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BitDAO’s Mantle Core to give Web3 fund $200 million

On February 26, Mantle Core posted a proposal on the BitDAO governance forum to set up a $200 million fund for Web3 companies in their early stages. The purpose of the ecosystem fund is to get more developers and Dapps to use the Mantle network. The metaverse news that a $200 million fund has been promoted is encouraging for the growth of Web3.

The BitDAO ecosystem made Mantle, which is an Ethereum network with a second layer. The proposal says that over the next three years, a $200 million capital pool would be used in the Mantle ecosystem. The BitDAO treasury would pay for $100 million in USD Coin $1.00, and “strategic venture partners” would match that amount with another $100 million.

Mantle’s proposal says that Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures, and QCP Capital are all interested in taking part.

If approved, the Mantle EcoFund and venture partners will co-invest in projects at a rate of 1:1. The ecosystem fund will give money to Web3 companies that are in the pre-seed, seed, and series A stages of raising money.

A Mantle representative wrote in an email that the fund is meant to be invested for three years, with two years of possible extensions. Mirana Ventures, Bybit, and BitDAO’s venture partner would run the first fund, and members of Mirana Ventures, Mantle, BitDAO, and Bybit would be on the investing committee.

A representative for Mantle said, “The 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’s lifecycle.”

The EcoFund team’s operational costs, like sourcing, due diligence, legal, portfolio support, and fund administration, would be paid for by a “industry standard” 2% management fee.

Similar projects want to get more people to use cryptocurrencies and bring new ideas to the industry as a whole. Polygon is a scaling solution for Ethereum. In 2017, it set up a $100 million fund with the goals of making decentralized finance easier to access, onboarding customers, and driving adoption.

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About MahKa

BitDAO's Mantle Core to give Web3 fund $200 millionMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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