Mars Finance reported on August 8th that Euphoria, a MegaETH-based crypto derivatives trading app currently under development, has secured $7.5 million in seed funding led by Karatage, with participation from Figment Capital and Robot Ventures (both co-lead investors in the previous seed round). Other participants include Bankless Ventures, First Commit, Hash3, Comfy Capital, and Kosmos Ventures, as well as over 100 angel investors.
Euphoria co-founder and CEO Nathan Worsley stated that the $7.5 million funding round includes a $2.5 million pre-seed round completed in November 2024 and a $5 million seed round completed between February and July of this year. The financing was structured as a Simple Agreement for Future Equity (SAFE) with accompanying token warrants, bringing Euphoria's post-money valuation to "the upper eight figures," he said.
Euphoria is reportedly developing a mobile app designed to simplify crypto derivatives trading (such as options and perpetual contracts), making it more accessible to the average user. Worsley explained that the idea stemmed from his failed attempts to explain derivatives trading to a friend. He realized that most people don't bother learning about order books or margin trading. Therefore, Euphoria is creating a "touch trading" interface that allows users to place bets in simple steps, bypassing traditional technical complexities. The goal is to lower the barrier to entry by making derivatives trading intuitive and easy to understand.
