In a bold move that has sent shockwaves throughout the crypto ecosystem, Seraphim Czecker, a DeFi expansionist at Lido Finance, has submitted a groundbreaking proposal to Mantle, a prominent Layer 2 project. The proposal seeks a substantial allocation of 40,000 ether (ETH), equivalent to a staggering $72 million, from Mantle’s extensive treasury for Lido’s revolutionary liquid staking platform, media reports said.
Mantle, which recently merged with BitDAO, a renowned decentralized autonomous organization (DAO), boasts one of the largest community treasuries in the crypto space. DeepDAO data reveals that this treasury encompasses an impressive $500 million worth of ether and $300 million in stablecoins. Mantle is not resting on its laurels, as its core team is concurrently engaged in developing an Ethereum Layer 2 network, solidifying its position as an influential player in the industry.
If this audacious proposal receives the seal of approval via a governance vote from the Mantle community, it will not only result in a substantial injection of liquidity into Lido’s staking platform but also forge a strategic partnership between Lido and Mantle.
The proposed allocation of 40,000 ETH from Mantle’s treasury aims to invigorate the stETH ecosystem on Mantle’s Layer 2. Moreover, the proposal seeks to attract major DeFi integrations, including popular platforms like Uniswap, Curve, and other decentralized exchanges, to join the burgeoning network.
Czecker, previously in charge of the risk department at the esteemed lending protocol Euler, expressed his advocacy for relocating DAO-owned stETH/ETH liquidity to prominent decentralized exchanges on Mantle. While the ultimate decision rests with the BitDAO community, Czecker’s proposal carries considerable weight and promises transformative outcomes for both Lido Finance and Mantle.
However, this proposal transcends a mere investment opportunity. It also includes a visionary revenue-sharing agreement between BitDAO and Lido DAO. If ratified, this groundbreaking agreement would ensure that a portion of the revenue generated by the Lido DAO treasury is redistributed to BitDAO over a period of 12 months, solidifying the partnership and promoting mutual growth.
Lido Finance, a frontrunner in decentralized liquid staking protocols, has revolutionized the industry by enabling users to earn staking rewards from Ethereum while maintaining access to their capital through a derivative token called staked ether (stETH). This innovative approach has garnered significant attention and popularity among crypto enthusiasts, propelling Lido Finance to the forefront of the industry.
As the crypto landscape continues to evolve, strategic partnerships and bold proposals like the one put forth by Seraphim Czecker are reshaping the DeFi ecosystem. If Mantle’s community embraces this ambitious vision, it could mark a significant milestone for both Lido Finance and Mantle, opening up new avenues of liquidity and paving the way for further innovation in the decentralized finance space.
