All You Should Know About 0xMantle Fund And Its Composition 

What is Mantle Network

Mantle Network is a Layer 2 highly scalable solution built on the Ethereum Blockchain. Its compatibility with Ethereum Virtual Machine (EVM) is what enables developers to use smart contracts and Decentralized Apps that work on Ethereum. 

Mantle Network operates under BitDAO, a decentralized autonomous organization controlled by a centralized exchange “ByBit” which supports crypto space builders. BitDAO’s operations are driven by its native token BIT. Since Mantle Network is built on BitDAO, it also uses BIT as its native token for transactions but it is set to launch its official token $MNT. The token would serve as a replacement for BIT, and official conversion channels would be made available for existing BIT holders on the network.

The core functions of Mantle Network include data execution, data settlement, data consensus, and data availability. Mantle Network utilizes a Modular Rollup Blockchain in performing these core functions on separate specialized layers at different stages without compromising the network’s security. This results in a reduction of gas fees and increased efficiency of the network as each layer is specialized on a particular task.

Mantle Network integrates EigenDA, a data availability solution leveraged on the Eigen layer, to allow the processing of data at a cheaper and faster rate.

Mantle Network Funding 

BitDAO is one of the most stable and well-funded Decentralized Autonomous Organizations and has played a pivotal role in Mantle network’s funding. BitDAO is known to have one of the largest treasuries in the crypto space and it has fully endorsed the Mantle Network project with immense dedication. This dedication was further attested by the passing of the BIP-19 proposal, which was responsible for the allocation of funds to Mantle Network for the next year. The BIP-19 proposal allocated $10M in $BIT and $14M in $USDC for the Testnet Opex. $145M in $BIT and $34M in $USDC were allocated for the Mainnet Opex and 15,000ETH for the gas fees. The investment of these funds shows BitDAO’s strong belief in the Mantle Network’s project

BitDAO is currently proposing another source of funding in addition to BIP-19. This proposed fund is called the Mantle Ecofund, and it would be fully invested in being a growth catalyst for new emerging protocols and ecosystems, particularly project development and Dapp adoption. Its target is to deploy more than 100 projects within the ecosystem in 3 years. The proposed fund would have a capital pool of $200 million deployed within the ecosystem for the next 3 years. The Mantle Ecofund would co-invest with strategic venture partners using a 1:1 co-investment ratio. This implies that BitDAO treasury would invest $100 million and the other capital would be gotten externally from the Strategic Venture Partners. The organizations that have expressed interest in being Strategic Venture Partners of the Mantle Ecofund include DragonFly Capital, Pantera, Folius Ventures, Spartan, Lemnis Cap, Selini Capital, Cadenza Ventures, and QCP Capital. 

The operations of the Mantle Ecofund would be run by an investment committee comprising representatives from Miriana Ventures, Mantle, BitDAO, and ByBit. A 2 percent management fee is charged by Mantle Ecofund to support sourcing, legal portfolio support, and fund administration.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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