December 14, 2024
MegaLabs, the developer behind the MegaETH blockchain, has successfully completed a $10 million raise in a record time of three minutes on the Echo platform. The round began with an initial target of $4.2 million, which was met in just 56 seconds. Due to high demand, the company increased the target by $5.8 million, which was also fully subscribed in 70 seconds. This funding was structured with a combination of equity and token warrants, in line with the terms set during MegaLabs' $20 million seed round in June. Despite a higher valuation on the over-the-counter (OTC) market, the company chose to maintain a $100 million valuation for this round, prioritizing community engagement and decentralization.
The funding event set a new record for Echo, with approximately 3,200 investors from 94 countries participating. The platform has seen growing interest in community-led funding rounds, with MegaLabs' round marking its largest sale to date. Investors in the round averaged a contribution of $3,140 each. Cobie, the founder of Echo, highlighted that the funding event was oversubscribed by multiple times, underscoring the strong demand for the project within the platform's community. Echo's model, which allows projects to secure capital directly from investors, is gaining traction as a key mechanism for decentralized fundraising in the blockchain space.
MegaLabs is using the funds raised to support the development of MegaETH, a blockchain designed for real-time transaction processing with full Ethereum compatibility. Currently in private testnet, MegaETH is scheduled for public testing and a mainnet launch in the near future. The company plans to use the new capital to further its goal of building a decentralized ecosystem and expanding its community outreach efforts.
About MegaETH
MegaETH is a blockchain designed to offer real-time transaction processing while maintaining full compatibility with Ethereum. The platform is built to process transactions immediately upon receipt, ensuring real-time updates. MegaETH is currently undergoing a private testnet phase, with plans for both a public testnet and mainnet launch in the coming months. The project aims to provide a decentralized solution for decentralized applications, with a focus on speed and scalability.
Website: https://megaeth.systems/
X: @megaeth_labs
About Investor
Echo
Echo is an angel investor platform that allows early-stage blockchain projects to raise capital directly from investors, offering a decentralized funding model. Since its beta launch in April, Echo has become a significant player in the blockchain funding space, facilitating millions in investments.
Location: Singapore
Website: https://echo.xyz/
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