New public chain MegaETH announced today that it has successfully raised $20 million in seed funding, led by Dragonfly, with participation from notable 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 testnet 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 challenge for many projects. Today, the new public chain project MegaETH, which focuses on this challenge, announced that it has successfully raised $20 million in seed funding, including participation from angel investors such as Ethereum co-founder Vitalik Buterin.
Led by Dragonfly, with a valuation of at least 100 million pounds
MegaETH, developed by MegaLabs, has co-founder and Chief Business Officer Shuyao Kong, who is also a Consensys advisor and former Global Business Development Executive of 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 is led by Dragonfly, with participation from renowned institutions such as Figment Capital, Robot Ventures, and Big Brain Holdings. In addition to Vitalik Buterin, angel investors include Joseph Lubin, the founder and CEO of ConsenSys, Sreeram Kannan, the founder and CEO of EigenLayer, Kartik Talwar, co-founder of ETHGlobal, Mert Mumtaz, co-founder and CEO of Helius Labs, Santiago Santos, Hasu, and Jordan Fish (also known as Cobie).
Regarding the investment in MegaETH, Vitalik Buterin stated:
Shuyao Kong stated that this funding round is structured as equity plus token warrants, and it brings the fully diluted valuation (FDV) of MegaETH tokens to nine figures, which is at least $100 million.
MegaETH aims to be the fastest blockchain
According to the official statement, MegaETH aims to be the first “real-time blockchain” that is fully compatible with Ethereum. The target transaction per second (TPS) is 100,000, allowing users to “process transactions immediately upon arrival and publish result updates in real-time.” It claims that its performance will only be limited by hardware.
MegaETH utilizes Ethereum’s security, Optimism’s fraud proof system, and its own optimized sorter to achieve real-time performance. Specifically, MegaETH has two key technologies:
Heterogeneous blockchain architecture: allows network nodes with different hardware configurations to focus on specific tasks, improving performance.
“Hyper-optimized” EVM execution environment: pushes throughput, latency, and resource efficiency to the limits of hardware.
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 testnet will launch in early autumn, and the mainnet is expected to launch by the end of the year. When asked if the native token of MegaETH will be launched together with the mainnet, Shuyao Kong stated that no decision has been made yet.
Recently, MegaETH launched a developer program called MegaMafia, welcoming developers from around the world to collaborate with the MegaLabs team in building decentralized real-time applications.