventures, and Dragonfly Capital, among others.

Mantle is an L2 network launched by BitDAO and underwent a brand merge in May. BitDAO has approved a governance proposal to convert $BIT to $MNT at a 1:1 ratio.

Related: Mantle Network Starts $BIT to $MNT Migration on Testnet

 

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.

Source

Layer 2

In This Article

Related News
Worldcoin Announced "Human Centric" Blockchain World Chain Worldcoin Announced "Human Centric" Blockchain World Chain
OKX Launched Ethereum Layer 2 Network X Layer OKX Launched Ethereum Layer 2 Network X Layer
Arbitrum Launched Bound Liquidity Delay Protocol on Testnet with Interactive Fraud Proofs Arbitrum Launched Bound Liquidity Delay Protocol on Testnet with Interactive Fraud Proofs
Optimism Allocating $3.3B Worth of $OP for Community Grants Optimism Allocating $3.3B Worth of $OP for Community Grants
Polygon zkEVM Suffered a 10 Hours Outage Polygon zkEVM Suffered a 10 Hours Outage
Latest News More More
18 Hours Ago DA Project Avail Confirmed Token Airdrop Plan
19 Hours Ago Tether to Launch New Businesses, Tether Data, Tether Finance, Tether Power, and Tether Edu
1 Day Ago Lido Finance Implemented Simple Distributed Validator Technology (DVT)
1 Day Ago Real Opportunity for Runes only Comes After the Initial Hype
2 Days Ago Runes Protocol Sets to Launch at the same time as Bitcoin Halving
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open