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The Manta Foundation has launched its $50 million ecosystem fund, providing funding opportunities for projects seeking to explore Manta Network's growing Web3 space.
Manta Network is a modular layer 2 network that supports zero-knowledge (ZK) applications.
The project aims to accelerate growth with a new $50 million ecosystem, which will offer funding to developer teams created within the Mantaverse.
Applications open for Manta ecosystem fund
In an announcement Thursday, the Manta Foundation said EcoFund allocation requests were now open to interested projects.
“The $50 million allocation will last for one year starting June 15. All applicants who successfully receive our grant or direct investment will be included in the EcoFund Program,” wrote the Manta Foundation.
According to the announcement, the EcoFund is an initiative that includes the Ecosystem Grants Program. The program targets early-stage projects and offers support to developers who want to bring innovative projects to the Manta Network.
The Ecosystem Grant Program will offer grants to teams creating DeFi, Gaming, and nft projects.
“We look for projects that not only demonstrate innovation but also add value and contribute to the growth of the Manta Network, fostering a collaborative and mutually beneficial environment,” added Fundación Manta.
Manta EcoFund Allocations
The EcoFund will offer direct investment to native applications, as well as technology partners, focusing on projects with high growth potential.
Of the $50 million pool, $35 million is earmarked for direct investments, while $10 million will go to early-stage projects through grants. The platform has also allocated $2 million for ai, DePIN, zero-knowledge, and memecoin projects.
Another $5 million will go to hackathons and $4 million to general grants.
Manta Network's growth has included developments within its zero-knowledge (ZK) applications, with Manta Pacific being the modular L2 blockchain for EVM-native ZK applications.
By data from DeFiLlamaManta currently has a total value locked (TVL) of $53.4 million, with value locked in core trading, lending, liquid staking, and DEX.
