The Manta Foundation has introduced a $50 million ecosystem fund to support projects exploring the expanding Web3 space of the Manta Network.
Manta Network is a modular layer-2 solution designed to support zero-knowledge (ZK) applications.
This new $50 million ecosystem fund aims to accelerate growth by providing financial support to developer teams working within the Mantaverse.
Applications Now Open for Manta Ecosystem Fund
In a Thursday announcement, the Manta Foundation revealed that applications for the EcoFund are now open to interested projects.
“The $50 million fund will be available for one year, starting from June 15th. Projects that receive a grant or direct investment will be part of the EcoFund Program,” stated the Manta Foundation.
According to the announcement, the EcoFund includes the Ecosystem Grant Program, which focuses on supporting early-stage projects. The program aims to support developers who are working on innovative projects within the Manta Network.
The Ecosystem Grant Program will provide grants to teams working on DeFi, gaming, and NFT projects.
“We are looking for projects that not only showcase innovation but also add value and contribute to the growth of the Manta Network, promoting a collaborative and mutually beneficial environment,” added the Manta Foundation.
Manta EcoFund allocations
The EcoFund will provide direct investment to native applications and technology partners, prioritizing projects with high growth potential.
Out of the $50 million fund, $35 million is allocated for direct investments, while $10 million will be designated for early-stage projects through grants. Additionally, $2 million is reserved for projects in AI, DePIN, zero-knowledge technology, and memecoins.
An additional $5 million will be allocated to hackathons, and $4 million will be set aside for general grants.
Manta Network has achieved significant growth, particularly with advancements in its zero-knowledge (ZK) applications. Manta Pacific acts as the modular blockchain’s layer-2 solution for EVM-compatible ZK applications.
As of now, Manta Network has a total value locked (TVL) of $711.65 million, according to L2Beat. This TVL encompasses basis trading, lending, liquid staking, and decentralized exchange (DEX) protocols.
0 Comments