MegaETH DEX GTE Raises $15 Million Funding Round Led by Paradigm

Crypto venture firm Paradigm has announced an exclusive $15 million investment in MegaETH-based decentralized exchange (DEX), Global Token Exchange (GTE).

GTE touts itself as “the world’s fastest decentralized trading venue” and is a centralized limit order book (CLOB) DEX that is live on the MegaETH testnet.

In addition to its derivatives offerings, GTE also includes a fair launch token launchpad for assets such as memecoins, the GTE launchpad, which features deep liquidity for established projects that expect to begin trading at a high market capitalization, and an in-house automated market maker (AMM) for on-chain spot trading.

The latest raise marks GTE’s fourth funding round, bringing its total raised to $25 million, including $10 million through pre-seed and seed rounds, as well as a community contribution via Echo.

GTE is one of the most hyped projects in the MegaETH ecosystem, which launched its public testnet in March. MegaETH is an Ethereum Layer 2 network that aims to be the most performant blockchain in DeFi, boasting exceptionally high throughput.

0xBreadGuy, a contributor to MegaETH, highlighted an experiment run in May by a developer who sought to push the boundaries of MegaETH testnets’ giga gas (Ggas) and ended up minting 500,000 NFT tokens in a single transaction, using just over 70% of the gas limit.

While it’s worth noting these results are based on MegaETH’s testnet, while all the other blockchains being compared are live on mainnet, quick transaction speeds with low latency are some of the core components of MegaETH and the GTE DEX.