Today, the market fell sharply, and the altcoins were even more bloody. At present, the price of Bitcoin has reached the lowest position of 58,000. The AHR999 indicator has reached 0.8 again, and the panic greed index is 40. The market may further deteriorate. If it cannot be contained at 58,000, it may return to 51,000. At that time, many small currencies may fall by 80%-90%. The small currencies I bought recently have a maximum drop of 60%, but I am not very scared, because many valuable coins have actually fallen to the value range and can be added to the position. I will not analyze the market too much. Recently, a very powerful L2 was released, which is MegaETH, claiming to be able to reach 100,000 TPS. This speed should be able to kill all chains in seconds, whether you are L1 or L2. It is also supported by Vitalik. Although the project has not yet issued a coin test network, it is still worth studying. After all, it was selected by Vitalik, and the team is very powerful, the financing is very powerful, and it is a newly-released large-scale L2.
Introduction
MegaETH is an Ethereum Virtual Machine (EVM)-compatible blockchain that brings Web2-level real-time performance to the crypto world for the first time. The goal is to push the performance of Ethereum Layer 2 to the hardware limit and bridge the gap between blockchain and traditional cloud computing servers. MegaETH has several notable features, including high transaction throughput, abundant computing power, and the unique ability to achieve millisecond response times under heavy load.
background
Although there are many L2s now, and a large number of L2s are quite fast (compared to Ethereum's TPS of more than a dozen transactions per second), including opBNB which stands out with an abnormally high gas rate of 100 MGas/s, it still pales in comparison with the capabilities of modern Web2 servers. At 100 MGas/s, it is equivalent to only 650 Uniswap swaps or 3,700 ERC-20 transfers per second. In comparison, modern database servers have exceeded one million transactions per second in the TPC-C benchmark. So there is still a huge room for improvement in the speed of L2.
Advantages of MegaETH
MegaETH's two key technologies: heterogeneous blockchain architecture and "ultra-optimized" EVM execution environment, help it achieve 100,000 TPS real-time transmission. Heterogeneous blockchain architecture improves performance by allowing network nodes with different hardware configurations to specialize in specific tasks. The ultra-optimized EVM execution environment pushes throughput, latency, and resource efficiency to the limits of hardware.
Node Specialization
MegaETH centralizes performance-critical tasks such as transaction execution to a small set of sequencer nodes, while decentralizing security-critical tasks such as block verification at scale. This key architectural decision allows MegaETH to significantly improve network performance while minimizing hardware requirements for full nodes.
Real-time EVM
MegaETH introduces the first real-time EVM execution engine, capable of seamlessly processing large numbers of transactions as they arrive and reliably publishing the resulting state changes at intervals as low as 10 milliseconds.
In-memory computing
MegaETH's sorter stores the entire EVM world state and state tree in memory, which speeds up state access by 1000x compared to SSD-based systems. High-end servers with 1-4 TB of memory are readily available in the cloud, providing ample capacity for future state growth.
Smart Contract Compilation
MegaETH uses Just-in-Time (JIT) compilation to transparently convert smart contracts into native machine code on the fly. This technology eliminates the inefficiencies of interpreting EVM bytecode and emulating stack machines. For computationally intensive applications, performance can be improved by 100 times.
Super I/O Efficiency Status Trie
Maintaining the state tree is the biggest bottleneck for EVM-compatible blockchains due to intensive disk I/O operations. MegaETH designed a new state trie that replaces the Merkle Patricia Trie (MPT), minimizing disk I/O and efficiently scaling to TBs of state data while maintaining full EVM compatibility.
State Synchronization Protocol
MegaETH uses an efficient peer-to-peer protocol to propagate state updates from sorters to full nodes, with low latency and high throughput. This ensures that even at an update rate of 100,000 TPS, nodes with poor network connections can keep up with the latest state.
Implementation process
MegaETH does this by separating transaction execution tasks from full nodes. Specifically, MegaETH includes three main roles: sequencers, validators, and full nodes. Like other L2s, the sequencer is responsible for ordering and executing user transactions. However, MegaETH has only one active sequencer at any given time, eliminating consensus overhead during normal execution. Most full nodes receive state differences from the sequencer through the P2P network and directly apply these differences to update the local state. Notably, they do not re-execute transactions; instead, they indirectly verify blocks through proofs provided by validators. Advanced users such as bridge operators and market makers may execute every transaction for fast final confirmation, although they require higher hardware requirements to keep up with the sequencer. Finally, validators use a stateless verification scheme to verify blocks asynchronously and out of order.
The following diagram shows the basic architecture of MegaETH and the interactions between its main components.
Trade Execution
MegaLabs Team
The official website shows that MegaETH developer MegaLabs was established in early 2023.
CEO: Li Yilong, who holds a Ph.D. in computer science from Stanford University and previously worked at software company Runtime Verification Inc.
CTO: Yang Lei, PhD from MIT;
CBO: Kong Shuyao, former head of global business development at Consensys (Kong continues to serve as an advisor to Consensys)
Head of Growth: Namik Muduroglu, formerly of Consensys and Hypersphere
Financing
On June 27, MegaLabs, the developer of the new blockchain MegaETH, completed a $20 million seed round of financing, led by Dragonfly, with participation from companies such as Figment Capital, Robot Ventures, and Big Brain Holdings. Angel investors include Ethereum co-founder Vitalik Buterin, ConsenSys founder Joseph Lubin, EigenLayer founder Sreeram Kannan, ETHGlobal co-founder Kartik Talwar, Helius Labs co-founder Mert Mumtaz, Santiago Santos, Hasu, and Jordan Fish (also known as Cobie). This round of financing uses the structure of equity plus token warrants, bringing MegaETH's fully diluted token valuation to at least $100 million.
Finally, let me summarize this project. The project should be launched by the end of the year, and I don’t know when the tokens will be available, so there will definitely be a chance to get airdrops. I will show you how to get airdrops later. From the current point of view, the project is quite good. Vitalik Buterin is an angel investor, and the traffic on the platform is invincible. In addition, the seed round was 20 million, and the valuation of 100 million is also unparalleled. The A round is estimated to reach 1 billion. It is a real big-money project. Although it is a VC disk, it can get airdrops, and the technical team is very good. The 100,000 TPS should still be a gimmick, but I don’t know if it can really be realized later. However, the capital market is all about expectations, so you can pay close attention. #内容挖矿 #Layer2
