According to Foresight News, MegaETH developer MegaLabs announced the completion of a $20 million seed round of financing, led by Dragonfly, with participation from Figment Capital, Robot Ventures, Big Brain Holdings, 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 was founded in early 2023 by Kong, former global head of business development at Consensys, and Yilong Li, who holds a PhD in computer science from Stanford University and worked at software company Runtime Verification Inc. MegaETH calls itself the first fully Ethereum-compatible live blockchain, capable of processing transactions as soon as they arrive and publishing results updates in real time. MegaETH uses Ethereum security, Optimism's fault proof system, and its own optimized sorter to achieve real-time performance.