BitDAO

Proposal Summary

1. Approve the transfer of the following amounts to the Mantle Core Multisig:

• [Testnet Opex] 10M $BIT and 14M $USDC — To cover operations during an up to 6-month long testnet. The length of the testnet is subject to the results of testing and maturity of the new implementations (e.g. proof generation and data availability). A maximum of $7M will be spent on payroll and G&A costs.

2. Approve budget allocation for Mantle Mainnet Phase 1 (First Year) as below:

• [Mainnet Opex for First Year] 145M $BIT and 34M $USDC — A maximum of $17m will be spent on payroll and G&A costs.

• [Ethereum L1 Gas Fees] 15,000 $ETH — This will be offset by $BIT transaction fees received on Mantle Network. It will be up to a subsequent BitDAO proposal to rebalance $BIT into $ETH.

• [Loan] 30M $BIT and $60M equivalent in major assets — For the purposes of funding canonical bridge and node delegation. These assets belong to BitDAO and will be trackable on-chain.

3. Approve the disbursement of funds for Mantle Mainnet Phase 1 based on the policies below:

• The approved budget will be held in BitDAO Treasury until called for by the Mantle Core Team. Disbursement of funds shall be from BitDAO Treasury to the Mantle Core Multisig. The target working capital buffer for Mantle shall be 3 months.

• Expenditures that fall within 115% (projected annual) of the Mantle Mainnet Phase 1 budget shall not require a subsequent BitDAO proposal. Expansions or major modifications shall require an updated BitDAO proposal.

• Mantle Core Team shall provide a regular report of budget spending and outcomes for the purpose of performance review. To preserve privacy and commercial partner relationships, individual salaries and individual service provider commercial terms will not be revealed.

• All disbursed but unused funds by Mantle Core shall remain the property of BitDAO. By default, all unused funds for Phase 1 will be rolled into subsequent Phases.

4. BitDAO may modify the above terms at any time pending a subsequent proposal and vote.

Read the full proposal here.