Mantle Network Proposes $200 Million Ecosystem Fund for Decentralized Applications
Mantle Network, in collaboration with Mirana Ventures, has presented a governance proposal known as MIP-24. The proposal aims to establish a $200 million ecosystem fund that will support the development of decentralized applications on the Ethereum Layer 2 network over the next three years. The plan is to allocate $100 million from Mantle’s $2 billion treasury to this fund, with an additional $100 million being raised from strategic venture partners.
Key Points:
– Mantle Network and Mirana Ventures have jointly proposed the establishment of a $200 million ecosystem fund for decentralized applications.
– The fund will be used to support development on the Ethereum Layer 2 network.
– $100 million from Mantle’s treasury will be allocated to the fund, with an additional $100 million to be raised from strategic venture partners.
– The proposal has received overwhelming support from the community, with current DAO votes at 99.92% in favor.
– The voting on the proposal is scheduled to conclude on July 15.
In 2022, BitDAO, which played a role in Mantle’s development, merged and rebranded as Mantle. This move was made to focus all efforts on the Layer 2 network. Mantle now competes with other platforms like Optimism and Arbitrum, which utilize Optimistic rollups to enhance Ethereum application scalability.
Hot Take:
Mantle Network’s proposal for a $200 million ecosystem fund demonstrates their commitment to supporting the development of decentralized applications on their Layer 2 network. With overwhelming community support, it is likely to be approved and contribute significantly to the growth of the ecosystem. This funding initiative showcases the importance of collaboration and strategic partnerships in advancing the capabilities of blockchain technology.
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