• BitDAO’s Mantle Core proposed a $200M fund to boost adoption of its Ethereum layer-2 network among developers and DApps.
• The fund will be fueled by a $100 million USD Coin from the BitDAO treasury and another $100 million from external venture partners.
• If approved, the Mantle EcoFund and venture partners will participate in projects with 1:1 co-investment ratio targeting Web3 startups raising pre-seed, seed, and series A rounds.
Proposal for Mantle Core’s Web3 Fund
Background
BitDAO’s Mantle Core proposed a $200M fund to boost adoption of its Ethereum layer-2 network among developers and DApps. With this proposal, BitDAO aims to create a capital pool of $200 million that would be deployed within the Mantle ecosystem over the next three years.
Funding Source
The funding source for this project consists of two parts – a $100 million USD Coin from the BitDAO Treasury, and an additional $100 million from external matching capital provided by strategic venture partners such as Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures and QCP Capital.
Project Target
If approved, the Mantle EcoFund and venture partners will participate in projects with 1:1 co-investment ratio targeting Web3 startups raising pre-seed, seed, and series A rounds. The aim is to promote innovation within Web 3 ecosystems through investment into early stage startups across multiple industries.
Ecofund Implications
This Ecofund could potentially provide much needed financial resources to early stage web 3 startups that are trying to make their mark in this new emerging industry. It could also help spur on development of new technologies and applications within these ecosystems as well as promote innovation through collaboration between entrepreneurs with similar goals but different ideas or approaches.