Zero Knowledge Manta Network Launches $50M Ecosystem Fund
Manta Network, a layer-2 modular network for zero-knowledge applications, has established a $50 million ecosystem fund through parent Manta Foundation to accelerate project development on blockchain.
“The $50 million allocation will last for one year starting June 15,” Manta wrote. “All applicants who successfully receive our grant or direct investment will fall under the EcoFund program.”
Zero-Knowledge (ZK) proof is a cryptographic protocol that allows one person (the verifier) to convince another (the verifier) that a certain claim is true. ZK-proofs are crucial in the world of cryptocurrencies to allow anonymous transactions without revealing the details of the transaction or the identity of the users.
Of the $50 million ecosystem size, $35 million will be earmarked for direct investment in promising projects on the Manta network. Meanwhile, $10 million will be earmarked for environmental aid. Finally, $5 million will be allocated for hackathons, $4 million for general grants, and $2 million for artificial intelligence, memecoin, and ZK-specific projects.
Manta's focus is “on projects with a clear path to market penetration and high growth, ensuring their long-term success in our ecosystem.”
Currently, Manta Ecosystem's Total Value Locked (TVL) is $54.7 million, a significant decrease from the peak TVL of $684 million in March. The decline can be largely attributed to the conclusion of the New Paradigm crypto product program, which saw users withdraw their funds in bulk after the product was collected.
Earlier this year, Manta was hit by a successful Distributed Denial of Service (DDoS) attack on several exchanges. The incident has since been resolved. At the time of publication, Manta has a fully discounted market cap of $1.44 billion.
In March, Kenny Li, co-founder and chief operating officer of Manta Pacific, told Cointelegraph that of the 44 active Ethereum layer-2 blockchains that exist today, “only a few” will still be around in five years.
Related: Manta Network is back in business after a rocky token listing
