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Mantle Network, a key entity in the Ethereum Layer 2 sector, has introduced a governance proposal aimed at creating a $200 million ecosystem fund. The main goal of this fund is to facilitate the growth of decentralized applications (DApps) on its Layer 2 network over the forthcoming three years.
The initiative, referred to as MIP-24, was developed in collaboration between the Mantle core team and Mirana Ventures, one of its supporters. It seeks to obtain community endorsement to allocate $100 million from Mantle’s treasury, which is currently valued at $2 billion, to this ecosystem fund.
To reach the $200 million target, the proposal also plans to secure an additional $100 million from strategic venture partners. The results of the voting process, which currently shows an overwhelming 99.92% support for the proposal, will be finalized on July 15.
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Mantle, formerly known as BitDAO, was established in 2022 with backing from BitDAO to advance its Layer 2 network. The network competes with platforms such as Optimism and Arbitrum, which employ Optimistic rollups to improve the scalability of Ethereum applications by aggregating transactions on an off-chain layer.
Last month, BitDAO completed a strategic merger and rebranding, concentrating its efforts solely on the Layer 2 network, now named Mantle. With a significant community treasury, comprising 1.2 billion Mantle tokens, $500 million in ether, and $300 million in stablecoins, Mantle holds one of the largest treasuries in the cryptocurrency sector, as reported by DeepDAO.
In 2021, BitDAO successfully raised $230 million through a private token sale led by notable investors including Peter Thiel’s Founders Fund, Pantera Capital, and Dragonfly Capital. The funds were designated to support cryptocurrency-related initiatives as part of the decentralized autonomous organization’s objectives.
The proposed $200 million ecosystem fund underscores Mantle Network’s dedication to advancing the development and adoption of its Layer 2 network, reinforcing its status as a significant participant in the Ethereum ecosystem.
The post Mantle Network Proposes $200 Million Ecosystem Fund for Ethereum Layer 2 Development appeared first on BitcoinWorld.
