Mantle Core, a division of BitDAO, has submitted a proposal to the BitDAO governance forum to allocate $200 million to support early-stage Web3.0 startups. The aim of this proposal, as reported by Cointelegraph, is to increase adoption of Mantle’s network among developers and decentralized applications (Dapps) over the next three years.
BitDAO’s treasury will contribute $100 million in USD Coin, with the remaining $100 million coming from “strategic venture partners,” including Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures, and QCP Capital. The ecosystem fund and venture partners plan to co-invest in Web3.0 startups during their pre-seed, seed, and series A rounds.
The investment timeline is expected to be active for three years, with a possible extension of two years. The initial fund operator will be Mirana Ventures, BitDAO’s venture partner, in conjunction with an investment committee made up of representatives from Mirana Ventures, Mantle, BitDAO, and Bybit.
