On Monday, a proposal for a $200 million mantle ecosystem fund receives the backing of the BitDAO community. According to the post, the proposal which was initiated on June 8, 2023, has secured 100% of the DAO votes. It is worthy of note that this proposal was jointly formulated by Mirana Ventures and the Mantle Core Contributor Team.
Mantle Network, as one of the initiator of the proposal runs as a high-performance Ethereum layer2 network. Notably, it is designed with modular architecture and also integrated with strategic interests via its $MNT token. Meanwhile, it launched the ecosystem fund proposal to serve as a catalyst to grow projects running on the network.
In the BitDAO proposal, Mantle and Mirana ventures recommended three things. First, it recommended the investment of $100 million from the Mantle treasury to develop its ecosystem fund. Secondly, it called for the establishment of the Mantle Ecosystem Fund Investment Committee. Also, the proposal suggested the approval of the initial capital deployment of $10 million USDC from the Mantle Treasury.
Notably, the ecosystem fund proposal initiated on BitDAO is focused on establishing over 40 projects on the Mantle ecosystem. The investment, as explained, will foster a financial return of 1.5X MOIC within three years. Meanwhile, firms with interest in strategic partnerships to aid the ecosystem funding include Animoca Ventures, Bankless Ventures, and and many more.
Side Notes on BitDAO
BitDAO is notable as the world’s largest decentralized autonomous organization, aiding $BIT/ powered products on Ethereum. Amid the 2022 FTX/Alameda crisis, BitDAO asked Alameda to establish if it still holds the 100 million BIT acquired last year. The move came shortly after the BIT token plunged by 20%. Then, BitDAO vowed to take drastic action if Alameda failed to provide clarification. It also launched a proposal to ensure effective monitoring of the FTT-BIT swap.
Earlier, Alameda converted 3.36 million FTT tokens to 100 million BIT tokens. Terms of the agreement necessitated Alameda to hold the tokens for a minimum of three years. However, BitDAO began to suspect a breach in the agreement after the token suddenly declined by 20% in late 2022. In a Twitter post, Bybit co-founder Ben Zhao shared how the BitDAO community questioned the sudden fall of $BIT occasioned by the possible breach of the three-year no-sale agreement.
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