BitDAO Proposal to fund Ethereum L2 Network Mantle with 155 million BITs and 48 million USDCs

02/14/2023 09:01 • Metaverse & Beyond • 77 views

On February 14, the BitDAO community launched the BIP-19 proposal, which proposed to plan a one-year budget for the Ethereum L2 network Mantle launched earlier, including 10 million BITs and 14 million USDCs to cover the six-month operating expenses of the test network, and 145 million BITs and 34 million USDCs to cover the one-year operating expenses of the main network.

BitDAO community launched a new proposal to vote, and planned to plan 1 year budget fund for Ethereum L2 network Mantle

Interpretation of the news:

BitDAO, the decentralized autonomous organization that operates on the blockchain, recently launched the BIP-19 proposal on February 14th. This proposal aims to support the Ethereum L2 network Mantle, which has just launched. It aims to plan a one-year budget for Mantle by allocating 155 million BITs and 48 million USDCs. This funding would cover the expenses of both the Mantle test network, which would require 10 million BITs and 14 million USDCs for six months, and the main network Mantle, which would require 145 million BITs and 34 million USDCs over the next year.

BitDAO’s support for the Ethereum L2 network Mantle is a significant step towards improving the scalability of the Ethereum blockchain. The current methods of transaction processing on Ethereum are facing network congestion and high transaction fees due to the increasing demand for decentralized finance (DeFi) applications and NFTs. The deployment of Layer 2 solutions such as Mantle can provide a more efficient and cheaper alternative to resolve these issues.

The funding proposed by BitDAO for Mantle is intended to facilitate the development and maintenance of the network, including attracting and incentivizing developers, covering operating expenses, and supporting future upgrades. The allocation of 155 million BITs and 48 million USDCs demonstrates BitDAO’s willingness to invest in the growth of the DeFi ecosystem and the Ethereum network.

Therefore, the community of BitDAO members and DAO members who support the proposal for the BIP19 proposal could imply that they see the Mantle network as a massive opportunity for growth and innovation within the cryptocurrency industry. This could also mean that their trust in Mantle’s development team, technology, and community has led them to place significant capital into it for future success.

In conclusion, BitDAO’s BIP-19 proposal is a crucial step in the development and growth of the Ethereum L2 network Mantle. The allocation of 155 million BITs and 48 million USDCs will provide much-needed funding for the network’s development, thereby helping to improve the scalability of Ethereum. The proposal shows the BitDAO community’s belief in the potential of Mantle, and their willingness to invest and support the growth of the DeFi ecosystem and the broader cryptocurrency industry.

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