Cryptocurrency Derivatives: A Battleground for DeFi
Cryptocurrency derivatives have always been a fierce battleground in the DeFi space. Recently, a mobile trading application based on MegaETH, Euphoria, is attempting to disrupt the user experience with its innovative “Tap Trading” interface. Today, it announced that it has raised $7.5 million in seed funding and is expected to launch officially within this year.
Euphoria Seed Funding of $7.5 Million, with Participation from GSR and Infinex Founders
Euphoria announced today that it has completed a total seed funding round of $7.5 million, which includes $2.5 million in pre-seed funding due by the end of 2024 and $5 million raised from early 2025 to the present.
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What Robinhood did for tradfi, Euphoria will do for crypto.
Tap…
pic.twitter.com/rCtIaic74b
— Euphoria (@Euphoria_fi) August 7, 2025
This funding round was led by institutions such as Karatage, Figment Capital, and Robot Ventures, with participation from Bankless Ventures and Comfy Capital. Other angel investors include Infinex founder Kain Warwick, GSR’s Frank Chaparro, Dragonfly’s Sanat Kapur, and The Block’s Steven Zheng, showcasing strong confidence in the project.
Tap Trading: Making Derivative Trading Accessible with a Finger
Traditional derivative trading involves margin management, leverage settings, and tracking and managing risks, making it complex and difficult for newcomers. Euphoria offers a completely new user experience called “Tap Trading,” allowing users to simply view price trend charts and click on their predicted next price positions to complete their trades, turning trading into a game-like operation.
i can’t stop TAPPING !!!
pic.twitter.com/j0MLgM9yEf
— Sandra (@sandraaleow) June 25, 2025
This design inspiration came from CEO Nathan Worsley’s frustration when trying to explain derivatives to friends. He realized that to engage the public, the UX needed to be redesigned from scratch:
On Euphoria, you just need to check the chart, see the price line move, and then click on the box on the grid where you think the price will reach.
The Mobile Trading Market Gap: Euphoria’s Profitable Hyperliquid Model
Worsley indicated that derivatives account for 75% to 80% of the total trading volume in the cryptocurrency market, with monthly transaction volumes reaching up to $3 trillion. However, there are currently few trading apps designed specifically for mobile devices:
We see a clear gap in the market that can tap into a new user base, just like Robinhood made stock options intuitive and easy to understand.
He added: “Just like Robinhood turned traditional options into a business generating $265 million in quarterly revenue, Euphoria will open doors for the mobile-native new generation of cryptocurrency users.” In terms of business model, Worsley revealed that Euphoria is similar to Hyperliquid, generating revenue through internal market making and trading fees.
Cryptocurrency’s Robinhood? Euphoria’s Vision for a Crypto Revolution
Euphoria is expected to go live on the MegaETH mainnet within this year, with no plans for cross-chain launch in the short term. Worsley stated that the team currently consists of about eight members, and they plan to expand engineering, product design, and marketing positions, with the prospect of launching a native token to complement the overall ecosystem.
(Vitalik’s favored L2 MegaETH has launched its testnet! Read the Mega Mafia Incubator Ecosystem Map (Part One))
Risk Warning
Investing in cryptocurrencies is highly risky, with prices subject to extreme volatility. You may lose your entire principal. Please evaluate the risks carefully.