Mantle Network to raise $200 million in investments
The Mantle Core team, which is part of the BitDAO ecosystem, has put forward a proposal to establish a $200 million fund aimed at promoting their Ethereum-based L2 solution, Mantle Network, and supporting the development of new dApps.
BitDAO's new Mantle EcoFund has big plans to finance its ecosystem expansion with $200 million in funding, half of which will come from BitDAO’s treasury. The other half will be supplied by external matching capital from strategic venture partners, including Pantera Capital, Spartan, Folius Ventures, QCP Capital, Cadenza Ventures, Dragonfly Capital, and Play Ventures Future Fund.
Each investor will have an equal stake in all the new projects, with up to $500,000 in investment available for each startup. The fund is proposed to have a three-year active investment period, plus two years of optional extension.
Source:discourse.bitdao.io. Summary of Mantle Core's investment fund proposal
According to Mantle Core’s representative, the fund aims to invest in over 100 projects deployed on its network and have a multiple on invested capital of 1.5x of cumulative performance through the fund’s lifecycle.
It looks like there are more and more layer 2 networks being built on top of Ethereum. Two recent examples are Starknet and zkSync, which have also raised significant investments from venture funds. Furthermore, Coinbase is developing a new L2 solution. Investors clearly see a lot of potential in this niche and continue to invest substantial amounts of money into it.
Dmytro Litvinko
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Has been exploring the enigmas of the crypto industry since 2017, transforming them into accessible narratives. Relies on dark chocolate and nuts as a secret source of energy and inspiration.
