The new public chain MegaETH announced today that it has successfully raised $20 million in seed funding, led by Dragonfly with participation from prominent angel investors including Vitalik Buterin, Joseph Lubin, and Cobie. The goal is to achieve a transaction speed of 100,000 transactions per second, with the public test network expected to launch in early autumn and the mainnet planned for the end of the year.
Improving the scalability of blockchain while maintaining security and decentralization has always been a topic of discussion for many projects. Today, the new public chain project MegaETH, which focuses on this challenge, announced a successful $20 million seed round of funding, with angel investors including Ethereum co-founder Vitalik Buterin.
Led by Dragonfly, the valuation is at least 100 million yuan
MegaETH is developed by MegaLabs, co-founded by Shuyao Kong, who is the Chief Business Officer and former Global Business Development Director of Consensys, the developer behind MetaMask. Another co-founder is Yilong Li, who holds a Ph.D. in Computer Science from Stanford University and has worked at software company Runtime Verification Inc.
This funding round, led by Dragonfly, also saw participation from prominent institutions such as Figment Capital, Robot Ventures, and Big Brain Holdings. In addition to Vitalik Buterin, angel investors include 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, Santiago Santos, Hasu, and Jordan Fish (also known as Cobie).
Regarding the investment in MegaETH, Vitalik Buterin stated:
Shuyao Kong stated that the structure of this funding round includes equity and token warrants, resulting in a fully diluted valuation (FDV) of MegaETH tokens reaching nine digits, which is at least $100 million.
MegaETH aims to become the fastest blockchain
According to the official explanation, MegaETH is committed to becoming the first fully compatible “real-time blockchain” with a target of 100,000 transactions per second (TPS), allowing users to “process transactions immediately upon arrival and publish result updates instantly,” claiming that its performance will only be limited by hardware.
MegaETH uses Ethereum’s security, Optimism’s fraud proof system, and its optimized sequencer to achieve real-time performance. Specifically, MegaETH has two key technologies:
Heterogeneous blockchain architecture: allowing network nodes with different hardware configurations to focus on specific tasks, thereby improving efficiency
“Super-optimized” EVM execution environment: pushing throughput, latency, and resource efficiency to hardware limits.
Through these two technologies, MegaETH claims to overcome the performance bottlenecks of existing blockchains and achieve real-time transaction processing.
It is understood that MegaETH’s public test network will launch in early autumn, with the mainnet expected to launch by the end of the year. When asked if MegaETH’s native token will be launched alongside the mainnet, Shuyao Kong stated that a decision has not yet been made.
Recently, MegaETH launched a developer program called MegaMafia, welcoming developers from around the world to collaborate with the MegaLabs team to build decentralized real-time applications.