Manta Foundation Launches $50M Ecosystem Fund To Foster Thriving Ecosystem Of Blockchain Projects
In Brief
Manta Foundation introduced $50 million ecosystem fund, EcoFund, to support the ecosystem of innovative blockchain projects.
Organization dedicated to advancing modular blockchain solutions for zero-knowledge (ZK) applications Manta Network, Manta Foundation, introduced its new $50 million ecosystem fund, EcoFund. This initiative, scheduled to run for one year starting June 15th, aims to support the ecosystem of innovative blockchain projects.
Notably, via its EcoFund and Ecosystem Grant Program, Manta Foundation will provide funding and support to early-stage initiatives that can receive grants of up to $50,000 to facilitate the implementation of their ideas.
The fund will prioritize projects, demonstrating the potential for market disruption and sustainable growth within the Manta network ecosystem. Additionally, selected projects are expected to present business models that are geared toward long-term viability and success.
A significant part of the EcoFund, $35 million or 70% of the total funds, will be reserved for direct investments in promising projects, focused on building applications within the Manta network across Gaming, decentralized finance (DeFi), non-fungible tokens (NFTs) among other sectors. This allocation is aimed at driving the development of essential applications and fostering advancements across the ecosystem.
Meanwhile, a portion of $10 million, equivalent to 20% of the total funding, will be dedicated to grants aimed at supporting specific areas of interest within the ecosystem. The focus will be on projects spanning diverse sectors, including AI, Decentralized Physical Infrastructure Networks (DePIN), ZK technology, and memecoins, bolstering the development of unique applications on the Manta Pacific network. Additionally, funding will be available for projects demonstrating product-market fit in any other emerging areas.
Additionally, $5 million, representing 10% of the funding, will be set aside for events and hackathons to attract new builders and users.
Manta Foundation Initiates Support For Collators With 50M MANTA Tokens
Manta Network is designed to support ZK applications. It comprises two networks: Manta Pacific and Manta Atlantic. Together, they create an environment that sustains the development and adoption of Web3 applications.
Recently, the Manta Foundation has begun supporting collators on Manta Atlantic by delegating 50 million MANTA tokens. These tokens are allocated to those collators who actively contribute to the security and expansion of the Manta Network ecosystem.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
