Manta Network, a pioneering zero-knowledge layer-2 modular network, has launched a substantial $50 million ecosystem fund aimed at fueling the growth of new projects on its platform.
This initiative, orchestrated by the Manta Foundation, marks a strategic push to enhance the network’s capabilities and attract innovative development projects.
Zero-Knowledge Technology Becomes Investment Pioneer
Notably, one can easily understand the dedication of the Manta Network from the model of the newly launched fund on June 15th. It is not just an injection of funds but a structured program known as the EcoFund Program.
Under this program, successful applicants will receive either direct investment or grants to develop their projects on Manta Network. It is hoped that this step will attract developers and innovators who want to work with top tier zero-knowledge technology.
Zero-knowledge proofs are a cryptographically-based protocol that enable a transaction to be proven without revealing any information in respect to the transaction itself, which is a key functionality that Manta Network Core adopts.
🔱 The Manta Foundation is excited to announce the opening of the Manta Foundation EcoFund, a $50 million pool that includes direct investment and our Ecosystem Grants Program.Looking to build on Manta? Apply today:👉 https://t.co/FpNxpI1sCe pic.twitter.com/8K1R8KZ6Tv
— Manta Network (🔱,🔱) #MantaCeDeFi (@MantaNetwork) June 13, 2024
This is what makes this technology so important, it is the tool necessary to improve privacy with blockchain, otherwise one will not be able to have secure and anonymous transactions without compromising the data.
Best Way to Set a Strategic Allocation across Various Initiatives
This $50million carpenter fund has been allocated in a thoughtful way to focus on different layers of the ecosystem development. Of this, $35 million is for direct investments in the most promising commercial projects. The final $10M in ecosystem grants are those that can cover everything from inception of an idea through a more developed project phase.
The fund will also provide an aggregate of USD 5 million to be utilized for hackathons, thereby creating a competitive and innovative atmosphere within developers.
Smaller – but still meaningful – amount of $4 million is allocated to general grants, while the other $1 million is specifically to finance projects driving forward artificial intelligence, memecoins, zero-knowledge-specific applications. This structured financial support serves two purposes: it enforces innovation while also guaranteeing that projects within the Manta ecosystem will last and succeed.
Despite an all-time high of $684 million in total value locked (TVL), the current TVL of Manta Network sits at $54.7 million – but it’s still bullish. The earlier dip came largely stemming from the end of its crypto yield program prompting a major exodus of users. Regardless, Manta’s strategic efforts, including this new fund, are working to breathe life back into its ecosystem and differentiate itself as a top zero-knowledge contender.