Mantle Network, an Ethereum Layer 2 project, has proposed a governance initiative to establish a $200 million ecosystem fund. This fund aims to support the development of decentralized applications on its network over the next three years.
Mantle Network Governance Proposal for a $200 Million Fund
The proposal, known as MIP-24, is seeking community approval to allocate $100 million from Mantle’s $2 billion treasury towards this fund. To reach the target of $200 million, the proposal also aims to raise an additional $100 million from strategic venture partners.
The Voting Process and Expected Outcome
With the current DAO votes overwhelmingly in favor of the proposal, it appears likely to be approved. The voting process is scheduled to conclude on July 15. If approved, this fund could significantly boost the development of applications on the Mantle Network.
Mantle Network’s Evolution and Competition
In 2022, BitDAO furthered the development of Mantle, a Layer 2 network, which now competes with platforms like Optimism and Arbitrum that employ Optimistic rollups. These rollups consolidate transactions on an off-chain layer to enhance the scalability of Ethereum applications.
About Mantle Network’s Treasury and What İt is
Mantle Network is a layer 2 solution for blockchain. It holds one of the largest community treasuries in crypto, with over 2 billion, including 1.2 billion in Mantle tokens, $500 million in ether, and $300 million in stablecoins. In 2021, BitDAO raised $230 million through a private token sale led by Peter Thiel’s Founders Fund, Pantera Capital, and Dragonfly Capital.
Leave a comment