MegaLabs, the company behind a new Ethereum scaling protocol aiming to achieve real-time processing of transactions, has secured a $20 million investment in a seed round led by Dragonfly Capital. Other participants in the funding round include Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, Credibly Neutral, as well as notable angel investors like Vitalik Buterin, Joseph Lubin, Sreeram Kannan, and Hasu. The primary goal of this funding is to further develop the MegaETH protocol, with plans to launch a testnet in the coming months.
Described as a “real-time blockchain,” MegaETH focuses on transaction speed, aiming to handle 100,000 transactions per second with millisecond-level responsiveness. Yilong Li, co-founder of MegaLabs, explained that a real-time blockchain processes transactions as soon as they arrive and produces outputs at a high frequency. MegaETH achieves its scalability through a heterogeneous blockchain architecture, allowing network nodes with different hardware configurations to specialize in specific tasks, and a hyper-optimized EVM execution environment that maximizes throughput, latency, and resource efficiency.
The idea for MegaETH was partially inspired by Vitalik Buterin’s blog post titled “Endgame,” where he emphasized the importance of creating hyper-scalable EVM implementations to scale Ethereum effectively. Buterin expressed his excitement for developers taking on this challenge, highlighting the potential impact of projects like MegaETH in advancing blockchain technology.
CoinDesk, the source of this information, is a respected media outlet covering the cryptocurrency industry with a team of journalists following strict editorial guidelines. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated digital assets exchange. The Bullish group, majority-owned by Block.one, has interests in various blockchain and digital asset businesses, including significant holdings of digital assets like bitcoin. Despite the acquisition, CoinDesk operates independently with an editorial committee ensuring journalistic integrity.
Margaux Nijkerk, the journalist reporting on the Ethereum protocol and L2s, holds a master’s degree in International Affairs & Economics from Johns Hopkins and Emory universities. She has a small investment in ETH and other altcoins, providing valuable insights into the cryptocurrency space through her reporting. Follow @cryptauxmargaux on Twitter for more updates on cryptocurrency developments.
