Manta Foundation Introduces $50 Million EcoFund to Back Blockchain Innovation
The Manta Foundation has unveiled a $50 million EcoFund to offer financial support and assistance to projects within the blockchain ecosystem. According to a press release shared with Cryptonews.com, the Foundation has outlined that the fund is geared towards supporting sectors such as decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs), and is currently open for submissions.
In a bid to propel technological development, the fund will provide grants of up to $50,000 for early-stage initiatives and substantial investments for high-growth ventures, with the objective of fostering innovation and progress within the blockchain industry.
The $50 million pool of funds will be accessible for a period of one year commencing on June 15th. All successful applicants will be awarded grants or direct investments under the EcoFund Program. “We take great pride in our commitment, diligence, and community-centric strategy,” the release states.
“We are dedicated to nurturing the potential of projects, ensuring that even the most modest ideas have the opportunity to thrive,” noted the Foundation. “By becoming a part of the Mantalorian community, you are entering a talented group that values hard work, innovation, and cooperation, creating an ideal environment for your project to flourish.”
The newly established fund is seeking out innovative projects that can bring value and contribute to the expansion of the Manta Network, fostering a collaborative and mutually beneficial atmosphere. Projects should exhibit a clear roadmap towards market disruption and substantial growth.
“Scalability is crucial. Your project should showcase a robust business model designed for long-term success, guaranteeing the financial well-being and sustainability of the ecosystem,” the release states.
Manta’s Fund Allocation Strategy
Out of the total $50 million, $35 million has been earmarked for direct investments in promising projects that enhance the Manta Network, driving the advancement of core applications and technological breakthroughs.
Furthermore, $10 million has been set aside for the Manta Network Ecosystem Grant Program, focusing on specific areas with high growth potential and strategic significance. This includes $2 million each for projects centered around AI/DePIN, zero-knowledge, and memecoins.
Moreover, $4 million has been allocated for general grants to support a wider range of projects aligned with Manta’s objectives. An additional $5 million has been reserved for online and offline events and hackathons to attract new developers and users, bolstering the developer community.
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