Mantle EcoFund's $200M Fund To Propel Web3 Innovation

Mantle EcoFund started the deployment of its substantial $200 million catalyzed capital pool.

Established in July 2023 following a Mantle Governance vote, this fund is one of the largest ecosystem funds of its kind and is initiating its liquidity support provision.

The beneficiaries of this deployment include LiquidX, a venture studio focusing on building Web3 companies; Valent, a decentralized money market delving into liquid staking derivatives finance (LSDFi) and real-world assets (RWAs); and Range Protocol, an integrated on-chain asset management platform.

The upcoming Benzinga's Future of Digital Assets conference on Nov. 14 is expected to shed more light on such significant advancements in the digital asset landscape.

A recent DAO proposal, MIP-26, approved by the Mantle community, has sanctioned up to a combined 60 million Kava (CRYPTO: USDX), 30,000 Ethereum (CRYPTO: ETH), and 120 million Mantle (CRYPTO: MNT) in liquidity provision for EcoFund-invested decentralized applications (dApps). Each dApp can receive an individual allowance of up to 10 million USDX, 5000 ETH, and 20 million MNT.

LiquidX is the first to benefit from Mantle EcoFund's investment.

The fund's strategy includes collaborating with venture studios led by founders with a robust Web2 background.

David Toh, partner of Mirana Ventures, Mantle EcoFund’s operator, said, "LiquidX excels as a builder and solution provider in the liminal space between Web2 and Web3."

Chris Sirise, co-founder of LiquidX, expressed his enthusiasm about having Mantle as a strategic investor.

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Meanwhile, Mantle EcoFund, in partnership with Selini Capital, invested in Valent.

Jordi Alexander, CIO of Selini Capital, shared his excitement about this collaboration, emphasizing the combined expertise both entities bring to the table.

Rahul Agarwal, a core contributor of Valent, expressed optimism about the partnership, aiming to introduce innovative DeFi solutions.

Furthermore, following the approval of MIP-26, Mantle EcoFund will offer liquidity support to chosen projects, with Range Protocol being the first.

Siddharth Lalwani, CEO of Range Protocol, believes this liquidity support will provide average DeFi users with easier access to professional automated trading strategies.

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