Mantle Introduces New Treasury Management Body
Mantle, a layer 2 network, has recently implemented a new governing body for treasury management. This move comes after the network staked 40,000 ETH on the staking protocol Lido, following a successful governance vote. The staked ETH, valued at approximately $66 million, will generate a yield of 4.1% APR. With a treasury value exceeding $3.2 billion, the majority of assets are held in Mantle’s native governance token (MNT), bitDAO (BIT), and stablecoins.
Key Points:
– Mantle staked 40,000 ETH on Lido after passing a treasury management vote
– The staked ETH is worth around $66 million and will generate a yield of 4.1% APR
– Mantle’s treasury is valued at over $3.2 billion, mainly held in MNT, BIT, and stablecoins
– Community members now have the power to decide treasury strategies after the recent governance vote
– A maximum of 200,000 ETH has been approved for staking, with 20% allocated to Lido
Mantle’s Struggles and Mainnet Launch
Despite these developments, Mantle’s native token is currently trading at $0.43, experiencing a 29% decline in the past month along with the wider crypto market. Additionally, the Mantle network has struggled to gain traction among its layer two peers, with a total value locked (TVL) of $37 million. However, Mantle has recently rolled out its mainnet technology stack to compete with other scaling solutions like Arbitrum and Optimism.
Hot Take:
Mantle’s introduction of a new treasury management body, along with its staking initiatives and mainnet launch, showcases its ambition to establish itself as a prominent layer 2 solution. However, the current market downturn and competition from other networks pose significant challenges. It will be interesting to see how Mantle navigates these obstacles and whether its efforts will lead to increased adoption and success in the future.
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