PANews reported on August 8th that Euphoria, a MegaETH-based crypto derivatives trading application, announced the completion of a $7.5 million seed round, comprised of a $2.5 million pre-seed round in November 2024 and a $5 million seed round from February to July 2025. The seed round was led by Karatage, with participation from Figment Capital and Robot Ventures. Other participants included Bankless Ventures, First Commit, Hash3, Comfy Capital, Kosmos Ventures, and over 100 angel investors.

The project is developing a mobile "click-to-trade" interface to lower the barrier to entry for users by streamlining the workflow for derivatives like options and perpetual contracts. Euphoria plans to launch the MegaETH mainnet this year. Its business model will be modeled after Hyperliquid, with profits generated through market making and transaction fees. The team currently has eight members and plans to add 3-5 new engineering and product positions. The long-term roadmap includes issuing a native token.