- Voting ends July 15
- But so far, 99.92% voted FOR the proposal
- $100 million will be provided by the project itself and another $100 million is planned to be raised</nbsp;
- Fund will support development of dApps on Ethereum
The Mantle Network project proposes a $200 million ecosystem fund to support development of decentralized applications on Ethereum. The Mantle Ecosystem Fund aims to implement more than 40 projects in the ecosystem within three years. Among the interested institutions seeking to become strategic venture partners are Animoca Ventures, Bankless Ventures and Dragonfly Capital.
The proposal, called MIP-24, was co-developed by the Mantle core team and its sponsor Mirana Ventures. It proposes a $100 million allocation from the Mantle treasury, which is $2 billion, and is awaiting community approval. The project is also expected to raise another $100 million from strategic partners.
With near unanimous support for the proposal on the DAO ballot, the likelihood of approval is high.. A final decision will be made by July 15.
Last month, BitDAO made a strategic decision to merge and rebrand itself as Mantle, in order to focus all of its efforts on the Tier 2 network. According to DeepDAO, Mantle is one of the largest cryptocurrency communities, holding over $2 billion, including $1.2 billion in Mantle tokens, $500 million in ETH and $300 million in stabelcoins.
By the way, our website has a Mantle testnet guide. It can be found in this material: