{"id":45959,"date":"2023-02-27T16:40:02","date_gmt":"2023-02-27T20:40:02","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=45959"},"modified":"2023-02-27T16:40:05","modified_gmt":"2023-02-27T20:40:05","slug":"bitdaos-mantle-core-suggests-200-million-for-web3-fund","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitdaos-mantle-core-suggests-200-million-for-web3-fund\/","title":{"rendered":"BitDAO’s Mantle Core suggests $200 million for Web3 fund"},"content":{"rendered":"\n

The BitDAO ecosystem created the Ethereum layer-2 network known as Mantle Core<\/a>. The fund aims to increase developer and DApp adoption.<\/p>\n\n\n\n

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Mantle Core posted a request on the governance forum of BitDAO on February 26 to establish a $200 million fund for early-stage Web3 firms. The ecosystem fund intends to increase developers' and Dapps' use of Mantle's network.<\/p>\n\n\n\n

The BitDAO ecosystem<\/a> created the Ethereum layer-2 network known as Mantle. The plan calls for a $200 million capital pool to be invested over the following three years on the Mantle ecosystem. <\/p>\n\n\n\n

The BitDAO treasury would contribute $100 million in Dollar Coin (USDC $1.00), and another $100 million would come from “strategic venture partners” who would give external matching money.<\/p>\n\n\n\n

According to Mantle's proposal, funds like Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures, and QCP Capital have showed interest in taking part.<\/p>\n\n\n\n

If authorized, projects will have a 1:1 co-investment ratio between the Mantle EcoFund and venture partners. The ecosystem fund will focus on Web3 startups that are raising pre-seed, seed, and series A rounds of funding.<\/p>\n\n\n\n

An email from a Mantle representative stated that the fund's projected active investment period is three years with a further two years of potential extension. <\/p>\n\n\n\n

The inaugural fund operator is suggested to be a joint venture between Mirana Ventures, Bybit, and BitDAO\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, with an investing committee made up of Mirana Ventures, Mantle, BitDAO, and Bybit members. Mantle\u2019s spokesperson said:<\/p>\n\n\n\n

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\u201cThe fund targets to invest in more than 100 projects deployed on Mantle and have a multiple on invested capital (MOIC) of 1.5x of cumulative performance through the fund\u2019s lifecycle,\u201d<\/p>\n<\/blockquote>\n\n\n\n

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The governance forum for BitDAO.A 2% fee would be added to the “industry standard” management fees to help cover the EcoFund team's operating costs, which include sourcing, due diligence, legal, portfolio support, and fund administration.<\/p>\n\n\n\n

Similar programs are being implemented throughout the crypto sector to promote acceptance and innovation. A $100 million fund was recently established by Ethereum scaling solution Polygon with the goals of enhancing access to decentralized banking<\/a>, onboarding users, and increasing adoption.<\/p>\n","protected":false},"excerpt":{"rendered":"

The BitDAO ecosystem created the Ethereum layer-2 network known as Mantle Core. The fund aims to increase developer and DApp adoption. Mantle Core posted a request on the governance forum of BitDAO on February 26 to establish a $200 million fund for early-stage Web3 firms. The ecosystem fund intends to increase developers’ and Dapps’ use […]<\/p>\n","protected":false},"author":43,"featured_media":45961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9619],"tags":[13568,13567,6795],"class_list":["post-45959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-web3-news","tag-bitdao-2","tag-mantle-core","tag-web3-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/02\/croc_1677527070459.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/45959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=45959"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/45959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/45961"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=45959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=45959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=45959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}