Manta Foundation Unveils $50M EcoFund to Foster Blockchain Innovation - Blockchain.News

Manta Foundation Unveils $50M EcoFund to Foster Blockchain Innovation

Iris Coleman Jun 14, 2024 02:30

Manta Foundation launches a $50M EcoFund to support blockchain projects.

Manta Foundation Unveils $50M EcoFund to Foster Blockchain Innovation

The Manta Foundation has announced the launch of its $50 million EcoFund, aimed at cultivating a robust ecosystem for leading blockchain projects, according to Manta Network. This initiative comes as part of the foundation's commitment to providing funding opportunities and developer support to innovative projects within the blockchain space.

Funding and Support Opportunities

The EcoFund, which is set to run for one year starting June 15th, offers substantial financial support through its Ecosystem Grant Program. The program is designed to empower early-stage projects with grants up to $50,000, providing essential initial funding to bring innovative ideas to fruition.

In addition to the grants, the EcoFund includes a $35 million allocation for direct investments in promising projects developing on the Manta Network. This strategic investment focuses on high-growth ventures that align with Manta Network’s long-term goals, fostering an environment of collaboration and mutual growth.

Diverse Project Focus

The Manta Foundation is committed to supporting a wide range of projects across various sectors, including DeFi, Gaming, NFTs, and more. These initiatives are selected for their potential to drive consumer adoption and contribute significantly to the growth of the Manta Network ecosystem.

Applications for the EcoFund are accepted on a rolling basis, ensuring continuous opportunities for funding and support. The foundation places a strong emphasis on projects that demonstrate a robust business model and scalability, aiming to ensure the financial health and sustainability of the ecosystem.

Specialized Funding Categories

Beyond general grants, the EcoFund also targets specific areas of interest with high growth potential:

  • AI/DePIN: Focused on leveraging AI and Decentralized Physical Infrastructure Networks to drive innovation and create sustainable solutions.
  • Zero-Knowledge: Investments in zero-knowledge technology to enhance privacy and security within the blockchain space.
  • Memecoins: The Moon Mission Grant supports the development and acceleration of meme projects on Manta Pacific, fostering a vibrant memecoin culture.

Events and Hackathons

To further enrich the ecosystem, the Manta Foundation has allocated $5 million towards online and offline events and hackathons. These events aim to attract new developers and users, cultivating a culture of innovation and collaboration within the Manta Network community.

About Manta Network

Manta Network is a modular blockchain designed for zero-knowledge (ZK) applications. Manta Pacific, its modular L2 ecosystem, supports EVM-native ZK applications and dApps, offering low gas fees and an optimal user experience. Manta Network was founded by a team with backgrounds from prestigious institutions such as Harvard, MIT, and Algorand, and has received investments from top web3 funds including Binance Labs and Polychain Capital.

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