Manta Foundation Unveils $50 Million EcoFund to Back Blockchain Innovation
The Manta Foundation has introduced a $50 million EcoFund to offer financial assistance and backing for projects within the blockchain ecosystem. In a statement provided to Cryptonews.com, the Foundation revealed that the fund is aimed at supporting sectors such as decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs), and is now open for submissions.
Fresh EcoFund to Drive Technological Advancements
The fund will grant up to $50,000 for early-stage initiatives and substantial investments for high-growth endeavors, with the objective of fostering innovation and progress within the blockchain industry. The $50 million fund will be accessible for a year starting on June 15th. Successful applicants will receive grants or investments through the EcoFund Program. “We take great pride in our commitment, diligence, and community-oriented approach,” the statement stated.
“We are devoted to nurturing the potential of projects, ensuring that even the smallest concepts have the opportunity to succeed,” the Foundation remarked. “By becoming a Mantalorian, you become a part of a skilled community that values hard work, creativity, and cooperation, creating an ideal environment for your project to thrive.”
The newly launched fund is on the lookout for groundbreaking projects that can add value and contribute to the expansion of the Manta Network, promoting a cooperative and mutually beneficial setting. Projects should exhibit a clear route towards market disruption and substantial growth.
“Scalability is crucial. Your project should display a sturdy business model tailored for long-term prosperity, guaranteeing the financial well-being and sustainability of the ecosystem,” the statement noted.
Manta’s Allocation Strategy for the Fund
Out of the $50 million fund, $35 million is earmarked for direct investments in promising projects that are centered on the Manta Network, fueling the enhancement of core applications and technological breakthroughs. Additionally, $10 million is set aside for the Manta Network Ecosystem Grant Program, focusing on specific areas of high growth potential and strategic significance. This includes $2 million each for projects concentrating on AI/DePIN, zero-knowledge, and memecoins.
Moreover, $4 million is designated for general grants backing a wider array of projects aligned with Manta’s objectives. An extra $5 million is allocated for online and offline events and hackathons to attract new developers and users, contributing to the developer community.
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