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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.
Updated Aug 22, 2023, 12:49 p.m. Published Aug 22, 2023, 12:49 p.m.
Layer 2 network Mantle has staked 40,000 ether on staking protocol Lido after it passed a governance vote on treasury management earlier this month.
The staked ether (stETH) is worth around $66 million and will generate a yield of 4.1% APR at current rates.
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The value of Mantle's treasury stands at over $3.2 billion, with the majority of that held in its native governance token (MNT), bitDAO (BIT) and stablecoins.
📈 @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.
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.
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