Mantle DAO Now Advocates Transforming Treasurys And Elevating Liquid Staking

Key Points:

• Mantle DAO’s stETH conversion proposal was approved.
• The Mantle Economics Committee was formed to oversee treasury assets.
• Lido collaboration advances liquid staking innovation.

After over two weeks of deliberation, Mantle DAO has received official approval for its proposal to convert treasury reserve assets into stETH, marking a significant milestone for the project.

Dubbed as MIP-25, the proposal was skillfully crafted by Cateatpeanut, a core member of the Mantle team. Following the green light from the Mantle community, an economics committee will be instituted to oversee the management of the layer 2 blockchain’s treasury.

This newly established Mantle Economics Committee will bear the responsibility of making crucial decisions regarding the allocation of the treasury’s resources. With the bulk of these assets held in the form of MNT, the governance token of Mantle, their judicious distribution becomes paramount.

In a significant show of support, the layer 2 network underwent a successful governance vote that paved the way for the Mantle Economics Committee’s formation. Furthermore, it introduces enhanced liquidity through the endorsement of the liquid staking protocol, Mantle LSD. This endorsement also greenlights the allocation of 40,000 ETH from the treasury towards stETH.

The proposal’s core tenet involves the conversion of 200,000 ETH from the treasury into stETH. Notably, a cap of 40,000 ETH has also been established for stETH/wstETH and mntETH liquidity, heralding the dawn of a novel liquid staking paradigm within Mantle’s development ecosystem.

A noteworthy collaboration is set to unfold between Mantle and the pioneering Liquid Staking platform, Lido.

This strategic partnership gains prominence as Lido envisions an alliance network for the sharing of revenue. Mantle reciprocates the sentiment, pledging to expand its liquid staking portfolio while assessing associated risks cautiously.

These initiatives mark Mantle’s pioneering moves following the successful launch of its mainnet in July 2023. The governance proposal extends its scope to encompass Mantle LSD and ETH staking strategy, underscored by its collaboration with Lido.

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