Mantle Network, a prominent player in the Ethereum Layer 2 space, has presented a governance proposal seeking to establish a $200 million ecosystem fund. The primary objective of this fund is to provide support for the development of decentralized applications (DApps) on its Layer 2 network over the next three years.
The proposal, known as MIP-24, was collaboratively formulated by the Mantle core team and Mirana Ventures, one of its backers. It aims to secure community approval to allocate $100 million from Mantle’s treasury, which currently stands at $2 billion, to this ecosystem fund.
To achieve the target of $200 million, the proposal also intends to raise an additional $100 million from strategic venture partners. The outcome of the voting process, which currently stands at an overwhelming 99.92% in favour of the proposal, will be determined on July 15.
Mantle, previously known as BitDAO, emerged in 2022 with support from BitDAO to develop its Layer 2 network. The network competes with platforms like Optimism and Arbitrum, which utilize Optimistic rollups to enhance the scalability of Ethereum applications by consolidating transactions on an off-chain layer.
Last month, BitDAO underwent a strategic merger and rebranding, focusing its efforts exclusively on the Layer 2 network, now called Mantle. With a substantial community treasury, including 1.2 billion Mantle tokens, $500 million in ether, and $300 million in stablecoins, Mantle possesses one of the largest treasuries in the crypto space, as reported by DeepDAO.
In 2021, BitDAO successfully raised $230 million through a private token sale led by renowned investors such as Peter Thiel’s Founders Fund, Pantera Capital, and Dragonfly Capital. The funds were intended to support cryptocurrency-related projects as part of the decentralized autonomous organization’s mission.
The proposed $200 million ecosystem fund signifies Mantle Network’s commitment to furthering the development and adoption of its Layer 2 network, bolstering its position as a significant player in the Ethereum ecosystem.
