- In a seed fundraising round, MegaLabs has raised $20 million from investors including Vitalik Buterin, Joseph Lubin, and Dragonfly.
In a seed investment round, MegaLabs, the company creating the new blockchain known as MegaETH, has raised $20 million.
Shuyao Kong, co-founder and chief business officer of MegaLabs, said that the company finished its seed round in May after starting to raise money in December of last year. According to Kong, the transaction, which included token warrants in addition to stock, increased MegaETH’s fully diluted token valuation to a nine-figure sum, or at least $100 million.
According to MegaLabs on Thursday, Dragonfly led the seed round, which also included participation from Figment Capital, Robot Ventures, Big Brain Holdings, and others. Angel investors also joined the round, including Vitalik Buterin, co-founder of Ethereum, Joseph Lubin, founder and CEO of ConsenSys, Sreeram Kannan, founder and CEO of EigenLayer.
What is the MegaETH blockchain and what is MegaLabs?
Early in 2023, Kong—a former global head of business development at Consensys—and Yilong Li—a Stanford University computer science PhD candidate who had previously worked at software startup Runtime Verification Inc.—founded MegaLabs, according to Kong. Kong continued by saying that she remains an advisor for Consensys.
The majority of Ethereum virtual machine (EVM)-compatible blockchains can only process three digit transactions per second (TPS); in contrast, MegaETH aspires to process 100,000 TPS, which is why the MegaETH blockchain was created, according to Kong.
MegaETH claims to be the first real-time blockchain that is fully compatible with Ethereum. According to Kong, “real-time” in this context refers to MegaETH’s ability to process transactions as soon as they come in and publish the modifications that occur in real-time. She continued, “It must also support significant compute capacity and high transaction throughput to sustain the real-time experience even during peak user demand.”
According to Kong, MegaETH achieves real-time performance through the use of its own customized sequencer, Optimism’s fault-proof architecture, and Ethereum security.
According to the project, MegaETH’s two main strategies—a heterogeneous blockchain architecture and a hyper-optimized EVM execution environment—allow it to accomplish 100,000 TPS in real time.
According to MegaLabs, the hyper-optimized EVM execution environment pushes throughput, latency, and resource efficiency to hardware limits, while the heterogeneous blockchain architecture increases performance by enabling network nodes with various hardware configurations to specialize in particular activities.
It went on, “These methods are a sharp contrast to the homogenous architectures of today, which can barely use 1% of a modern web2 server’s compute capacity.”
In a statement, Buterin discussed his investment in MegaLabs and stated that building hyper-scalable EVM implementations is a crucial step toward really scaling Ethereum. I’m thrilled to see such talented developers embracing this challenge.
Launch schedule for MegaETH
Kong said that MegaETH’s public testnet will be online in early October, and the mainnet is expected to open somewhere before the end of the year. Kong stated that a decision has not yet been made on the launch of MegaETH’s native token concurrently with the mainnet.
MegaLabs intends to continue developing its blockchain, hire developers, and expand its community with the new money, according to Kong. MegaLabs has unveiled MegaMafia, a builder program meant to help developers all around the world collaborate on projects with the team and advisors of MegaLabs.
Less than 20 people are working on MegaETH at the moment, and Kong has no plans to add any more employees.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
