Manta Foundation Launches $50M Ecosystem Fund to Accelerate Web3 Growth
The Manta Foundation, an intrepid entity in blockchain development, founded by a quartet of young entrepreneurs and led by industry legends, has announced the Manta Network, an ambitious movement to reshape the Web3 grid. They have dedicated the funds to the development of this project and so also to the working on of some ideas that might emerge from the light thereof of the studies. The purpose of this ecosystem is to enable it to take off faster due to the injection of the new fund, based in this way, and lastly by giving backing to the teams that will be built inside of the Mantaverse.
Manta Ecosystem Web3 Fund Applications Open
Manta Foundation has declared open the opportunity for groups of developers from different angles of the blockchain ecosystem such as Layer 2s, oracles, and dApps to secure financial assistance by selecting the project on which lies their endeavors. During the launch event, it was said that they were going to give 82A6D monetarily with it to help them with the project. The details of the project are as follows. They have allocated $50 million which is to be shared with the various projects. The first year of the program will not be completed until July 15th. As for those who are going to be given the grant, they will be informed that it is under the EcoFund Program. However, only successful projects will be financed entirely while others will be selected based on the degree of benefits. For one year the grantees will enjoy this benefit. Successful applicants will fall under the EcoFund Program and the Manta Foundation gives them the monies, it was also said.
Based on the release, EcoFund is a scheme that will encompass with it, the Ecosystem Grant Program that has the focus of financing the early-stage projects and availing support to the scientists who want to actualize their ideas into practical and sustainable projects on the Manta Network. The Ecosystem Grant Program envisages to fund teams who will develop DeFi, Web3 Gaming, and NFT projects.
“These are the projects we will sponsor, and they will not just be innovative, but also be interested in helping the Manta Network to grow and become one of the top blockchain networks in the future”. We hope to build an ecosystem through collaboration among all stakeholders thus creating a win-win situation for all parties involved. Manta Foundation also encouraged the projects to come up with creative and valuable projects and to interact with the community in a positive and productive manner. . .
Manta EcoFund Allocations
The project will secure a losing grant if it has certain qualifications. Besides direct investment to native applications and technology partners, EcoFund investigates projects that have the highest potential growth. Thirty-five million dollars out of the fifty million will be issued directly for projects, while another ten million will be set aside as initial capital for startups. Of the $50 million, $2 million will be invested in AI, DePIN, Web3, zero-knowledge and memecoins. There will be an extra $5 million in hackathons which will begin the general grants and the last $4 million after the team has performed well in the hackathons.
Manta Network’s Growth and TVL
One of the growth drivers of Manta Network is the successful implementation of a zero-knowledge (ZK) trade with Manta Pacific being the modular blockchain’s L2 for EVM-native ZK applications. At present, Manta is managing the most liquid of them all, it has up to $711.65 million locked. TVL includes basis trading, lending, liquid staking, and DEX He is still offering stakes.
This significant sum and the schemes that it brings to the table are likely to promote Web3 and growth in the broader philosophy of the Web3 community-development. By pursuing pragmatic projects and partnerships, the tech team aspires to unleash these solutions faster. Besides, the company that funding will also support to make projects less complex.
