Key Points:
Mantle Network, a notable Layer 2 Ethereum network, has made a resounding commitment to the crypto landscape by pledging a significant 40,000 ETH from its DAO vault to Lido on August 21. This substantial allocation marks a momentous step, authorized by the MIP-25 proposal, as Mantle Network strengthens its involvement in the evolving decentralized finance realm.
This pledge resonates with Mantle’s strategic vision, aiming to forge a deeper partnership with Lido. The wstETH, or wrapped stETH, is presently secured within the Mantle Treasury, poised for the forthcoming actions that will further the objectives of this dynamic collaboration.
The strategic significance of this move is heightened by its alignment with the MIP-25 proposal, a pivotal development in Mantle Network‘s trajectory. The proposal’s approval on August 8 ushered in the authorization for the implementation of a comprehensive pledge strategy, potentially encompassing up to 200,000 ETH.
Mantle Network’s pledge underscores its commitment to both its partnership with Lido and the wider cryptocurrency community. The collaboration envisions extending the reach of wstETH and other Ethereum staking applications into Mantle’s burgeoning ecosystem in the near future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire
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