MegaLabs Successfully Raises $10 Million in Record Time on Echo

MegaLabs, the developer of a "real-time" blockchain called MegaETH, raised $10 million in under three minutes on Echo, an angel investor platform founded by popular crypto trader Jordan Fish, known as Cobie.

Initially, MegaLabs aimed to raise $4.2 million, hitting that target in just 56 seconds after the sale went live late Thursday, co-founder Shuyao Kong stated to 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 noted.

The Echo round was structured as equity plus token warrants, similar to MegaLabs' $20 million seed round in June. Both rounds were conducted at the same "9-figure" valuation, at least $100 million. This was despite an over-the-counter (OTC) market valuing MegaLabs "significantly higher," according to Kong, who emphasized that the same valuation was maintained 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, as noted by Kong. The round attracted around 3,200 investors from 94 countries, with an average check size of $3,140 per investor.

> "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, with 80% of Echo users attempting 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 reference.

Growing Momentum for Community Funding

Community funding rounds like MegaLabs are gaining traction, as reported by The Block. Echo has helped projects raise over $40 million to date. Other similar platforms, such as Legion and BuidlPad, have recently launched to assist projects in raising funds from communities early in their life cycle.

Kong highlighted the success of Layer 1 blockchain developer Hyperliquid's recent token launch, which involved no venture capital, as evidence of the increasing demand for community-driven projects. She asserted that the future of blockchain lies in decentralization and fair ownership.

MegaLabs is readying the launch of MegaETH, billed as the "first real-time blockchain" with full Ethereum compatibility, promising to process transactions immediately upon receipt and publish updates in real-time.

Currently in a private testnet phase, MegaETH plans to launch a public testnet and mainnet soon. The funds raised through Echo will support community growth and ecosystem projects in achieving product-market fit, Kong added.

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