BitDAO Proposes $200M Deployment To Boost Decentralized Finance Development

BitDAO, the decentralized autonomous organization focused on funding the development of open finance protocols, has released a new proposal to deploy $200 million to the L2 Mantle ecosystem. The proposal, known as MIP-24, aims to deploy capital within the Mantle ecosystem over the next three years to support founders and protocol technology partners building within the ecosystem. The goal is to deploy over 40 projects on the Mantle ecosystem and achieve a financial return of 1.5x MOIC in three years.

The Mantle Network is a high-performance Ethereum layer-2 network that’s built with modular architecture and aligned with Mantle strategic interests via the $MNT token. Ecosystem funds have historically served as an important catalyst of growth for new emerging protocols and ecosystems, particularly for developer and decentralized applications (dApps) adoption of a new protocol. The Mantle EcoFund aims to be the “first money” into high-quality and innovative early-stage projects building within Mantle Ecosystem, providing support alongside the Strategic Venture Partners.

The Mantle EcoFund consists of two components: 100 million USDC provided by Mantle from its Treasury and managed by the Mantle EcoFund, and the remaining $100 million in external matching capital from Strategic Venture Partners when they co-invest with the Mantle EcoFund opportunistically. This capital pool aims to support the adoption of Mantle Network among developers and dApps and incentivize reputable Strategic Venture Partners to invest in the Mantle ecosystem.

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