Manta Network Deploys $50 Million Ecosystem Fund for Blockchain Project Acceleration
Summary:
Manta Network has established a $50 million ecosystem fund through the Manta Foundation. The fund aims to expedite project development on its blockchain. The allocation includes direct investments, ecosystem grants, general grants, and funds for artificial intelligence, memecoin, and zero-knowledge specific projects. Manta Network highlights its focus on promising projects that can disrupt the market and ensure long-term success within their ecosystem. The company weathered a significant value decline and a DDoS attack earlier this year and now stands with a fully diluted market value of $1.44 billion.
The Manta Network, a second layer framework for zero-knowledge applications, has launched a $50 million ecosystem fund via its founding body, the Manta Foundation. This fund aims to speed up the progress of projects within its blockchain network. The structured investment, set to be dispersed over the course of a year from June 15th, is available to all qualified recipients under Manta's EcoFund Program. The practice of zero-knowledge proof is a cryptographic method that allows one party to prove the validity of a claim to another without disclosing any specific information about that claim. This method is fundamental in the crypto world as it enables anonymous transactions without revealing the transaction details or the identities of the users. Of the total ecosystem funding, $35 million will be invested directly into promising projects within the Manta Network, with $10 million specifically allocated for ecosystem grants. Additionally, $5 million will support hackathons, $4 million for general grants and $2 million for initiatives centered on artificial intelligence, memecoin, and zero-knowledge specific projects. Manta Network emphasises their intention to support projects that show a clear trajectory towards potential market disruption and considerable growth and aim to guarantee their long-term survival within the Manta ecosystem. Currently, the combined value of the Manta ecosystem amounts to $54.7 million, marking a substantial decrease from the peak value of $684 million recorded in March. The decline is primarily due to the end of their New Paradigm cryptocurrency yield initiative, an event that saw a mass withdrawal of funds once yields were harvested. Earlier this year, Manta Network resolved a distributed denial-of-service (DDoS) attack that occurred simultaneously with the successful listing of their token on multiple exchanges. Presently, Manta reports a fully diluted market value of $1.44 billion. In a statement in March, Kenny Li, the co-founder and COO of Manta Pacific, speculated that only few of the 44 currently active Ethereum layer-2 blockchains will remain in operation in five years' time.
Published At
6/13/2024 4:00:00 PM
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