Manta Network, a layer-2 modular network for zero-knowledge (ZK) proof applications, has launched a $50 million ecosystem fund through its parent organization, Manta Foundation, to promote promote project development on its blockchain.

“This $50 million allocation will last for one year, starting June 15. All applicants who receive our grants or direct investments will fall under the EcoFund Program,” Manta said. ”

Zero-knowledge proof (ZK) is a cryptographic protocol that allows one person (the prover) to convince another (the verifier) ​​that a particular statement is true without revealing any details about it. that statement. ZK proof is important in the cryptocurrency world because it allows anonymous transactions without revealing transaction details or the user's identity.

Of the 50 million USD for the ecosystem, 35 million USD will be allocated for direct investments in potential projects on Manta Network. Meanwhile, 10 million USD will be allocated as ecosystem grants. Finally, 5 million USD will be used for hackathons, 4 million USD for general grants, and 2 million USD will be allocated to artificial intelligence (AI) projects, memecoin, and the ZK project specifically.

Manta said its focus is on projects with “a clear path towards market disruption and significant growth, ensuring long-term success in our ecosystem.”

Currently, the Manta ecosystem has a total value locked (TVL) of $54.7 million, down significantly from its peak TVL of $684 million in March. This decline is largely attributed to the Ends the New Paradigm airdrop program, causing users to withdraw money en masse after the airdrop tokens run out.

Earlier this year, Manta experienced a distributed denial of service (DDoS) attack amid the successful token listing on multiple major exchanges. This issue has been resolved. At the time of publication, Manta had a fully diluted market capitalization of $1.44 billion.

In March, Kenny Li, co-founder and CEO of Manta Pacific, said that of the 44 existing Ethereum layer-2 blockchains, “only a few” will be around in the next five years.

Source: https://tapchibitcoin.io/manta-network-ra-mat-quy-he-sinh-thai-50-trieu-usd-de-tai-tro-mang-luoi.html