Mantle EcoFund makes investments in 6 ecosystem companies

2024-1-18 13:56

Mantle, a fast-growing blockchain network with over $145 million in DeFi assets, has unveiled its first ecofund investments. In a statement, the developers said that they would provide $10 million to seven companies building in the platform.

This funding will be followed by another $30 million investment by Mirana Ventures in the coming months. These investments will help to grow Mantle’s market share in the highly competitive industry in the coming months.

Developers select Mantle, an Ethereum roll-up because of its significantly low fees, faster speeds, high scalability, and Ethereum-grade security. According to its website, its ecosystem is growing rapidly, with most of the projects being in the Decentralized Finance (DeFI) industry followed by infrastructure.

Some of the most notable players in Mantle are Agni Finance, Ondo Finance, FusionX Finance, and Stargate. In all, according to DeFi Llama, this ecosystem has a combined Total Value Locked (TVL) of more than $145 million. 16 of these dApps have over $1 million in assets.

The recipients of this funding are in key industries. Merchant Moe Marshals is building an AMM liquidity hub for the ecosystem. INIT Capital, on the other hand, hooks the Mantle network with its liquid money market. In a note, the founder of INIT Capital said:

“INIT is built on the belief that liquidity should be a commodity that is accessible to everyone, given borrowers can build innovative strategies with the liquidity. INIT is trying to democratize access to liquidity to not just DeFi users, but also protocols with liquidity hooks.”

Butter is an exchange for speculating degebs while Renzo enables secure compounding rewards from Ethereum staking.

The biggest challenge that Mantle will need to overcome is the rising competition in the blockchain industry. On Wednesday, I wrote that Manta had silently accumulated over $430 million in assets shortly after launch. Other notable competitors are networks like Base, Arbitrum, and Optimism.

Mantle’s MNT toke reacted mildly to the report. It has slipped by 16.5% from its highest point this year but it remains 131% above its November low, giving it a market cap of over $2.2 billion.

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