Vitalik Buterin supported the new MegaETH blockchain

MegaLabs, the developer of a new blockchain called MegaETH, has raised $20 million in a seed round of funding.

Vitalik Buterin supported the new MegaETH blockchain

MegaLabs, the developer of a new blockchain called MegaETH, has raised $20 million in a seed round of funding.


MegaLabs raised its seed round in December last year and closed it in May, said co-founder and chief business officer Shuyao Kong. The round was structured as equity plus token warrants and brought the fully diluted valuation of MegaETH tokens to a “9-figure” amount, Kong said, meaning at least $100 million.


What is MegaLabs and its MegaETH blockchain?


MegaLabs was founded in early 2023 by Kong, a former head of business development at Consensys, and Yilong Li, a computer science doctor at Stanford University and an executive at software company Runtime Verification Inc.


The idea for the MegaETH blockchain came about because most blockchains compatible with the Ethereum Virtual Machine (EVM) can only perform 3-digit transactions per second (TPS), while MegaETH aims to achieve 100,000 transactions per second, Kong said.


MegaETH positions itself as the first “real-time” blockchain with full compatibility with Ethereum. Here, in real time, MegaETH is able to process transactions “as they come in and publish the resulting updates in real time,” Kong said. “In addition, it must support high transaction throughput and significant processing power to maintain real-time operation even during peak user demand,” she added.


MegaETH leverages Ethereum's security, Optimism's fault-tolerant system, and its own optimized sequencer to achieve real-time performance, Kong said.


In particular, MegaETH's two key techniques—heterogeneous blockchain architecture and a "hyper-optimized" EVM runtime—help it achieve 100,000 TPS in real time, the project said. Blockchain's heterogeneous architecture improves performance by allowing network nodes with different hardware configurations to specialize in specific tasks, while the hyper-optimized EVM runtime pushes throughput, latency and resource efficiency to hardware limits, MegaLabs said.


“These methods stand in stark contrast to today's flat architectures, which can only use less than 1% of the computing power of a modern web2 server,” it added.


Speaking about the investment in MegaLabs, Buterin said in a statement: "Creating hyperscale EVM implementations is key to truly scaling Ethereum. I'm excited to see brilliant developers taking on this challenge."


MegaETH launch schedule

The MegaETH public testnet will go live in early fall, with the mainnet expected towards the end of the year, Kong said. When asked whether MegaETH's native token will launch alongside the mainnet, Kong said no decision has been made yet.


With the new funding, MegaLabs plans to continue building its blockchain, attracting developers and growing its community, Kong said. MegaLabs recently launched a creation program called MegaMafia to help developers around the world co-create with the MegaLabs team and its consultants.



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