- So they want to popularize their network among developers
- Top funds will participate in the project
The Ethereum L2 Mantle Core network plans to create a $200 million fund to invest in Web3 projects. This idea was developed by a user under the nickname 0xMantle in collaboration with Mantle Core and Mirana Ventures. The decision will now be taken by the BitDAO Governance Forum.
Mantle is the layer 2 blockchain of the Ethereum network. According to plans, the company will form a pool of capital for $200 million. Over the next 3 years, these funds will be allocated to developers of promising projects.
Half of the money (that is, $100 million) will be provided by the BitDAO treasury itself in USDC stablecoins. They want to attract the second part of the amount from external sponsors – venture capital firms and other interested partners. This idea has already been supported by such well-known brands as Mirana Ventures, Pantera, Dragonfly Capital, Play Ventures, Cadenza Ventures, etc.
According to plans, Mirana Ventures will become the operator of the fund. And Bybit and BitDAO will be venture partners. The team will also form an investment committee, which will include representatives of these three brands.
If the idea is approved, Mantle EcoFund and venture partners will jointly invest in projects in a 1:1 ratio. They expect a multiple on invested capital (MOIC) multiple of about 1.5.
