A prominent Ethereum Layer 2 project, Mantle Network, has recently presented a governance proposal with the aim of establishing an ecosystem fund worth $200 million. 

The proposal, known as MIP-24, was collaboratively created by the Mantle core team in conjunction with one of its supporters, Mirana Ventures. It is currently seeking approval from the community to allocate $100 million from Mantle’s treasury, which stands at $2 billion. 

The primary objective of this funds is to provide substantial support for the development of decentralized applications on Mantle’s Ethereum Layer 2 network over the course of the next three years. 

As part of its efforts to achieve the $200 million objective, the proposal has expressed its intentions to secure an additional $100 million from “strategic venture partners.” 

The voting poll indicates unanimous support for the proposal, making its approval highly likely. The voting process is scheduled to conclude on July 15. BitDAO, in 2022, played a pivotal role in advancing the development of Mantle, a Layer 2 network, which now competes with platforms such as Optimism and Arbitrum that utilize Optimistic rollups. These rollups consolidate transactions off-chain to enhance the scalability of Ethereum applications. 

Recently, BitcoinDAO made a strategic decision to merge and rebrand itself as Mantle, demonstrating a focused commitment to the layer 2 network. Notably, the project boasts one of the largest community treasuries in the crypto space, holding over 2 billion in assets, including 1.2 billion in Mantle tokens, $500 million in ether, and $300 million in Stablecoins, as reported by DeepDAO. 

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