Quick Take
MegaETH raises $10 million in 3 minutes.
BiT Global sues Coinbase over WBTC.
OpenSea registers the OpenSea Foundation.
MegaETH Raises $10 Million
MegaETH, an EVM-compatible Layer 2 blockchain, raised $10 million through a crowdfunding campaign hosted on Echo, an early-stage investing platform. The funding round closed in just three minutes, attracting participation from over 3,000 investors. The investment came in at the same valuation as MegaETH’s $20 million seed round in June. The seed round included backing from Dragonfly Capital, Vitalik Buterin, and Joseph Lubin. Coined as a "Real-Time Blockchain," MegaETH aims to deliver performance with 100,000 transactions per second (TPS), millisecond-level latency, and robust compute capacity. The platform ensures transaction settlement on Ethereum L1 while leveraging EigenDA for data availability.
BiT Global Sues Coinbase
BiT Global, a Hong Kong-based global custody platform, has filed a lawsuit against Coinbase over the delisting of WBTC, seeking $1 billion in compensation. The lawsuit alleges that Coinbase unfairly removed WBTC to prioritize its own wrapped Bitcoin product, cbBTC. The case was filed in the Northern District of California. Earlier this year, BitGo, the issuer of WBTC, transitioned ownership of the protocol to a joint venture involving BiT Global and Justin Sun. Following the transfer, major platforms, including MakerDAO, reduced their exposure to WBTC. Coinbase had announced that trading for WBTC on its exchange will cease on December 19, 2024.
OpenSea Foundation Registered
OpenSea, the largest NFT marketplace by cumulative trading volume, has registered the OpenSea Foundation in the Cayman Islands. The move suggests the possibility of a future token launch. Establishing a foundation provides a legal entity that enables a DAO to engage with offchain systems, facilitating tasks such as token issuance, legal compliance, and administrative support.
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