$200M Fund: Mantle Core Proposes Adoption Boost for BitDAO

27. Februar 2023 Aus Von admin

• Mantle Core recently submitted a proposal on BitDAO’s governance forum for discussion among the DeFi protocol’s community members.
• The proposal seeks to establish a $200 million ecosystem fund to promote the adoption of Mantle among developers and decentralized applications (dApps).
• The investment period has been set as 3 years, with an optional 2-year extension down the road.

Mantle Core Proposes Fund to Promote Adoption

Mantle Core has submitted a proposal for discussion on BitDAO’s governance forum. The proposal seeks to establish a $200 million fund to promote Mantle’s adoption among developers and dApps.

Fund Details

The proposed fund would require 10 million USDC from the BitDAO Treasury, followed by an additional amount of $100 million matched 1:1 by Mantle from strategic venture partners. This will bring the capital pool up to $200 million.
The objectives laid out in the proposal include encouraging participation from reputable venture funds into the Mantle ecosystem, as well as maintaining consistent returns and performance for sustainability purposes. The fund would be deployed within the Mantle ecosystem over a 3 year period with an optional extension of two years if needed.

Incentives for Venture Partners

The incentives offered by this proposal include 1:1 matching of up to $500,000 per project and 20% share of net returns from the fund’s investments. Operators’ maximum operating and legal costs will be capped at 2% of assets under management (AUM) annually.

Market Response

Following this announcement, BitDAO’s native token BIT surged by over 3% in 24 hours with its daily trading volume rising 49%.

Conclusion

The establishment of this fund aims to stimulate growth in new protocols such as Mantle through developer and dApp adoption which could potentially benefit both parties involved in the long run.