Mantle Core has submitted a proposal to create a $200 million fund for an early-stage Web3 small and medium enterprise (SME).
The BitDAO governance forum revealed that the new ecosystem solution hopes to improve Mantle network adoption for global crypto users and developers.
Mantle Core uses the Ethereum layer-2 network, and BitDAO will deploy the ecosystem via a new $200 million capital injection over three years’ time.
Additional contributions will come from the BitDAO treasury, totalling $100 million USD Coin (USDC) and a further $100 million from “strategic venture partners.”
Potential investors include Dragonfly Capital, Folius Ventures, Pantera, Spartan, Selini Capital, Play Ventures Future Fund, QCP Capital, Cadenza Ventures, and Lemniscap.
Mantle’s EcoFund will prioritise pre-seed, seed, and series A round fundraisers, with participants investing with a 1:1 ratio.
Global Web3 Firms Back Crypto’s Future Devs
The announcement comes just days after execution layer Cartesi unveiled a Community Grants programme to back Web3 developers and enthusiasts. The initiatives aims to expand adoption of the Cartesi ecosystem and boost decentralised finance (DeFi) solutions worldwide.
Additionally, Binance Charity launched plans to invest in tens of thousands of scholarships for Web3 students around the world. The programme will support the global Web3 ecosystem and upskill the next generation of Web3 experts capable of creating a DeFi economy.
