Saturday, May 25, 2024

Community members of the Mantle approved the creation of an economics committee that will manage the layer 2 blockchain’s hulking $4.2 billion treasury.

The Mantle Economics Committee will decide how to allocate the treasury, the majority of which is in the form of MNT, the governance token for Mantle. About $300 million is in stablecoins USDC and USDT.

The vote to create the governing body comes several weeks after Mantle launched its mainnet technology stack for scaling Ethereum. The network has a total value locked (TVL) of $40.73 million, according to DefiLlama, making it substantially smaller than competing L2s Arbitrum and Optimism, which have $1.9 billion and $874 million, respectively.

The governance proposal also authorizes Mantle LSD and an ether (ETH) staking strategy in collaboration with Lido. Mantle LSD is a liquid staking protocol where users can deposit ETH in exchange for mntETH, a liquid staking token

Mantle’s staking strategy with Lido includes allocating 40,000 ETH from Mantle treasury to stETH as a way “to bootstrap DEX liquidity and integrations across Mantle,” said Lido contributor “Seraphim,” in a forum discussion. Mantle’s treasury currently holds more than 264,000 ETH, according to its website.

Edited by Danny Nelson.

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