Mantle Network Proposes $200 Million Ecosystem Fund for Ethereum Layer 2 Development

Mantle Network Proposes $200 Million Ecosystem Fund for Ethereum Layer 2 Development

Mantle Network, a prominent Ethereum Layer 2 project, has recently unveiled a governance proposal aiming to establish an ecosystem fund worth $200 million. This strategic move reflects Mantle’s commitment to supporting the development of decentralized applications (dApps) on its Ethereum Layer 2 network. With its impressive treasury and community backing, Mantle is poised to become a key player in the evolving landscape of Layer 2 solutions.

The Mantle Governance Proposal (MIP-24)

Collaboratively crafted by the Mantle core team and Mirana Ventures, one of its supporters, the governance proposal—MIP-24—seeks approval from the community. It aims to allocate $100 million from Mantle’s existing $2 billion treasury toward the ecosystem fund. This fund will serve as a significant resource over the next three years for fostering innovation and accelerating the growth of dApps on Mantle’s Layer 2 network.

Objectives of the Ecosystem Fund

The primary objective of the proposed ecosystem fund is to provide substantial support for the development of decentralized applications on Mantle’s Ethereum Layer 2 network. By allocating resources to developers and entrepreneurs, Mantle aims to encourage the creation of innovative and high-impact projects. This investment in the ecosystem will enable the expansion and adoption of Layer 2 solutions, contributing to the overall scalability and efficiency of the Ethereum network.

Securing Additional Funding

To achieve the ambitious goal of a $200 million ecosystem fund, MIP-24 also outlines plans to secure an additional $100 million from strategic venture partners. These partners, aligned with Mantle’s vision, will contribute resources to further boost the ecosystem’s growth. Collaborating with external stakeholders will strengthen Mantle’s position as a leading Layer 2 solution provider and foster a vibrant developer community.

Broad Support and Approval Process

The Mantle governance proposal has received significant support from the community. The voting poll currently indicates unanimous backing, making its approval highly likely. Community participants must delegate their $BIT tokens before a Snapshot vote goes live. The voting process will conclude on July 15, following which the proposal is expected to be ratified.

Delegation and Participation in the Mantle Governance

To actively participate in the Mantle governance process, participants must delegate their $BIT tokens. Delegation allows token holders to assign voting rights to trusted delegates who can represent their interests during Snapshot votes. By engaging in delegation, participants ensure their voices are heard, and decisions are made in the best interest of the Mantle community. To learn more about delegates and their role in the governance process, visit https://t.co/mGRmkHrg6Z.

Mantle Governance participants must delegate their $BIT prior to a Snapshot vote going live.

Learn more about delegates ⤵️https://t.co/mGRmkHrg6Z

— Mantle (@0xMantle) July 9, 2023

Mantle Network’s Evolution and Commitment

Mantle Network has undergone significant evolution, initially operating as BitcoinDAO before merging and rebranding itself as Mantle. This strategic decision demonstrates the project’s focused commitment to advancing Layer 2 technology. With one of the largest community treasuries in the crypto space, Mantle possesses substantial assets, including 1.2 billion Mantle tokens, $500 million in ether, and $300 million in Stablecoins, according to DeepDAO reports.

Conclusion

Mantle Network’s proposal for a $200 million ecosystem fund exemplifies its dedication to nurturing the growth of decentralized applications on its Ethereum Layer 2 network. By allocating significant resources and collaborating with venture partners, Mantle aims to accelerate the development of innovative dApps. The broad support for the proposal and the project’s robust community treasury position Mantle as a key player in the Ethereum ecosystem.


FAQs (Frequently Asked Questions)

1. What is the purpose of the Mantle governance proposal (MIP-24)? The Mantle governance proposal aims to establish an ecosystem fund worth $200 million to support the development of decentralized applications on Mantle’s Ethereum Layer 2 network.

2. How much funding is being allocated from Mantle’s treasury? The proposal seeks to allocate $100 million from Mantle’s existing $2 billion treasury toward the ecosystem fund.

3. How will the ecosystem fund benefit developers and entrepreneurs? The ecosystem fund will provide substantial support to developers and entrepreneurs, enabling them to create innovative dApps on Mantle’s Layer 2 network. It will fuel the expansion and adoption of Layer 2 solutions, enhancing the scalability and efficiency of the Ethereum network.

4. How does Mantle plan to secure additional funding? Mantle aims to secure an additional $100 million from strategic venture partners who align with the project’s vision and goals.

5. How can participants actively engage in the Mantle governance process? Participants can actively engage in the Mantle governance process by delegating their $BIT tokens to trusted delegates. Delegates represent the interests of token holders during Snapshot votes, ensuring community participation and decision-making.