MegaETH is a new EVM blockchain designed by Megalabs and could soon represent one of the most interesting crypto airdrops to farm.
Megalabs is a company founded at the beginning of 2023 with the aim of bringing Ethereum scalability to new goals.
In particular, the objective is to bring the network to a throughput equal to or greater than 100,000 TP/s.
The project is supported by Kong, former head of development at Consensys, and by Yilong Li, former employee at the software company Runtime Verification Inc
Among the angel investors, we also find the presence of an emblem of the Ethereum Foundation: none other than Vitalik Buterin!
Despite the MegaETH testnet not being active yet, speculation is already beginning about the possibility of a crypto airdrop to the chain’s users.
Let’s see all the details below.
What is the EVM MegaETH blockchain
MegaETH is a new EVM blockchain that inherits the security of Ethereum, focused on achieving maximum scalability of transactions.
Until today, no cryptographic network has managed to surpass the threshold of 10,000 TP/s, highlighting the difficulty of decentralized networks in competing with traditional payment infrastructures.
MegaETH aims to increase the throughput power to 10 times that value, reaching 100,000 TP/s with a remarkable computing capacity (even though it would be more accurate to talk about gas consumed per second).
The project is defined as “the first real-time blockchain” precisely because it aims to be able to process transactions and publish updates instantly.
According to the project team, thanks to these innovations it will be possible to bring the performance of traditional web2 servers into the web3 industry.
Today marks a significant milestone in our mission to unlocking humanity’s potential with fully on-chain, interactive and sophisticated applications. The crypto economy is here.
Welcome to the first Real-Time Blockchain https://t.co/Zj4FqLDDrA pic.twitter.com/MZ5yEFdP7O
— MegaETH (@megaeth_labs) June 27, 2024
MegaETH presents a heterogeneous on-chain architecture and an execution environment compatible with the Ethereum Virtual Machine “hyper-optimized”.
Its main feature is that it allows nodes to specialize in different hardware configurations and specific activities.
This allows to go beyond the expected scalability limits and significantly increase the latency of the structural components.
From a more technical point of view, we can distinguish 3 types of nodes that support the infrastructure of MegaETH, namely sequencer, prover, and full node.
Each node has its specific task: the sequencer is responsible for the ordering of transactions and their publication within the blocks.
The prover creates a computational proof related to the passage of the sequencer and finally the full node confirms the state of the network updated based on the shared information.
These latter do not directly execute transactions, but only confirm the so-called “storage state diffs”.
However, the ultra-optimized approach of MegaETH cannot help but encounter some limits in its path to maximizing scalability.
In fact, according to experts, at the current state, the blockchain would encounter problems in synchronizing new nodes that have to download the entire history of the blockchain.
Furthermore, even the RPC provider, that is, those infrastructures that offer a crypto interface “Remote Procedure Call” with which the wallet communicates, could have problems synchronizing.
The influence of Vitalik Buterin in MegaETH
The blockchain of MegaETH is developed and guaranteed by the company MegaLabs, co-founded by Shuyao Kong and Yilong Li, two former employees of Consensys and Runtime Verification Inc.
The ambitious project began seeking investors for the seed round in December of last year, closing deals in May according to Chief Business Officer Shuyao Kong.
A few days ago MegaETH closed another round of financing of 20 million dollars, structured as equity warrants and tokens, led by Dragonfly.
Among the other VC that participated, we find Figment Capital, Robot Ventures, and Big Brain Holdings.
Additionally, having invested in MegaETH as an angel investor, we find Vitalik Buterin, Joseph Lubin, Sreeram Kannan, Kartik Talwar, and Santiago Santos.
In particular, the presence of Buterin suggests that the project could play a decisive role in the future of the Ethereum ecosystem.
Usually, in fact, the co-founder of Ethereum invests only in protocols and infrastructures that can improve the EVM environment and create added value to the chain.
The well-known developer commented with these words ‘announcement of the presentation to the public of this super scalable blockchain, showing optimism:
“The creation of hyperscalable EVM implementations is a key prerequisite for truly scaling Ethereum. I am excited to see brilliant developers tackle this challenge.”
MegaETH: how to participate in the crypto airdrop
At this point, we can already predict that MegaETH will most likely release a native token for its own blockchain.
Both for a matter of decentralization and governance it is clear that the project requires a central cryptographic resource for its ecosystem.
Already now the first speculations are starting about a possible crypto airdrop to the early users of the MegaETH platform.
Let’s see how to participate in a possible token distribution to the community.
First of all, we must keep in mind that for now MegaETH has not launched anything yet: the testnet is expected next autumn, while the mainnet could arrive between the end of 2024 and the beginning of 2025.
The only move we can make for now is to access the official MegaETH Discord and try to obtain some “roles”.
Similarly to what is happening with Monad (competitor project), it is believed that securing a role on Discord could guarantee eligibility for the airdrop.
@megaeth_labs [ Megalabs ] Airdrop — Super Early Project 
Funding — 20 Million Dollars [ https://t.co/yEO7avobA3 ] Backed By — @VitalikButerin [ Eth Founder ] Super Early 
How to join 
Discord Link — https://t.co/gTnKb5g27B 
Be active Look for… pic.twitter.com/4eyOOlRGIX
— Airdrop Alert Hunter (@0xairdropalert) July 1, 2024
It is clear that in any case we are still early: as soon as the first testnet of MegaETH is announced, we could start evaluating some kind of operations.
We do not even know if the new token, should it be confirmed, will be launched together with the mainnet or with different timing.
For the moment, everything else is inconsequential, so it’s better to focus on other airdrop campaigns currently underway such as Scroll, Linea, Symbiotic, Swell, etc.
What we know is that most likely this project will offer us an airdrop full of rewards, given the willingness to grow in the blockchain space.
As of today, to accelerate the development of the network, the MegaMafia program has been launched, which allows developers from all over the world to co-develop with the MegaLabs team
The next MegaMafia event is expected in Brussels on July 9, in conjunction with the Modular Summit event.
yo-yo 
Come and meet MegaMafia in person. RSVP today!
Can’t wait to see you there… https://t.co/QailjFdjo4 pic.twitter.com/ngoVNZR9KL
— olga kuri (@kuri_olga) June 28, 2024
According to expert estimates, the fully diluted valuation of the MegaETH token could amount to 9 figures, which implies a value of at least 100 million dollars.
Let’s mark this project on the agenda for the last quarter of the year (Q4 2024) and get ready to farm another great airdrop.