Manta Foundation launches $50 million ecosystem fund

The Manta Foundation has launched its $50 million ecosystem fund, providing funding opportunities for projects looking to explore the 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 building within the Mantaverse.

Manta ecosystem fund applications open

In an announcement on Thursday, the Manta Foundation said applications for allocation from the EcoFund were now open to interested projects.

“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,” the Manta Foundation wrote.

According to the announcement, the EcoFund is an initiative that includes the Ecosystem Grant Program. The program targets early-stage projects, offering support to developers who want to bring innovative projects to Manta Network.

The Ecosystem Grant Program will offer grants to teams building DeFi, Gaming, NFT projects.

“We seek projects that not only demonstrate innovation but also bring value and contribute to the growth of the Manta Network, fostering a collaborative and mutually beneficial environment,” Manta Foundation added.

Manta EcoFund allocations

The EcoFund will offer direct investment to native applications as well as technology partners, focusing on projects with a high-growth potential.

Of the $50 million pool, $35 million is targeted for direct investments while $10 million will go to the early-stage projects via grants. The platform has also earmarked $2 million for projects across AI, DePIN, zero-knowledge and memecoins.

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 the modular blockchain’s L2 for EVM-native ZK applications. 

Per data from DeFiLlama, Manta currently has a total value locked (TVL) of $53.4 million, with value locked in basis trading, lending, liquid staking and DEXs.