Manta Foundation launches $50m ecosystem fund

Manta Network has launched a $50 million ecosystem fund, through its parent company Manta Foundation to foster an ecosystem of blockchain projects. Dubbed EcoFund, this will provide funding opportunities for projects that will explore and grow the Manta Network ecosystem.

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In a Thursday announcement, the firm revealed that the $50 million allocation comes directly from the Foundation’s Treasury and will last for a year. The initiative is expected to run for a year, starting June 15.

Manta Network segments the EcoFund

According to the company, direct investment in projects on Manta Network will account for $35 million or 70% of the total fund, focusing on building applications ranging from gaming, NFTs, and decentralized finance ( DeFi ).

Grants will account for 20% or $10 million of the fund focusing on projects that span diverse sectors like decentralized physical infrastructure networks (DePin), memecoins, and ZK technology.

The remaining $5 million equivalent to 10% of the EcoFund will be set aside for events and hackathons.

“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.”

Manta Foundation.

“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,” added the company .

EcoFund to support innovations in Manta ecosystem

The initiative targets early-stage projects giving support to developers with unique innovations to Manta Network. The EcoFund will prioritize projects that exhibit high growth potential.

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“We are seeking builders with the potential to make a dent in Web3. Successful applicants will demonstrate a product-market fit and help grow the Manta Network ecosystem,” said Manta Foundation.

Manta Network is designed to support ZK applications with two networks, Manta Pacific and Manta Atlantic.

Cryptopolitan reporting by Enacy Mapakame