- Mantle Core has proposed a $200 million fund on BitDAO’s governance forum.
- The fund aims to boost Mantle’s adoption among decentralized applications and developers.
- The proposal laid a 3-year active investment period for the fund with an optional 2-year extension.
Mantle Core, the high-performance Ethereum layer 2 network built by the BitDAO ecosystem, recently proposed a multi-million dollar fund on BitDAO’s governance forum. Dubbed the Mantle EcoFund, the proposal is co-authored by Mantle and crypto asset management firm Mirana Ventures.
According to the proposal on BitDAO’s governance forum, the fund’s primary objective would be to support the developers and decentralized applications (dAPP) adoption of Mantle. Secondary objectives include supporting the builders of dAPPs, improving the sustainability of the Mantle EcoFund via consistent fund performance and returns, as well as attracting participation from reputable venture firms into the Mantle Ecosystem.
Mantle’s proposal is currently in the discussion stage asking for authorization from the BitDAO community to set up the Mantle EcoFund 1, along with a first capital call of 10 million USDC from the BitDAO’s Treasury. Furthermore, the proposal seeks 100 million USDC from BitDAO and an additional $100 million from Strategic Venture Partners through 1:1 capital matching.
If accepted, the $200 million capital pool would be deployed within Mantle’s ecosystem over an active investment period, which has been set as three years. The proposal has a provision to extend this period by two years if required.
“The Mantle EcoFund should strive to be the ‘first money’ into teams building quality and innovative projects within the Mantle ecosystem. We would invest alongside the Strategic Venture Partners of BitDAO and Mantle Ecosystem, and start supporting projects at the Pre-seed and Seed stage with the option to double down on potential big winners with promising traction and stronger use cases with $BIT whenever possible,” the proposal read.
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