Manta Network, an innovative zero-knowledge layer-2 modular network, has introduced a significant $50 million ecosystem fund with the aim of supporting the growth of new projects on its platform.
Managed by the Manta Foundation, this initiative represents a strategic move to enhance the capabilities of the network and attract cutting-edge development projects.
The launch of the fund on June 15th showcases the commitment of Manta Network. It is not just about providing financial support, but rather a well-structured program called the EcoFund Program.
Successful applicants under this program will receive either direct investments or grants to nurture their projects on Manta Network. The goal is to draw in developers and innovators who are interested in working with advanced zero-knowledge technology.
Zero-knowledge proofs, a cryptographically-based protocol that allows transactions to be verified without revealing any transaction-related information, are a crucial feature of Manta Network Core.
The Manta Foundation is thrilled to announce the inauguration of the Manta Foundation EcoFund, a $50 million fund that includes direct investments and our Ecosystem Grants Program.
Interested in building on Manta? Apply now: [link]
This technology is essential for enhancing privacy in blockchain transactions, as it ensures secure and anonymous transactions without compromising data integrity.
The $50 million fund has been strategically allocated to focus on various aspects of ecosystem development. $35 million is earmarked for direct investments in promising commercial projects, while $10 million in ecosystem grants will support projects at different stages of development.
Additionally, $5 million will be allocated for hackathons to foster a competitive and innovative environment among developers. A smaller amount of $4 million is set aside for general grants, and $1 million is specifically dedicated to projects related to artificial intelligence, memecoins, and zero-knowledge applications.
Despite a previous peak of $684 million in total value locked (TVL), Manta Network’s current TVL stands at $54.7 million. However, the network remains optimistic. The recent decline was largely due to the conclusion of its crypto yield program, leading to a significant user exodus. Nevertheless, Manta’s strategic initiatives, including the introduction of this new fund, are aimed at revitalizing its ecosystem and establishing itself as a leading zero-knowledge platform.
