Mantle Network Proposal for Staking Up to 200,000 $ETH Approved

Layer 2 network Mantle Network has passed a community proposal to stake up to 200,000 $ETH from the Mantle Treasury.

The proposal includes the establishment of the Mantle Economic Committee and authorizes a cumulative limit of up to 200,000 $ETH for staking strategies, with a separate cap of up to 40,000 $ETH for the Lido ETH staking strategy. It also involves building stETH-ETH and mntETH-ETH LP trading pairs on Ethereum L1 and Mantle L2 DEX.

Mantle Network is an Optimistic Rollup developed by BitDAO. It uses a modular design, where the core functions of blockchain operation are performed on specialized layers, aiming for lower costs and better overall performance. Previously, BitDAO passed a governance proposal, approving the one-way token conversion from $BIT to $MNT on a 1:1 basis.

Related: Mantle Network Launches Mainnet Alpha, $BIT to $MNT Conversion Open