MNX Raises $6.4 Million at $40 Million Valuation for AI-Focused Futures Exchange on MegaETH

According to The Block, MNX, a decentralized futures exchange built on the Ethereum Layer 2 network MegaETH, raised $6.4 million in pre-seed funding at a $40 million valuation on Wednesday. Village Global led the round, with participation from Cambrian, North Island Ventures, Finality Capital, Relay Digital, and angel investors including Dwarkesh Patel, Byrne Hobart, and Augur and Gnosis co-founder Matt Liston.

Founded last fall by Stephen Grugett and Ian Philips (co-founders of Manifold Markets), MNX plans to offer valuation futures, equity perpetuals, compute perpetuals, and prediction markets focused on the AI economy. The exchange is currently in private beta on MegaETH's testnet and plans to launch on mainnet later this summer.