Categories: FintTechMenafn

BIT Jumps 7.2% Following $200 Million BitDAO Fund Proposal

  • BitDAO’s Mantle Core recently submitted a proposal on the DeFi protocol’s governance forum.
  • The proposal sought to establish a $200 million ecosystem fund to promote Mantle’s adoption.
  • The fund’s capital will be deployed into more than 100 projects in the Mantle Ecosystem over the next three years.
  • BitDAO’s governance token BIT jumped 7.2% following the proposal.

Mantle Core, a high-performance layer 2 network developed by BitDAO, recently submitted a proposal on the DeFi protocol’s governance forum. The proposal sought to establish a $200 million ecosystem fund aimed at promoting Mantle’s adoption among developers and decentralized applications (dAPPs). 

The proposal has prompted BitDAO’s governance token BIT to surge by over 7.5%, reaching a weekly high of $0.592. The token’s daily trading volume has gone up by 65% over the past 24 hours. BIT has outperformed heavyweights like Bitcoin and Ethereum. 

Proposal seeks $100 million from BitDAO’s Treasury

The Mantle Core team laid out the objectives of the proposal on the governance forum, which included attracting reputable venture funds into the Mantle ecosystem, improving the sustainability of the Mantle EcoFund by maintaining consistent returns and performance and supporting its dAPP developers. 

As per the proposal, the Mantle EcoFund is seeking authorization from the BitDAO community for a first capital call of 10 million USDC from its Treasury, followed by an additional $100 million for the establishment of the fund. This will be supplemented by another $100 million from Strategic Venture Partners through 1:1 capital matching. 

We believe that having a mix of funds and founders as Strategic Ventures Partners would provide new exciting 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 and revenue models.”

Mantle Core’s proposal

The fund’s investment period has been set as 3 years, with a provision to extend it by 2 years. According to the investment mandate, the capital pool will target early-stage investments (pre-seeds, seeds, series A) given that the projects deploy on Mantle and have at least one of the strategic venture partners as its investors. The investment committee includes popular names like Miranda Ventures and Bybit. 

Ryan Helton

A Stock enthusiast since childhood, Ryan is known for his impeccable knowledge in the technology and gadgets niche. He has been working with eTrendy Stock as a contributor for most stock category and his articles are always well-researched and accurate.

Recent Posts

Sunny Mining Unveils Weekend Incentive Contracts for Short-Term Crypto Profits

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, As digital assets gain increasing attention,…

3 days ago

Price pullbacks are no longer the end: APT miners help XRP investors lock in daily gains

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, After XRP once again fell below…

3 days ago

Irys Raises $10M Series A to Unlock $3 Trillion Data Economy With First Programmable Datachain

CoinFund-Led Round Accelerates Institutional Adoption of Infrastructure For Datachains London, UK, Aug 22, 2025, ZEX…

3 days ago

BJMINING Attracts Thousands of New Users Amid Crypto Rally, Delivering $7,000 Daily Returns

London, UK, 22nd August 2025, ZEX PR WIRE- With the launch of Bitcoin and Ethereum…

3 days ago

XRP holders cash out $5,777 per day through secure blockchain cloud mining.

Start your journey to wealth with one click. Miami, Florida, 22nd August 2025, ZEX PR…

3 days ago

PlanMining Helps XRP Investors Earn $8,800 in Passive Income Daily

London, England, 22nd August 2025, ZEX PR WIRE, In today’s volatile cryptocurrency market, maintaining asset…

3 days ago