Mantle Stakes $66M of Ether on Lido as Part of Treasury Management Strategy

Mantle introduced a new governing body for treasury management earlier this month.

Mantle stakes 40,000 ether on Lido (Pixabay)

📈 @0xMantle stakes 40,000 ETH from their DAO treasury with Lido. pic.twitter.com/uTCk9Zh6SG

— Lido (@LidoFinance) August 21, 2023

Following the recent governance vote, community members now have the right to decide strategies relating to Mantle’s treasury. A maximum of 200,000 ether has been approved for staking, with 20% allocated to Lido.

Mantle’s native token is currently trading at $0.43, after tumbling 29% in the past month in line with the wider crypto market downturn.

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Mantle also recently rolled out its mainnet technology stack for scaling Ethereum to compete with the likes of Arbitrum and Optimism. The Mantle network has $37 million in total value locked (TVL) as it struggles to establish a foothold amongst its layer two peers.

Edited by Aoyon Ashraf.

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