Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Ethereum Layer 2 Morph raises $20 million from Dragonfly, Pantera and others

Ethereum Layer 2 Morph raises $20 million from Dragonfly, Pantera and others

The Block2024/03/20 14:45
By: The Block
MATIC0.00%ETH-0.15%
Quick Take Morph has raised $20 million in funding to develop a consumer-focused Ethereum Layer 2 network. The funding round was led by Dragonfly, with participation from Pantera, the Spartan Group and others.
Ethereum Layer 2 Morph raises $20 million from Dragonfly, Pantera and others image 0

Morph, an Ethereum ETH +3.27% Layer 2 network developer, has raised $20 million in seed and angel funding rounds.

The seed round of $19 million was led by Dragonfly , with participation from Pantera Capital, Foresight Ventures, the Spartan Group, Symbolic Capital and others, Morph said in a blog post Wednesday. The angel round, worth $1 million, included participants such as Polygon's Sandeep Nailwal and Nansen's Alex Svanevik.

With fresh funding, Morph said it plans to expand its team and marketing efforts and offer developer incentives.

What is Morph?

Founded last year, Singapore-based Morph is developing a Layer 2 network using a combination of optimistic and zero-knowledge rollup technologies. It claims to be building the first Ethereum Layer 2 with a decentralized sequencer — a component in Layer 2 networks that organizes and batches multiple off-chain transactions before submitting them to the Ethereum blockchain. The decentralized sequencer enables "limitless possibilities" for decentralized applications, including finance, gaming, social media and entertainment, according to Morph.

The project bills its network as a "consumer blockchain for everyday life," aiming to drive adoption beyond the conventional focus on decentralized finance.

In a statement published in the blog post, Paul Veradittakit, managing partner at Pantera Capital, said, "We believe Morph's technology is exactly what developers in the consumer vertical need for mainstream adoption."

Morph was incubated by the crypto exchange Bitget, which made a "multimillion-dollar investment" in Morph last December.

Morph status

Morph is currently in public testnet, and its mainnet beta is expected to go live in the second quarter of this year. To grow development on Morph, the project also announced Wednesday its incentives program, which will grant up to 100,000 in USDT stablecoin to selected projects, among other benefits. The program will also allocate "up to 30% of Morph's airdrops" to ecosystem projects chosen as its mainnet launching partners.

Morph declined to comment on the structure of the funding rounds and valuation, but given the mention of airdrops, it appears Morph may launch its own native token.


Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,982.89
+0.38%
Ethereum
Ethereum
ETH
$4,710.56
+4.42%
XRP
XRP
XRP
$3.11
+2.04%
Tether USDt
Tether USDt
USDT
$1
+0.03%
Solana
Solana
SOL
$242.23
+3.89%
BNB
BNB
BNB
$928.62
+2.49%
USDC
USDC
USDC
$0.9996
+0.02%
Dogecoin
Dogecoin
DOGE
$0.2773
+6.48%
TRON
TRON
TRX
$0.3522
+1.02%
Cardano
Cardano
ADA
$0.9280
+2.93%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter