Mantle Core Proposes $200M Fund for Web3 Startups

Mantle Core, a subsidiary of BitDAO, has recently proposed the creation of a $200 million fund dedicated to early-stage Web3 startups. The proposal aims to accelerate the adoption of Mantle, an Ethereum layer-2 network, among developers and Dapps. The Mantle EcoFund will be deployed within the Mantle ecosystem over the next three years, with BitDAO’s treasury providing $100 million in USD Coin (USDC), and another $100 million coming from external matching capital from strategic venture partners.

Several funds have expressed interest in participating in the Mantle EcoFund, including Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures, and QCP Capital, according to Mantle’s proposal. If approved, the EcoFund and venture partners will participate in projects with a 1:1 co-investment ratio. The ecosystem fund will target Web3 startups raising pre-seed, seed, and series A rounds.

The Mantle spokesperson has stated that “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.” Management fees for the EcoFund team, including sourcing, due diligence, legal, portfolio support, and fund administration, will be “industry standard,” with a 2% fee to support operational expenses.

The proposed Mantle EcoFund is part of a broader trend across the crypto industry, with similar initiatives seeking to drive adoption and innovation. For instance, in 2021, Polygon, an Ethereum scaling solution, launched a $100 million fund aimed at improving access to decentralized finance, onboarding users, and accelerating adoption.

In summary, the proposed Mantle EcoFund has the potential to significantly boost the development and adoption of Web3 startups by providing early-stage funding for promising projects. With the backing of BitDAO’s treasury and external venture partners, the Mantle EcoFund could become a significant player in the Web3 ecosystem, fueling innovation and growth in the years to come.


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BitDAO launches $200M zkDAO to advance Ethereum scaling via zkSync

On Thursday, a proposal to fund decentralized autonomous organization zkDAO passed via treasury protocol BitDAO with close to 200 million votes cast. The proposal was authored by Matter Labs — the organization behind Ethereum scaling protocol zkSync — and Mirana Ventures.

Utilizing zk-Rollups, zkSync and its family of technologies will build layer-2 infrastructure capable of returning succinct proofs to the Ethereum network without sending the entire data. The result, if implemented, would mean a vastly speedier network. Zero-knowledge-based solutions have attracted much attention in recent months due to recurrently high levels of congestion on Ethereum, as well as exuberant gas fees. For example, Polygon is committing $1 billion to zero-knowledge tech firms and protocols. Aside from scaling, zero-knowledge proofs can also be used to obscure transactions and enhance individual privacy, such as


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DAO treasuries surged 40X in 2021: DeepDAO

The total combined value of treasuries, or assets under management (AUM) for the use of decentralized autonomous organizations, increased by around 40 times between January and September of 2021.

According to data from DAO stats platform DeepDAO, the total AUM for DAO treasuries listed on the platform increased from around $380 million in January to a peak of roughly $16 billion in mid-September.

As of mid-December, the total AUM has decreased by 28.1% since the high water mark to sit at $11.5 billion, dropping a hefty $3.6 billion over the past 30 days alone.

User participation in DAOs has surged as well throughout 2021, with the total DAO members and token hodlers tallying in at around 1.3 million in December, marking a 130x increase since the start of the year.

DeepDAO ranks the DAOs for decentralized exchange (DEX) Uniswap, the general purpose BitDAO, and decentralized finance staking platform Lido Finance as the top three in terms of total treasury value at $2.9 billion, $2.4 billion and $602 million apiece.

The Uniswap DAO has roughly 275,000 members that can vote on the project’s roadmap and maintain governance over the DEX. Uniswap has been the dominant DEX throughout 2021, pulling in more trading volume than all of the other DEXs combined according to Dune Analytics data.

The Lido DAO governs its platform, and users are granted governance rights via the Ethereum-based LDO token. Lido Finance has also exploded in 2021, with the platform’s total value locked increasing from $12.5 million at the start of January to a whopping $11.68 billion in late December. According to data from DeFiLlama, Lido Finance currently sits as the sixth-highest ranked DeFi platform in terms of TVL.

Related: DAO aims to raise $5M to resurrect Blockbuster Video

BitDAO is focused on supporting decentralized projects across any blockchain that are voted on by BIT token holders.

The DAO has around 10,000 members and focuses on proposals relating to direct partnerships or swaps with projects, and expansion opportunities such as the launching of autonomous artist guilds, farming cooperatives and ecosystem funds.