BIT rises 7.2% after BitDAO $200 million capital offering

  • BitDAO’s Mantle Core recently submitted a proposal for the DeFi Protocol Governance Forum.
  • The proposal sought to create a $200 million ecosystem fund to drive Mantle adoption.
  • The fund’s capital will be allocated to more than 100 projects in the Mantle ecosystem over the next three years.
  • BitDAO’s governance token BIT increased by 7.2% after the proposal.

Mantle Core, a high-performance layer 2 network developed by BitDAO, recently submitted a proposal to the DeFi Protocol Governance Forum. The proposal sought to create a $200 million ecosystem fund aimed at driving adoption of Mantle among developers and decentralized applications (dAPPs).

The proposal pushed BitDAO’s governance token BIT up over 7.5% to hit a weekly high of $0.592. The token’s daily trading volume has increased by 65% ​​in the last 24 hours. BIT outperformed heavyweights like Bitcoin and Ethereum.

The proposal seeks $100 million from BitDAO’s Treasury

The Mantle Core team presented the goals of the proposal at the governance forum, which included attracting credible venture capital to the Mantle ecosystem, improving the sustainability of the Mantle EcoFund by maintaining stable returns and performance, and supporting its dAPP developers.

According to the proposal, the Mantle EcoFund is seeking authorization from the BitDAO community for an initial capital call of USDC 10 million from its Treasury, followed by an additional USD 100 million to set up the fund. This will be supplemented by another $100 million from Strategic Venture Partners through a 1:1 capital match.

We believe that having a mix of funds and founders as Strategic Ventures Partners would provide exciting new opportunities as future growth for the web 3 ecosystem would be catalyzed by innovative products built by aspiring founders driven by significant market needs and supported by sustainable business models and revenue models.”

The Mantle Core proposal

The investment period of the mutual fund is set at 3 years, with provision for an extension of 2 years. According to the investment mandate, the fund group will target early-stage investments (pre-seeds, seeds, series A), given that the projects are developed at Mantle and have at least one of the strategic business partners as investors. The investment committee includes popular names such as Miranda Ventures and Bybit.

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