According to TechFlow, The Block reported that MegaETH developer MegaLabs recently announced the completion of a $20 million seed round of financing, with investors including Dragonfly, Ethereum co-founder Vitalik Buterin, Joseph Lubin and other celebrities. This financing brings the fully diluted token valuation of MegaETH to at least $100 million.
MegaLabs was founded in early 2023 by Kong, former global head of business development at ConsenSys, and Yilong Li, who holds a Ph.D. in computer science from Stanford University. MegaETH claims to be the first live blockchain fully compatible with Ethereum, capable of processing transactions as soon as they arrive and publishing result updates in real time. It plans to launch a public beta network this fall and go live on the main network before the end of the year.