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
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