Business News Report
March 20, 2024

Ethereum Layer 2 Morph Raises $20M Funding to Enhance its Technical Infrastructure

In Brief

Ethereum Layer 2 Morph raised $20 million to expand the team, facilitate marketing initiatives and advance its technical infrastructure.

Ethereum Layer 2 Morph Raises $20M Funding to Enhance its Technical Infrastructure

Ethereum Layer 2 scaling solution Morph announced the completion of a $19 million seed round of financing led by Dragonfly Capital, with participation from Pantera Capital, Foresight Ventures, The Spartan Group, MEXC Ventures, Symbolic Capital, Public Works, MH Ventures, and Everyrealm. 

Additionally,  the company raised $1 million in an angel round financing from investors, including Polygon founders Manta, Galxe, Sei, Nansen, Story Protocol, Icebergy, MoonOverlord, NaniXBT, and Dingaling. Morph plans to use the newly acquired capital for team expansion, marketing initiatives to enhance its visibility within the Layer 2 ecosystem, and further development of its technical infrastructure.

Morph is a fully permissionless Ethereum Virtual Machine (EVM) Layer 2 scaling solution. It uses optimistic and zero-knowledge rollup technology, offering developers a user-friendly solution for constructing applications in finance, gaming, social media, and entertainment sectors. 

From a technical perspective, Morph addresses the blockchain trilemma, balancing decentralization, security, and scalability. 

“If we want to really bring blockchain to the next step, into mass adoption, we have to find a vertical which can create value that the end users realize—so that’s why we focus on the consumer side,” said Cecilia Hsueh, co-founder, and CEO of Morph in a written statement. 

Morph Redefines Layer 2 Landscape with Decentralized Rollup Tech, Optimistic zkEVM Integration, and Modular Design

Morph provides a founder-friendly pipeline for projects in the Layer 2 domain. Its technology is built around three fundamental pillars, which are decentralized rollup technology, optimistic zkEVM integration, and modular design. Developers utilizing Morph benefit from a suite of tools that facilitate their journey from the initial stages of development to a potential token listing. 

Moreover, Morph represents the first Layer 2 scaling solution on the Ethereum blockchain to launch with a decentralized sequencer, signifying that numerous entities or nodes can participate in the sequencing process, reducing the opportunity for any single node to manipulate transaction order.

“The existing Layer 2 market is focused solely on short-term gains to be able to win the next casino round, rather than building for sustainable success,” said Azeem Khan, co-founder and chief operating officer of Morph, in a written statement. “At Morph, we proudly help developers to create dApps that can truly make a long-term difference and win over a mainstream user base,” he added.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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