Ethereum Founder Vitalik Buterin Invested in New Blockchain Project

Ethereum founder Vitalik Buterin invested in a new blockchain project.

MegaLabs, which established a new blockchain called MegaETH, announced that it received seed investment worth $ 20 million.

Tokens were given to investors

According to the information shared by MegaLabs founder Shuyao Kong, the company started collecting investments in December and continued the process until May.

As part of the investment round, investors were given some shares and additional token rights. It was stated that MegaETH's fully diluted market value increased to "9 digits" after this investment. This equates to at least $100 million.

Who are the investors?

The leading investors are Dragonfly, Figment Capital, Robot Ventures and Big Brain Holdings.

According to MegaLabs' statement, Vitalik Buterin, ConsenSys founder Joseph Lubin, EigenLayer founder Sreeram Kannan, ETHGlobal founder Kartik Talwar, Helius Labs CEO Mert Mumtaz and several others also contributed as angel investors.

100 thousand transactions per second target

MegaLabs was founded by Kong, former global business development manager at ConsenSys, and Yilong Li, who holds a doctorate in computer engineering from Stanford University.

Kong said that today, blockchains compatible with Ethereum Virtual Machine (EVM) have a transaction capacity of up to 3 digits per second, but as MegaETH, they are targeting a capacity of 100 thousand transactions per second.

MegaETH's mainnet is expected to launch towards the end of the year.