Manta Network, a groundbreaking zero-knowledge layer-2 network, has recently launched a significant $50 million ecosystem fund with the goal of supporting the growth of new projects on its platform.
This initiative, led by the Manta Foundation, represents a strategic move to enhance the network’s capabilities and attract innovative development endeavors.
The Manta Network’s commitment is evident in the structure of the newly established fund on June 15th. This is not just about providing funds, but it entails a well-designed program called the EcoFund Program.
Through this program, successful applicants will receive either direct investments or grants to advance their projects on the Manta Network. This step is expected to draw developers and innovators who are interested in working with cutting-edge zero-knowledge technology.
Zero-knowledge proofs, a cryptographic protocol that allows transactions to be verified without disclosing any transaction details, are a fundamental feature of the Manta Network Core.
The Manta Foundation is thrilled to announce the launch of the Manta Foundation EcoFund, a $50 million fund that includes direct investments and the Ecosystem Grants Program.
Interested in building on Manta? Apply now:
https://t.co/FpNxpI1sCe pic.twitter.com/8K1R8KZ6Tv
— Manta Network (,) #MantaCeDeFi (@MantaNetwork)
June 13, 2024
This technology plays a crucial role in enhancing privacy on the blockchain, ensuring secure and anonymous transactions without compromising data integrity.
The $50 million fund has been strategically allocated to support various stages of ecosystem development. $35 million is earmarked for direct investments in promising commercial projects, while the remaining $10 million in ecosystem grants will support projects from inception to more advanced stages.
Additionally, $5 million will be allocated for hackathons to foster competition and innovation among developers. A smaller yet significant amount of $4 million will be dedicated to general grants, and $1 million will specifically finance projects related to artificial intelligence, memecoins, and zero-knowledge applications. This structured financial support aims to drive innovation and ensure the longevity and success of projects within the Manta ecosystem.
Despite a previous all-time high total value locked (TVL) of $684 million, the current TVL of Manta Network stands at $54.7 million – showing promise for growth. A recent decline was largely attributed to the end of its crypto yield program, leading to a significant user exodus. However, Manta’s strategic initiatives, including the new fund, are poised to revive its ecosystem and establish itself as a leading zero-knowledge player.
