MegaETH received capital injections from angel investors such as Vitalik and Cobie
According to The Block, blockchain development company MegaLabs recently announced that it has raised $20 million in seed funding. Kong Shuyao, co-founder and chief commercial officer of MegaLabs, said in an interview with The Block that this round of financing began in December last year and ended in May this year. The round, structured as equity plus tokens, brings MegaETH’s fully diluted token valuation to at least $100 million.
Venture capital firms that led this round of seed funding include: Dragonfly, Figment Capital, Robot Ventures, Big Brain Holdings and others also participated. In addition, 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, Hasu Angel investors including Jordan Fish (also known as Cobie) also participated in this round of financing.
What is MegaETH?
The MegaETH blockchain was conceived to address the limitation that most Ethereum Virtual Machine (EVM)-compatible blockchains can only reach a few hundred transactions per second, with the goal of achieving a processing capacity of 100,000 transactions per second.
Kong Shuyao introduced that MegaETH claims to be the first “real-time blockchain” and is fully compatible with Ethereum. The so-called "real-time" means that MegaETH can process and update the results in real time the moment the transaction arrives. MegaETH achieves this by leveraging the security of Ethereum, Optimism's Fault Proofs system and its own optimized sequencer. She further said that the platform also needs to support high transaction throughput and powerful computing power to ensure that this real-time experience can be maintained even when user demand reaches peaks.
What are the technical features of MegaETH?
MegaETH's two key technologies: heterogeneous blockchain architecture and "super-optimized" EVM execution environment can help it achieve 100,000 TPS in a real-time environment. According to officials, the heterogeneous blockchain architecture can improve overall network performance by allowing network nodes with different hardware configurations to specialize in specific tasks, while the ultra-optimized EVM execution environment combines throughput, latency and resource efficiency. Pushing the limits of hardware.
MegaLabs said:
"These technologies stand in stark contrast to today's homogeneous architectures, which can leverage less than 1% of the computing power of modern Web2 servers."
Regarding MegaLabs’ investment, Ethereum co-founder Vitalik Buterin said in a statement:
“Creating ultra-scalable EVM implementations is a critical prerequisite to truly scaling Ethereum. I’m excited to see outstanding developers take on this challenge.”
MegaETH’s public testnet is expected to go live in early fall, with the mainnet expected to launch before the end of the year. When asked whether MegaETH’s native token will be launched along with the mainnet, Kong Shuyao said that the team has not decided yet.
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