
Megapot, the on-chain lottery platform, raises $5M led by Dragonfly to expand its transparent daily lottery and DeFi-powered jackpots.
Author: Arushi Garg
Steady attention without excessive speculation.
27 March 2026: Megapot, the decentralized on-chain lottery protocol built on Base, has raised $5 million in a new funding round led by Dragonfly. The round also saw participation from Coinbase Ventures, Bankless Ventures, and several traditional gaming executives, giving the project fresh capital to scale its hybrid DeFi lottery model that offers provably fair draws, better odds than traditional lotteries, and attractive yields for liquidity providers.
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Mike B
@Mike_nike7
@megapot onboarding people through a lottery is underrated as a distribution strategy. prize pools are one of the few things that cuts through in crypto
We raised $5M led by Dragonfly to build a global lottery https://t.co/HvTltNii1H
07:26 AM·Mar 27, 2026
Doge Trader
@AllOnDoge
@megapot This has been done literally like 100 times by various projects.
We raised $5M led by Dragonfly to build a global lottery https://t.co/HvTltNii1H
07:14 PM·Mar 26, 2026
Catie Romero-Finger
@catieromero
@megapot Congratulations on the successful raise. Looking forward to your next steps in scaling globally.
We raised $5M led by Dragonfly to build a global lottery https://t.co/HvTltNii1H
06:52 PM·Mar 26, 2026
Megapot launched in early 2025 as a decentralized on-chain lottery protocol on the Base blockchain, founded by Patrick Lung with the mission to build a global, crypto-powered raffle that delivers significantly better odds and lower fees than traditional lotteries. The platform introduced a unique hybrid DeFi model in which liquidity providers act as the house, funding daily jackpot pools and earning yield from ticket sales, while players buy $1 tickets for provably fair draws powered by on-chain randomness.
Over the following year, Megapot gained rapid traction by processing more than $100 million in drawings across testnets and early mainnet versions, securing a full gaming license, and completing multiple smart contract audits. Its positive-expected-value design for players combined with attractive yields for LPs quickly set it apart in the on-chain gambling space and drew early interest from both crypto natives and established gaming executives.
How Megapot’s on-chain lottery model compares with traditional lottery systems
Although the $5 million raise provides Megapot with significant momentum, the on-chain lottery space remains crowded with competing protocols that also offer provably fair draws and DeFi yields. The project has yet to disclose detailed tokenomics for any potential $MEGA token or the exact breakdown of how the new capital will be allocated between marketing, development, and liquidity incentives.
Long-term success will hinge on Megapot’s ability to convert early hype into sustained daily ticket volume and liquidity provider retention while navigating tightening global regulations on decentralized real-money gaming. Without clear differentiation in user experience or jackpot size, the platform risks blending into the growing list of funded but under-delivering on-chain gambling experiments
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