PANews reported on June 27 that according to The Block, MegaLabs, the developer of the new blockchain MegaETH, announced the completion of a $20 million seed round of financing, led by Dragonfly, with participation from Figment Capital, Robot Ventures, Big Brain Holdings and other companies. Angel investors in this round of financing include Ethereum co-founder Vitalik Buterin, ConsenSys founder and CEO Joseph Lubin, EigenLayer founder and CEO Sreeram Kannan, ETHGlobal co-founder Kartik Talwar, Helius Labs co-founder and CEO Mert Mumtaz, Santiago Santos, Hasu and Jordan Fish (also known as Cobie).
MegaLabs co-founder and chief business officer Shuyao Kong said the company began raising money for its seed round in December and closed it in May. Kong said the round, structured as equity plus token warrants, gave MegaETH a fully diluted token valuation of "nine figures," meaning at least $100 million.
According to reports, MegaLabs was founded in early 2023 by Shuyao Kong, former global business development director of Consensys, and Yilong Li, who holds a Ph.D. in computer science from Stanford University and worked at software company Runtime Verification Inc. Kong added that he continues to serve as an advisor to Consensys. MegaETH's two key technologies - heterogeneous blockchain architecture and "ultra-optimized" EVM execution environment - help it achieve 100,000 TPS in real time. MegaETH's public testnet will be launched in early autumn, and the mainnet is expected to be launched at the end of the year. When asked whether MegaETH's native token would be launched at the same time as the mainnet, Kong said no decision had been made.
