Highlights:

  • Morph is constructing a Layer 2 network for Ethereum, the second largest blockchain following Bitcoin; in the case of Morph, a Layer 2 blockchain functions alongside another chain, processing transactions more rapidly through optimized roll-up technology.
  • The company has unveiled a roadmap outlining its plans to empower builders and bolster projects within its ecosystem in the future. This roadmap includes various incentives to encourage development on its testnet and mainnet platforms.

Morph, a blockchain firm specializing in a layer 2 Ethereum scaling solution tailored for supporting developers in constructing consumer-centric decentralized applications, has revealed securing USD 20 million in a seed funding round led by Dragonfly Capital.

Panthera Capital, Foresight Ventures, The Spartan Group, MEXC Ventures, Symbolic Capital, Public Works, MH Ventures, and Everyrealm participated in the funding round.

Morph’s Ethereum scaling blockchain solution is constructing a Layer 2 network, the second largest blockchain following Bitcoin; in the case of Morph, a Layer 2 blockchain functions alongside another chain, processing transactions more rapidly through optimized roll-up technology. It claims to be the first to implement a “digitized sequencer,” which efficiently organizes and batches off-chain transactions before submitting them to the Ethereum blockchain.

Major blockchains often experience congestion, resulting in slowed transaction times.
This creates an opportunity for Layer 2 blockchains to manage transaction processing off the main chain, preparing them for batch processing before submission. Consequently, this optimization enables applications to achieve greater efficiency, significantly reducing transaction latency and associated costs.

Blockchain technology facilitates the execution of decentralized applications, known as dapps, in a peer-to-peer manner on their networks, eliminating the requirement for centralized authority. This development has led to the emergence of various types of applications, including financial apps that operate without banks, decentralized exchanges, and decentralized games enabling ownership of in-game items.

The company noted that the majority of Layer 2 networks are primarily concentrated on decentralized finance (DeFi), which strives to offer investors and token economies improved transaction speed and cost efficiency. Nonetheless, Morph’s Ethereum scaling blockchain solution aims to provide a developer-friendly infrastructure for consumer applications to create entertainment, gaming, and social apps on its platform.

Azeem Khan, Co-founder, and Chief Operating Officer, stated, “The existing L2 market is focused solely on short-term gains to win the next casino round rather than building for sustainable success. At Morph, we proudly help developers to create decentralized apps that can truly make a long-term difference and win over a mainstream user base,” he said.

The company has unveiled a roadmap outlining its plans to empower builders and bolster projects within its ecosystem in the future. This roadmap includes various incentives to encourage development on its testnet and mainnet platforms. The company announced its intention to organize hackathons and establish an incubator program, offering grants of up to 100,000 USDT tokens to selected projects. The company partnered with Bitget Wallet, a cryptocurrency wallet boasting 19 million active users, to leverage Morph’s Ethereum scaling blockchain solution and facilitate adoption among project developers.

Morph is entering a competitive Ethereum Layer 2 solutions market alongside others that are “developer-friendly.” Some platforms in this space include Arbitrum One by Offchain Labs Inc., Polygon, and Base, a developer-friendly Layer 2 solution from Coinbase Global Inc.