MegaETH developer raises $10 million in 3 minutes on Cobie’s Echo
2024-12-14
Category: None

MegaLabs, the developer of a "real-time" blockchain called MegaETH, raised $10 million in under three minutes on Echo, the angel investor platform founded by popular crypto trader Jordan Fish, better known as Cobie.
MegaLabs initially aimed to raise $4.2 million and hit that target in just 56 seconds after the sale went live late Thursday, co-founder Shuyao Kong told The Block. Due to overwhelming investor demand, the project decided to raise an additional $5.8 million, which was fully funded in 70 seconds, Kong said.
The Echo round was structured as equity plus token warrants, the same as MegaLabs' $20 million seed round in June, Kong said. Both rounds were conducted at the same "9-figure" valuation, meaning at least $100 million, she added. This was despite an over-the-counter (OTC) market valuing MegaLabs "significantly higher," according to Kong. She said the Echo round maintained the same valuation to prioritize decentralization and community engagement.
"Crypto has long been plagued by high insider supply and limited community involvement," Kong said. "At MegaLabs, we're committed to ensuring the community has real skin in the game. We are essentially following Ethereum's footsteps by prioritizing community ownership."
Echo's largest sale to date
MegaLabs' $10 million round on Echo marks the platform's largest sale since its beta launch in April, Kong noted. The round attracted around 3,200 investors from 94 countries, with an average check size of $3,140 per investor, Kong said.
"Hello yogi bear. Megaeth sold out $10m on echo within moments," Cobie told The Block. "It was previously one of the most requested projects and in real-time it was the highest demand we have ever seen. If you didn't fund within the first 55 seconds then you missed out on the first wave, and 70 seconds on the second wave. It was oversubscribed by several multiples and 5,000 people attempted to fund in the first three minutes, and 80% of echo users attempted to fund. I am very tired now and need to go to sleep. Have a nice day Yoges," Cobie added, emphasizing his full quote should be included along with the yogi bear.
Growing momentum for community funding
Community funding rounds like MegaLabs are gaining traction, as The Block reported recently. Echo has helped projects raise over $40 million to date. Other similar platforms, like Legion and BuidlPad, have also recently launched to help projects raise funds from communities early in their life cycle.
Kong pointed to the success of Layer 1 blockchain developer Hyperliquid's recent token launch, which had zero venture capital involvement, as evidence of the growing demand for community-driven projects. She said that the future of blockchain lies in decentralization and fair ownership.
MegaLabs is preparing to launch MegaETH, which is described as the "first real-time blockchain" with full Ethereum compatibility. The blockchain promises to process transactions immediately upon receipt and publish updates in real-time.
MegaETH is currently in a private testnet and plans to launch a public testnet and mainnet in the near future, Kong said. The funds raised via Echo will be used for community growth and supporting ecosystem projects to achieve product-market fit, she added.
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