Network at layer 2 After passing a governance vote on treasury management earlier this month, Mantle staked 40,000 ether (ETH) using the staking protocol Lido.
At the current price, the staked ether (stETH) is valued about $66 million and will produce a dividend of 4.1% APR. Over $3.2 billion is stored in Mantle’s treasury, the majority of which is in its native governance token (MNT), bitDAO (BIT), and stablecoins.
Community members now have the authority to choose policies pertaining to Mantle’s finances as a result of the most recent governance vote. 20% of the maximum 200,000 ether authorised for staking will go to Lido.
In accordance with the general decline in the cryptocurrency market, Mantle’s native token has fallen 29% in the previous month and is now trading at $0.43.
Additionally, Mantle just released its mainnet technological stack for scaling Ethereum in order to compete with projects like Optimism and Arbitrum. The Mantle network, which is competing against layer two peers, has $37 million in total value locked (TVL).