Manta Network, a cutting-edge layer-2 network designed for zero-knowledge applications, has recently launched a $50 million ecosystem fund via its parent organization, Manta Foundation, to expedite the development of projects on its blockchain.
The $50 million fund will be in effect for one year starting from June 15th. Successful applicants who receive grants or direct investments will be included in the EcoFund Program.
Zero-knowledge (ZK) proofs are cryptographic protocols that enable one party (the prover) to convince another party (the verifier) that a specific claim is true without revealing any details about the claim itself. ZK-proofs play a vital role in the realm of cryptocurrencies by facilitating anonymous transactions without disclosing transaction details or user identities.
Of the total $50 million ecosystem fund, $35 million will be earmarked for direct investments in promising projects on the Manta Network. Additionally, $10 million will be allocated for ecosystem grants, $5 million for hackathons, $4 million for general grants, and $2 million for projects focused on artificial intelligence, memecoins, and ZK-specific initiatives.
Manta is specifically seeking projects that have a clear roadmap for market disruption and substantial growth, ensuring their longevity within the ecosystem.
As of now, the Manta ecosystem boasts a total value locked (TVL) of $54.7 million, a significant decrease from its peak TVL of $684 million in March. This decline can be largely attributed to the conclusion of the New Paradigm crypto yield program, which led to a mass exodus of funds by users once yields were collected.
Earlier this year, Manta faced a distributed denial-of-service (DDoS) attack following a successful token listing on multiple exchanges. The issue has since been resolved. At the time of writing, Manta holds a fully diluted market cap of $1.44 billion.
In a recent interview with Cointelegraph, Kenny Li, co-founder and chief operating officer of Manta Pacific, expressed his belief that only a select few of the 44 active Ethereum layer-2 blockchains in existence today will remain viable in the next five years.
After navigating a turbulent token listing process, Manta Network is now back on track and focused on advancing its innovative ecosystem.