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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/07/2023

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 ✅ This makes Lido the only LST protocol to have partnered with Mantle This is also t

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.

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.