The Manta Foundation has introduced a $50 million ecosystem fund, designed to support projects aiming to enter the expanding Manta Network Web3 sector. Manta Network operates as a modular layer-2 network, facilitating zero-knowledge (ZK) applications.

This initiative seeks to boost growth within the Mantaverse by offering financial backing to developer teams.

Funding Opportunities with Manta Ecosystem Fund

The Manta Foundation recently announced that applications for the EcoFund are now open. The $50 million allocation will be available for one year, starting from June 15th. Successful applicants will be included in the EcoFund Program.

“The $50 million allocation will last for one year starting from June 15th. All applicants who successfully receive our grant or direct investment will fall under the EcoFund Program,” the Manta Foundation stated.

The EcoFund initiative includes the Ecosystem Grant Program, which aims to support early-stage projects. This program focuses on teams working on DeFi, Gaming, and NFT projects, providing them with necessary grants.

“We seek projects that not only demonstrate innovation but also bring value and contribute to the growth of the Manta Network, fostering a collaborative and mutually beneficial environment,” the Manta Foundation added.

Allocation of Manta EcoFund

The EcoFund will provide direct investments to native applications and technology partners, emphasizing projects with significant growth potential. Of the total $50 million, $35 million is allocated for direct investments, while $10 million is designated for early-stage projects via grants. Additionally, $2 million is earmarked for projects in AI, DePIN, zero-knowledge, and memecoins.

Another $5 million is reserved for hackathons, and $4 million will be allocated to general grants.

Manta Network’s development includes advancements in zero-knowledge (ZK) applications, with Manta Pacific serving as the modular blockchain’s L2 for EVM-native ZK applications. According to recent data, Manta currently holds a total value locked (TVL) of $53.4 million, involving basis trading, lending, liquid staking, and decentralized exchanges (DEXs).

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