Mantle Core Seeks 200Mn USD for ‘Developer and dAPP Adoption’

Ethereum-based Layer 2 network, Mantle Core, is seeking 200 million USD worth of funds. A significant amount of funds is proposed with the intention to bolster Web3-focused startups over the network. The proposal for the fund, dubbed Mantle EcoFund, was submitted on the government forum of BitDAO on February 26. The BitDAO ecosystem created Mantle Core over the Ethereum blockchain network.

The proposal explains that the 200 million USD fund will be allocated across the ecosystem in three years. Additional information about the fund informs that the proposal also consists of a two years optional extension along with an active investment period of three years.

Mantle EcoFund will have an equal amount provided by the different means—BitDAO’s treasury and strategic venture partners—comprising 100 million USD from both. Treasury would facilitate the funds in 100 million USD worth USD Coin (USDC) stablecoin while the other half would be raised as the “external matching capital.”

The interested participants in providing the funds include companies like Dragonfly Capital, Pantera Folius Ventures, Spartan, Selini Capital, Lemniscap, Play Ventures Future Fund, Cadenza Ventures and QCP Capital.

Following the approval, both the Mantle EcoFund and the venture funds taking part as partners within the project would have a co-investment ratio of 1:1. Primarily, the fund will focus on funding the Web3-focused startups seeking pre-seed, seed and series A funding.

A company spokesperson said the proposed initial fund operator includes Mirana Ventures, Bybit and BitDAO’s venture partner. Mantle, Mirana Ventures, Bybit and BitDAO will also be acting as part of the investment committee.

The major objectives of any ecosystem funds remain to act as a crucial factor for the development of emerging protocols and ecosystems. As mentioned earlier, the primary objective of the proposal is to gather monetary support for the developer and decentralized applications’ adoption over the Mantle network.

Ethereum based high performance layer-2 network, Mantle Core, is built on modular architecture and uses BIT token for “strategic interests” given the support of BitDAO.

The cryptocurrency market has faced quite a tough phase in the wake of the recent crypto winter. Prices of many crypto assets have dropped to their lows, leading many crypto companies to face difficulties in continuing their operations. Many prominent names within the industry disappeared as they ended up filing for bankruptcy.

Though the companies were facing headwinds, the crypto industry was surviving even then, given the continued funding and investments. As many companies filed for bankruptcy, it created a void that new companies later approached to fill. And such companies received sufficient funding and support.

Web3 development also affected during the market downturn situations yet the nascent space has