Web3 developer MegaLabs has secured $20 million in a seed funding round led by Dragonfly, with participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral. The round, which values the company at $100 million, will be used to expedite the development of MegaETH, MegaLabs' new Ethereum scaling protocol. MegaLabs claims that MegaETH can process 100,000 transactions per second with millisecond-level responsiveness, a capability it believes is necessary to cater to the growing demand for on-chain trading activities. The company aims to create a blockchain that can match the experience of top web2 apps without compromising on decentralisation.