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MegaETH Receives Funding from Angel Investors Vitalik and Cobie
What is MegaETH?
What are the Technical Features of MegaETH?
According to The Block’s report, blockchain development company MegaLabs recently announced that it has raised $20 million in seed funding. Kong Shuyao, Co-founder and COO of MegaLabs, stated in an interview with The Block that this funding round started in December last year and ended in May this year. The funding structure includes equity and tokens, resulting in a post-dilution valuation of MegaETH of at least $100 million.
Leading the seed funding round are venture capital firms including Dragonfly, Figment Capital, Robot Ventures, and Big Brain Holdings. In addition, angel investors such as 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, and Jordan Fish (also known as Cobie) have also participated in this funding round.
The concept of MegaETH blockchain is to solve the limitation of most Ethereum Virtual Machine (EVM) compatible blockchains, which can only achieve a few hundred transactions per second. The goal is to achieve a processing capacity of 100,000 transactions per second.
Kong Shuyao explained that MegaETH claims to be the first “real-time blockchain” that is fully compatible with Ethereum. The term “real-time” means that MegaETH can process and update results instantly as transactions arrive. MegaETH achieves this by utilizing the security of Ethereum, Optimism’s Fault Proofs system, and its own optimized sorter. She further stated that the platform also needs to support high transaction throughput and powerful computing capabilities to ensure this real-time experience even during peak user demand.
MegaETH’s two key technologies are heterogeneous blockchain architecture and “hyper-optimized” EVM execution environment, which help achieve 100,000 TPS in a real-time environment. According to the official statement, the heterogeneous blockchain architecture improves overall network performance by allowing network nodes with different hardware configurations to handle specific tasks. The hyper-optimized EVM execution environment pushes throughput, latency, and resource efficiency to their hardware limits.
MegaLabs stated:
Regarding the investment in MegaLabs, Ethereum co-founder Vitalik Buterin stated in a statement:
The public testnet of MegaETH is expected to launch in early autumn, and the mainnet is planned to be released by the end of the year. When asked if the native token of MegaETH will be launched with the mainnet, Kong Shuyao stated that the team has not yet decided.
