Mantle Network is voting to form a $200 million ecosystem fund

In an attempt to reach the $200 million target, the proposal further seeks to raise an additional $100 million from"strategic venture partners," it stated.

With current DAO votes at 99.92% in favor of the proposal, it appears likely to be approved. The voting on the proposal is scheduled to conclude on July 15. In 2022, BitDAO furthered the development of Mantle, a Layer 2 network, which now stands in competition with platforms like Optimism and Arbitrum that employ Optimistic rollups. These rollups consolidate transactions on an off-chain layer to boost the scalability of Ethereum applications.

Just last month, BitDAO made a strategic decision to merge and rebrand as Mantle, with an aim to focus all its efforts on the Layer 2 network. The project maintains one of the largest community treasuries in crypto, holding over 2 billion, including 1.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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