BitDAO’s Mantle Core proposes a multi-million fund for Ethereum developers

Mantle Core, the high-performance Ethereum layer 2 network built by the BitDAO ecosystem, recently proposed a multi-million dollar fund on its governance forum. Co-authored by Mantle and Mirana Ventures – a crypto asset management firm – this proposal is known as the Mantle EcoFund, aiming to support developers and decentralized application (dAPP) adoption of Mantle. To meet its secondary objectives, the fund will also aid in building dAPPs, ensure sustainability through consistent fund performance and returns, and attract reputable venture firms into the Mantle Ecosystem.

Currently, at the discussion stage, BitDAO’s community has been asked to authorize the setting up of the Mantle EcoFund 1 with the first capital call of 10 million USDC from BitDAO’s Treasury. The proposal further seeks a 100 million USDC investment from BitDAO and another $100 million from Strategic Venture Partners through 1:1 capital matching. If approved, this will amount to an overall pool of $200 million in capital over a three-year active investment period, which can be extended by two years if necessary.

The Mantle EcoFund seeks to be the premier early-stage investor in projects within the Mantle ecosystem. The fund will work alongside Strategic Venture Partners of BitDAO and Mantle Ecosystem, investing at Pre-seed and Seed stages with further substantial investments into those projects that demonstrate strong use cases and impressive traction. Where possible, these investments will be made with $BIT, according to the fund’s proposal.