Zero-Knowledge Manta Network Unveils $50M Ecosystem Fund

Startups in their early stages of development on Manta Network are eligible to receive grants.

Manta Network, the layer-2 modular network for zero-knowledge applications, has announced the launch of a $50 million ecosystem fund.

Manta noted that the allocation will last one year, beginning June 15. The Layer 2 Network also stated that the EcoFund Program will cover applicants who successfully receive its grant or direct investment. 

A zero-knowledge (ZK) proof is a cryptographic protocol that allows one party (the prover) to convince another party (the verifier) that a specific statement is true without revealing any information about the statement itself. In the realm of cryptocurrencies, ZK-proofs are essential for enabling anonymous transactions, as they allow the validation of transactions without disclosing the details of the transaction or the identities of the users involved.    

Manta’s Network $50 Million Allocation 

The firm stated that out of the $50 million ecosystem fund, $35 million will be dedicated to direct investments in promising projects on the Manta Network. Additionally, $10 million will be set aside for ecosystem grants. The remaining funds will be allocated as follows: $5 million for hackathons, $4 million for general grants, and $2 million specifically for artificial intelligence, memecoin, and ZK-related projects.

Manta stated that it focuses on projects with “a clear path toward market disruption and significant growth, ensuring their long-term success within our ecosystem.”

The Manta ecosystem currently has a total value locked (TVL) of $54.7 million, a substantial decrease from its peak TVL of $684 million in March. This decline is primarily due to the conclusion of its New Paradigm crypto yield program, which led to a mass withdrawal of funds as users harvested their yields.

MANTA’s Trading Volume 

Earlier this year, Manta faced a distributed denial-of-service (DDoS) attack coinciding with a successful token listing on multiple exchanges. The issue has since been resolved. As of now, Manta’s market cap is $445.43 million, and currently trading at $1.38 at the time of writing. 

Meanwhile, In March 2024,  Kenny Li, co-founder and chief operating officer of Manta Pacific, noted that out of the 44 active Ethereum layer-2 blockchains currently in existence, “only a few” are likely to remain in five years.