Manta Network, an innovative zero-knowledge layer-2 modular network, has recently unveiled a significant $50 million ecosystem fund with the goal of supporting the growth of new projects on its platform.
The launch of this initiative by the Manta Foundation represents a strategic move to enhance the network’s capabilities and attract cutting-edge development projects. The foundation aims to invest in projects that utilize zero-knowledge technology, setting a new standard in the industry.
The EcoFund Program, structured as part of this initiative, offers successful applicants the opportunity to receive direct investments or grants to further develop their projects on Manta Network. This approach is expected to draw in developers and innovators interested in working with advanced zero-knowledge technology.
Zero-knowledge proofs play a crucial role in enabling secure and private transactions on the Manta Network, without compromising sensitive information. This technology is essential for enhancing privacy within blockchain transactions.
The Manta Foundation is thrilled to announce the launch of the Manta Foundation EcoFund, a $50 million fund that includes both direct investments and the Ecosystem Grants Program. Developers looking to build on Manta Network are encouraged to apply for funding opportunities.
The $50 million fund has been strategically allocated to support various aspects of ecosystem development. $35 million is earmarked for direct investments in promising commercial projects, while $10 million is allocated for ecosystem grants to support projects at different stages of development.
Additionally, $5 million will be dedicated to hackathons to foster a competitive and innovative environment among developers. A smaller amount of $4 million will go towards general grants, with $1 million specifically allocated to projects focused on artificial intelligence, memecoins, and zero-knowledge applications.
Despite a recent dip in total value locked (TVL) following the end of its crypto yield program, the Manta Network remains optimistic with a current TVL of $54.7 million. The network’s strategic initiatives, including the new ecosystem fund, aim to revitalize its ecosystem and position itself as a leading zero-knowledge technology provider.