MegaLabs Raises $10 Million in Minutes on Cobie’s Echo, Signaling a Community-Driven Future
In a remarkable display of just how quickly today’s crypto communities can rally behind a project, MegaLabs—creator of the upcoming “real-time” blockchain MegaETH—secured a full $10 million on the Echo fundraising platform in under three minutes. Echo, the angel investment marketplace founded by well-known crypto figure Jordan “Cobie” Fish, became the stage for a funding frenzy late Thursday, drawing thousands of eager backers from around the world.
MegaLabs initially targeted $4.2 million and smashed that goal in just 56 seconds, according to co-founder Shuyao Kong. The overwhelming enthusiasm convinced the team to open a second round, raising another $5.8 million within 70 seconds. Together, the two lightning-fast rounds brought in a diverse pool of roughly 3,200 investors spanning 94 countries, each chipping in an average of about $3,140.
Both the Echo raise and a previous $20 million seed round in June were structured as equity plus token warrants and held steady at a nine-figure valuation—at least $100 million. While an over-the-counter market had priced MegaLabs even higher, Kong explained that the team chose to keep the valuation consistent to promote broad community ownership and a more decentralized future.
“Crypto has been stuck for too long with insiders scooping up most of the value before the public has a chance,” Kong said. “At MegaLabs, we want to flip that script—just like Ethereum once did—by making sure the community itself has real skin in the game.”
This $10 million haul marks the largest raise on Echo since its beta launch in April. Echo founder Cobie, who was on hand to witness the rush, offered a characteristically candid response in the moments afterward: “Hello yogi bear. Megaeth sold out $10m on Echo within moments,” he told The Block. “If you didn’t jump in within the first 55 seconds, you missed the first wave. It was that quick. By the end of three minutes, we had 5,000 people trying to fund, and 80% of our entire user base attempted to get in. It’s been a long night. I really need sleep now. Have a nice day Yoges.”
The rapid-fire success underscores a growing shift toward community-driven funding methods. Alongside Echo—where projects have raised over $40 million so far—other platforms like Legion and BuidlPad are emerging to help innovators tap everyday supporters right from the start. Kong pointed to recent examples like the token launch by Layer 1 developer Hyperliquid, which involved zero venture capital backing, to illustrate the hunger for projects that prioritize decentralized involvement.
With fresh capital in hand, MegaLabs now has a runway to scale its vision for MegaETH, a blockchain designed for instantaneous transaction processing and seamless Ethereum compatibility. Currently in private testing, MegaETH is set to roll out a public testnet and, eventually, a mainnet. According to Kong, the newly raised funds will support community-building efforts, help guide ecosystem development, and ensure MegaETH is ready to meet real-world demands as it strides toward product-market fit.