Mantle Approves Proposal to Convert Treasury Funds to stETH
After more than half a month of discussions, Mantle DAO has officially approved the proposal to convert Treasury assets to stETH.
Mantle's Proposal to Convert Treasury to stETH
The proposal, titled MIP-25, was drafted by Cateatpeanut, a core team member of Mantle.
Big news: @0xMantle x @LidoFinance proposal to allocate a chunk of the $370mil ETH treasury into stETH in exchange for rewards sharing has passed ✅
— Seraphim (@MacroMate8) August 7, 2023
This makes Lido the only LST protocol to have partnered with Mantle
This is also the beginning of an exciting LST ecosystem on… pic.twitter.com/6nDs2Oa1xR
The approved proposal will convert 200,000 ETH from the Treasury into stETH. Additionally, a cap of 40,000 ETH has been set for the liquidity provision of stETH/wstETH and mntETH (Mantle's version of liquid staking).
Collaboration with Lido
This proposal establishes a partnership between Lido and Layer-2 Mantle. Lido, the leading liquid staking platform, has announced its ambition to build a revenue-sharing alliance network. Mantle will assess risks and consider adding other liquid staking assets to its reserve portfolio. These are the first proactive steps following the mainnet launch of Layer-2 Mantle in mid-July 2023.
