Euphoria

What Euphoria does

Euphoria (legal entity: Euphoria Panama Operations Inc., registered office in Grand Cayman, Cayman Islands; organized under the laws of Panama) operates a crypto derivatives trading application built natively on the MegaETH blockchain network. Its core product is TapTrading, a gesture- and grid-based trading interface that translates derivatives positions into tapping a price/time coordinate box on a visual grid; settlement is executed by Box Options smart contracts on MegaETH and priced via RedStone oracle feeds. The protocol is non-custodial, with embedded self-custodial wallets (ERC-7702 accounts) provided through Privy, and supports authentication via Google, X, and Telegram. All trades settle in USDM, MegaETH's native stablecoin, with fiat on-ramp via MoonPay and cross-chain bridging through Privy-integrated bridge services.

The platform targets non-technical and everyday crypto users — as well as existing crypto traders — who want simplified, mobile-first access to derivatives on BTC, ETH, SOL, and other supported assets. Distribution is product-led and self-serve, spanning a Telegram mini-app, a progressive web app, and the web application at euphoria.finance, with the service region-restricted (not available in the US and other OFAC-sanctioned jurisdictions). Euphoria monetizes through protocol transaction fees on user trades, fees related to market-maker vault activity, and a referral program that shares a defined portion of protocol fees with referring users; gas fees are currently sponsored by the company but may be passed through at its discretion. Pricing tiers and fee schedules are not publicly disclosed and are presented within the app interface.

Founded in 2024 with a team of 1–10, Euphoria has raised a total of $7.5M across a $2.5M pre-seed (November 2024) and a $5M seed (February–July 2025) led by Figment Capital, Karatage, and Robot Ventures, with participation from Bankless Ventures, Comfy.capital, First Commit, Hash3, and Kosmos Ventures. The protocol completed its audit within the MegaETH Mafia ecosystem and is preparing for MegaETH mainnet launch.

Name

Euphoria

Legal name

Euphoria Panama Operations Inc.

Website

https://euphoria.finance

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Euphoria is a crypto derivatives trading app on the MegaETH blockchain that offers TapTrading, a mobile-first, grid-based interface for trading derivatives on BTC, ETH, SOL, and other assets, settling all positions on-chain via smart contracts for everyday crypto users.

Ownership category

akta.pro rank

Product category

Crypto Derivatives Trading

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Derivatives Trading Venues (perps, futures, options) (FSAPADAE)

akta.pro secondary industries

Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

Keywords

• Crypto derivatives trading
• Mobile crypto trading
• Blockchain options protocol
• Smart contract derivatives
• Decentralized exchange platform

Headquarters

HQ city

Grand Cayman

HQ country

Cayman Islands

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Protocol Fees: The Company charges fees for provision of access to the Services and the underlying smart contract infrastructure. These fees are charged on user transactions and include fees charged to market makers. All protocol fees collected are final and non-refundable once transactions are confirmed on the blockchain. Currently the Company sponsors gas fees on behalf of users but reserves the right to pass through gas fees at any time.
2. Market Maker Vault Fees: Market makers may operate independently or through vault-style mechanisms where users can stake assets to participate in market making activities and earn yield from trading fees. The Company likely captures a portion of these market making activities.
3. Referral Program: The platform may include a referral program allowing users to earn a portion of fees collected from referred users, with referral rewards calculated based on a defined share of protocol fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Core offering

Euphoria is a crypto derivatives trading application built on the MegaETH blockchain that simplifies options and perpetual trading through TapTrading, a gamified, mobile-first interface where users select price and time coordinates on a visual grid. Trades settle automatically via smart contracts (Box Contracts) using RedStone oracle-verified price data, with all assets held in self-custodial Privy wallets and all transactions denominated in USDM, MegaETH's native stablecoin.

Product overview

Euphoria is a unified crypto derivatives trading platform built on the MegaETH blockchain network, featuring a gamified, mobile-first interface designed to simplify crypto trading for everyday users. The core offering is the Euphoria App, which centers on TapTrading—a novel gesture-based mechanism that transforms derivatives trading into intuitive, tap-based interactions with a visual price-time grid. The platform executes and settles all trades through on-chain smart contracts (Box Contracts) on MegaETH, using RedStone oracle services for price verification. Users must hold and transact in USDM (MegaETH's native stablecoin) and interact through a self-custodial wallet provided via Privy integration. Additional features include a referral program for fee-sharing. The platform is non-custodial, meaning all digital assets are held in users' self-custodial wallets and trades execute through direct wallet-to-smart-contract interactions.

