Manta Foundation Launches $50M EcoFund to Support Blockchain Innovation

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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June 13, 2024 10:00 EDT

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The Manta Foundation has launched a $50 million EcoFund to provide funding and support for blockchain ecosystem projects.

In a press release shared with Cryptonews.com, the Foundation stated that the fund aims to target blockchain sectors like decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs) and is now open for applications.

New EcoFund to Fuel Tech Development

The fund will offer grants of up to $50,000 for early-stage projects and significant investments for high-growth ventures, with the goal of driving innovation and development in the blockchain space.

The $50 million allocation will be made available for one year starting June 15th. All successful applicants will receive grants or direct investments under the EcoFund Program. “We take immense pride in our dedication, hard work, and community-first approach,” the release reads.

“We are committed to nurturing the potential of projects, ensuring that even the smallest ideas have the chance to flourish,” stated the Foundation. “As a Mantalorian, you join a talented community that values hard work, innovation, and collaboration, providing the ideal environment for your project to thrive.”

The newly launched fund is looking for innovative projects that can bring value and contribute to the growth of the Manta Network, fostering a collaborative and mutually beneficial environment. Projects should have a clear path towards market disruption and significant growth.

“Scalability is key. Your project should demonstrate a robust business model designed for long-term success, ensuring the financial health and sustainability of the ecosystem,” the release reads.

Manta’s Fund Allocation Strategy

Of the total $50 million, $35 million is dedicated to direct investments in promising projects that build on the Manta Network, fueling the development of core applications and technological advancements.

Additionally, $10 million is reserved for the Manta Network Ecosystem Grant Program, targeting specific areas of high growth potential and strategic importance. This includes $2 million each for projects focusing on AI/DePIN, zero-knowledge, and memecoins.

Furthermore, $4 million is allocated to general grants supporting a broader range of projects aligned with Manta’s goals. An additional $5 million is set aside for online and offline events and hackathons to attract new developers and users, contributing to the developer community