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Monday, March 27, 2023

BIT up 7.2% after $200 million BitDAO fund proposal

BIT up 7.2% after 0 million BitDAO fund proposal

  • BitDAO’s Mantle Core recently submitted a proposal on the DeFi protocol’s governance forum.
  • The proposal seeks to establish a $200 million ecosystem fund to foster adoption of Mantle.
  • Funds from the fund will be deployed to over 100 projects in the Mantle ecosystem over the next three years.
  • BitDAO’s governance token, BIT, rose 7.2% following the proposal.

Mantle Core, a high-performance layer-2 network developed by BitDAO, recently submitted a proposal exist decentralized finance The protocol’s governance forum. The proposal seeks to establish a $200 million ecosystem fund aimed at boosting the adoption of Mantle among developers and decentralized applications (dAPPs).

The Proposal Promotes BitDAO’s Governance Token a small amount It surged more than 7.5% to hit a weekly high of $0.592. The token has seen a 65% increase in daily transaction volume over the past 24 hours. BIT has outperformed heavyweights like Bitcoin and Ethereum.

Proposal Seeks $100 Million From BitDAO’s Treasury

The Mantle Core team articulated the goals of the proposal at the governance forum, which include attracting reputable venture funds into the Mantle ecosystem, increasing the sustainability of the Mantle EcoFund by maintaining consistent returns and performance, and supporting its dAPP developers.

According to the proposal, the Mantle EcoFund is seeking authorization from the BitDAO community to raise an initial tranche of $10 million from its treasury, followed by an additional $100 million to establish the fund. Strategic Venture Partners will provide an additional $100 million through a 1:1 capital match.

We believe the combination of having a fund and a founder as a strategic venture partner will provide new and exciting opportunities as the future growth of the web 3 ecosystem will be driven by aspiring founders building on significant market needs Catalyst for innovative products, supported by a sustainable business and revenue model”

Mantle Core Proposals

The fund’s investment period has been set at 3 years with a provision for an extension of 2 years. According to the investment mandate, the funding pool will target early-stage investments (pre-seed, seed, A-round), given that the project is deployed on Mantle and has at least one strategic venture partner as its investor. The investment committee includes well-known companies such as Miranda Ventures and Bybit.

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