The Manta Foundation has introduced a $50 million EcoFund to provide financial support and resources for blockchain ecosystem initiatives.
Fund Overview and Target Areas
In a press release shared with Cryptonews.com, the Foundation announced that the fund will focus on sectors within blockchain such as decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs). Applications for the fund are currently open.
New EcoFund to Fuel Tech Development
The EcoFund aims to drive innovation and development within the blockchain space. It offers grants of up to $50,000 for early-stage projects and substantial investments for high-growth ventures. The $50 million fund will be distributed over a one-year period starting June 15th. The EcoFund Program will provide grants or direct investments to successful applicants.
Commitment to Community and Innovation
The Foundation takes pride in its community-first approach and dedication to fostering potential projects. “We are committed to nurturing the potential of projects, ensuring that even the smallest ideas have the chance to flourish,” the Foundation stated. Joining as a Mantalorian means becoming part of a talented community that values hard work, innovation, and collaboration.
Focus on Scalability and Market Disruption
The fund seeks innovative projects that can significantly contribute to the Manta Network’s growth. Projects should have a clear path toward market disruption. They must demonstrate robust, scalable business models designed for long-term success, ensuring the financial health and sustainability of the ecosystem.
Manta’s Fund Allocation Strategy
Out of the total $50 million, $35 million will go towards direct investments in promising projects that enhance the Manta Network. This allocation supports the development of core applications and technological advancements.
Additionally, $10 million will be set aside for the Manta Network Ecosystem Grant Program, which targets areas with high growth potential and strategic importance. This includes $2 million each for projects focusing on AI/DePIN, zero-knowledge, and memecoins.
Moreover, $4 million will be dedicated to general grants supporting a broader range of projects aligned with Manta’s goals. Another $5 million will be reserved for online and offline events and hackathons to attract new developers and users, thus contributing to the developer community.
Conclusion
The Manta Foundation’s $50 million EcoFund represents a significant investment in the future of blockchain technology. It focuses strategically on fostering innovation, scalability, and community growth.
