Mantle Core Proposes a $200M Web3 Fund to BitDAO Forum
- Mantle Core, an Ethereum layer-2 network, has submitted a proposal on the BitDAO governance forum regarding the creation of a $200M Web3 fund.
- The ecosystem fund will focus on the development and acceleration of adoption of Mantle’s network among developers and Dapps.
- The first $100 million will be provided by the BitDAO treasury in USDC while the next $100 million will be sanctioned by “strategic venture partners.”
- Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures, and QCP Capital have been listed as partners.
The development of the Web3 ecosystem is gradually on the rise as many crypto and traditional finance firms continue to increase their investments in the technology. Interestingly, Mantle Core, an Ethereum layer-2 network developed by the BitDAO ecosystem, has submitted a proposal on the BitDAO governance forum regarding the creation of a $200 million Web3 fund that will focus on the development of the same and provide support to companies operating in the sector.
As per the proposal submitted on Feb. 26, the ecosystem fund will focus on the development and acceleration of adoption of Mantle’s network among developers and decentralized applications. Moreover, it has also been confirmed that if the proposal passes, the $200 million will be deployed over the ecosystem in a span of three years.
Additionally, the first $100 million will be provided by the BitDAO treasury in USDC, a dollar-pegged stablecoin, while the next $100 million will be sanctioned by “strategic venture partners.” These partners include Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures, and QCP Capital, according to Mantle’s proposal.
“The Mantle EcoFund should strive to be the ‘first money’ into teams building quality and innovative projects within the Mantle ecosystem. We would invest alongside the Strategic Venture Partners of BitDAO and Mantle Ecosystem, and start supporting projects at the Pre-seed and Seed stage with the option to double down on potential big winners with promising traction and stronger use cases with $BIT whenever possible,” read the proposal.
It is crucial to note that if the proposal is given the green light by the community, the Mantle EcoFund and venture partners will participate in projects with a 1:1 co-investment ratio and the pre-seed raise, seed, and series A round of Web3 firms will be the main targets of the ecosystem fund.
The lifespan of the fund is three years, followed by an optional two year expansion period, and the initial fund operator is proposed to be Mirana Ventures, Bybit, and BitDAO’s venture partners, along with an investment committee that will include Mirana Ventures, Mantle, BitDAO, and Bybit.
A Mantle spokesperson told Cointelegraph that “the fund targets to invest in more than 100 projects deployed on Mantle and have a multiple of invested capital (MOIC) of 1.5x of cumulative performance through the fund’s lifecycle.”
As reported earlier by BitcoinWisdom, Sony Network Communications, a tech provider that comes under the Sony Group, has officially confirmed that it will be hosting a Web3 event with Polkadot-based Astar Labs along with Startale Labs, a Singapore-based Web3 platform. Furthermore, Japanese mobile phone operator NTT Docomo has recently decided to make a grand entry into the Web3 sector, adding that it will invest up to $4.1 billion (¥600 billion) in the sector over the course of the next few years.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
