Mantle EcoFund Completes $10 M investment allocation from its initial capital call

The $200 million Mantle EcoFund, which was established by a Mantle Governance vote (MIP-24) in July 2023 and is one of the biggest ecosystem funds of its kind, has announced on Thursday that it has finished allocating $10 million in investments from its initial capital call. The fund is run by Mirana Ventures.

In the upcoming months, Mantle EcoFund said in a statement, Mirana Ventures will conduct the second capital call of $30 million in compliance with MIP-24 to fund new initiatives within the Mantle Ecosystem.

Six Mantle Ecosystem DeFi projects have reportedly received new funding: MUFEX, a multichain decentralized perpetual exchange that offers a trading experience similar to a centralized exchange (CEX); Butter.xyz, a Mantle-native DEX emphasizing trend-driven opportunities and fostering a transparent and fair environment; TsunamiX, a gamified margin trading and spot DEX; and Merchant Moe, an automated market maker (AMM) decentralized exchange (DEX) built by the Trader Joe team; and INIT Capital, an upcoming “Liquidity Hook” money market on Mantle Network.

According to Mantle Governance MIP-26, which permits up to a combined 60 million USDx (stablecoins), 30,000 ETH, and 120 million $MNT in liquidity provision for EcoFund-invested decentralized applications (dApps), with each individual allowance up to 10 million USDx, 5000 ETH, and 20 million $MNT, the investments further enable Mantle EcoFund to provide for the projects’ liquidity support.

Trader Joe’s AMM DEX, Merchant Moe, is committed to becoming the main DEX in the Mantle Ecosystem by creating a liquidity hub.

With 4,700 active users on launch day and $25 million TVL in the first week, the project has made an impressive splash in the Mantle Ecosystem.

“We chose to build on Mantle because it’s an exciting young ecosystem that has two unique features that make it stand out from the rest: using EigenDA technology that allows it to have very inexpensive fees and having its own staking derivative, $mETH, which comes with best-in-class native yield,” said 0xMurloc, Co-Founder of Merchant Moe.

“$mETH is currently the 5th largest LST, with almost half a billion in liquidity, and we see that growing,

“Our bet on Mantle is because we believe it will be the L2 with the most staked ETH in the future, and we want to be front and center of that,” he added.