Manta has announced a $50 million investment in the coming year through its new fund called EcoFund.
The new fund was created by the Manta Foundation Treasury with the aim of financing the development of new blockchain and Web3 projects, which will allow the Manta Network ecosystem to innovate and grow.
The Foundation assured that the investment fund will contribute to the growth of early-stage projects that are based directly on the Manta network, as well as other projects focused on key areas of the Web3 space. Thus, the Manta Foundation will allocate $35 million dollars to the growth of projects and applications within the Manta Network, $10 million dollars to projects in Artificial Intelligence, DePIN networks, Zero-Knowledge (ZK) technology, memecoins, among others, and $5 million dollars to the organization of in-person and online events and hackathons for the crypto community. The latter, with the purpose of promoting learning and cultivating the Web3 innovation culture.
The EcoFund fund was launched on June 15, allowing interested projects to apply for Manta Network's grant program.
A springboard for early-stage projects
Early-stage projects selected for Manta Network’s grant program will receive funding of up to $50.000. According to the Foundation, these resources will serve as a springboard for the projects to turn their ideas into a reality.
“WE ARE COMMITTED TO ENHANCING THE POTENTIAL OF PROJECTS, ENSURING THAT EVEN THE SMALLEST IDEAS HAVE THE OPPORTUNITY TO FLOURISH”, THE FOUNDATION HIGHLIGHTED.
Manta will focus on AI projects, ZK, DePIN and more
Regarding the projects to be financed, the Manta Foundation noted that it will maintain a diverse approach, offering financing opportunities for projects in a wide range of sectors, ranging from decentralized finance (DeFi), to NFTs, memecoins, GameFi, ZK and DePIN.
The Foundation noted that all these sectors have high growth potential and are of strategic importance for the expansion of the crypto industry.
DePIN networks, which are transforming physical infrastructures with blockchain technology, are crucial to driving innovation, improving efficiency, and creating sustainable solutions for the future, the Foundation said. On zero-knowledge applications, it underlined its commitment as Polkadot's L2 ZK to building solutions that promote privacy and security and maintain confidentiality through this technology.
On the other hand, the Foundation he pointed Manta Network ecosystem is preparing to receive the first wave of memecoins in its ecosystem. These digital currencies, widely related to Internet culture and entertainment, are emerging strongly in the crypto space, attracting the attention of millions of people around the world.
What is Manta Network?
Manta Network is a modular Layer 2 blockchain protocol that runs on the Polkadot network.
The protocol was developed by experienced professionals from Harvard, MIT and Algorand, specifically for the development of Web3 applications based on ZK technology.
Manta Network uses zero-knowledge proofs to facilitate a secure, private, scalable, and accessible environment for building decentralized applications (DApps) that integrate strong privacy and security features.
Overall, the fund will contribute to the growth of the Manta Network ecosystem and promote the evolution of the crypto industry. All this, by developing unique applications in strategic sectors and inventing new types of applications and use cases of blockchain technology and other technological innovations.
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