Differentiator

Problem solved

Functional benefit

Products and services

• Euphoria App A crypto derivatives trading application built on the MegaETH blockchain network with a gamified, mobile-first interface. Users trade on price movements of digital assets (BTC, ETH, SOL, and others) with all transactions settled in USDM, MegaETH's native stablecoin, executed through on-chain Box Contracts.
• TapTrading A novel trading interface enabling derivatives trading in a simplified, mobile-first format. Users select an underlying asset, specify a trade amount and time window, then tap a box on a visual price-time grid to place trades. Each box represents a price range and time period with a live multiplier that determines the payout if the oracle-referenced price passes through during the selected window.
• Box Options (Box Contracts) Grid-based price-range trigger contracts implemented through blockchain smart contracts on MegaETH. Users select price ranges (y-axis) and time periods (x-axis) on a visual grid, with each box displaying a live indicative multiplier. Settlement is determined by whether the oracle-referenced market price of the underlying asset passes through the selected box during the specified time window.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor, core and supporting.

• Shikoku Electric PowerminorStrategic or Co-development Partner · 3 December 2025Euphoria and Shikoku Electric Power formed a capital alliance to develop AI counseling for shift workers' safety and health, including sleep improvement. They have initiated a demonstration experiment using Shikoku Electric Power's workplace to verify the service's effectiveness. This appears to be a separate initiative from the core crypto derivatives trading business.
• MegaETHcoreTechnology or IntegrationEuphoria is built on the MegaETH blockchain network. The protocol utilizes smart contracts deployed on MegaETH for autonomous and trustless operation of derivatives trading. MegaETH's native stablecoin USDM is used for all trades and payouts.
• PrivycoreTechnology or IntegrationThird-party authentication and wallet provider used for account creation and embedded self-custodial wallet (ERC-7702 account). Privy handles authentication through Google, X, Telegram, and other methods.
• RedStonecoreTechnology or IntegrationOracle services provider supplying price data for settlement of Box Options by querying official third-party price feeds to obtain verified market data.
• MoonPaysupportingTechnology or IntegrationFiat on-ramp service provider enabling users to purchase USDM using traditional payment methods. Subject to MoonPay's KYC requirements.
• HallidaysupportingTechnology or IntegrationThird-party service provider integrated with the platform for wallet and transaction services.
• RelaysupportingTechnology or IntegrationThird-party service provider integrated with the platform for transaction services.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hyperliquid: Decentralized perpetual and spot derivatives exchange built on its own L1. Directly comparable to Euphoria as an on-chain derivatives venue targeting active crypto traders with a custom trading interface and self-custody.
• Aevo: Decentralized derivatives exchange specializing in options and perps built on a custom rollup. Comparable to Euphoria in offering on-chain options trading with a focused derivatives product and chain-native settlement.
• Kwenta: Decentralized derivatives exchange built on top of Synthetix for perpetuals and synthetics. Comparable to Euphoria as a non-custodial on-chain derivatives trading interface targeting crypto-native traders.
• Drift Protocol: Decentralized perpetuals and spot exchange on Solana. Comparable to Euphoria as an on-chain derivatives venue with self-custody, mobile access, and a focus on simplified UX for retail traders.
• GMX: Decentralized perpetual exchange using a multi-asset liquidity pool model on Arbitrum/Avalanche. Comparable to Euphoria as a non-custodial crypto derivatives venue with on-chain settlement and a unique UX (single-click long/short).
• Gains Network (gTrade): Decentralized leveraged trading platform offering synthetic and perpetual trading via synthetic minting. Comparable to Euphoria as a DeFi derivatives venue with synthetic exposure, self-custody, and retail-friendly leverage products.
• dYdX: Decentralized perpetual futures exchange that migrated to its own appchain. Comparable to Euphoria in offering non-custodial crypto derivatives trading with order-book style execution and an order-routing smart contract layer.

Broad incumbents

• OKX: Major centralized exchange with significant perpetual and options volume plus a self-custodial wallet. Comparable to Euphoria across the derivatives and self-custody axes but as a multi-product, globally licensed incumbent.
• Bybit: Large centralized cryptocurrency exchange with deep derivatives (perps and options) liquidity. Comparable to Euphoria in product scope (crypto derivatives trading) but operates as a custodial, centralized venue with broader offerings.
• Binance: World's largest crypto exchange by derivatives volume, offering perps and options with deep liquidity. Comparable to Euphoria in core derivatives activity but operates as a custodial, broad-line incumbent across spot, derivatives, and Web3 services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Euphoria_fi

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Euphoria