The Manta Foundation has unveiled its ambitious $50 million ecosystem fund aimed at catalyzing innovation within the Manta Network's burgeoning Web3 ecosystem. As a modular layer-2 network supporting zero-knowledge (ZK) applications, Manta Network has positioned itself as a key player in the decentralized finance (DeFi) and blockchain gaming sectors.

Announced on Thursday, the Manta Foundation's ecosystem fund invites project applications seeking funding and support within the Mantaverse. The fund is set to operate for a year starting June 15th, with allocations dedicated to bolstering the development of novel applications on the Manta Network.

According to the foundation, the $50 million ecosystem fund encompasses the Ecosystem Grant Program, which specifically targets early-stage projects in DeFi, gaming, and NFT sectors. This initiative aims to empower developer teams by providing them with the necessary resources to innovate and thrive within the Manta ecosystem.

"We are looking for projects that not only showcase innovation but also contribute significantly to the expansion and enhancement of the Manta Network," stated the Manta Foundation. The initiative underscores Manta's commitment to fostering a collaborative environment where developers can flourish while adding value to the broader blockchain community.

The fund will allocate $35 million for direct investments in native applications and technology partners, focusing on projects poised for high-growth potential. Additionally, $10 million will be allocated for grants to support early-stage projects, emphasizing inclusivity and support for innovative ideas.

Manta Network has made substantial strides in its zero-knowledge (ZK) applications, notably with Manta Pacific serving as the network's L2 solution for EVM-native ZK applications. Currently, Manta Network boasts a Total Value Locked (TVL) of $53.4 million across various sectors such as basis trading, lending, liquid staking, and decentralized exchanges (DEXs), according to data from DeFiLlama.

The launch of the $50 million ecosystem fund marks a significant milestone for Manta Network, positioning it to accelerate growth and innovation in the Web3 space. With a clear focus on supporting developers and fostering groundbreaking projects, Manta Foundation's initiative is set to shape the future landscape of decentralized applications (dApps) and blockchain technology.