- An exciting new Ether-based scalability project, MegaETH, secured a handsome US $20m in funding.
- This figure puts the team’s “fully-diluted token valuation” at over US $100m.
- Key investors in the seed round included Ether co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and VCs like Dragonfly.
- MegaLabs intends for MegaETH to provide “real-time” transaction finality, the first Eth-compatible network to do so.
There isn’t much higher praise in the crypto industry than that which comes from Vitalik Buterin. Barring perhaps Satoshi Nakamoto themselves, the founder and co-creator of Ethereum is one of the most esteemed members of the blockchain community. When he talks, you listen.
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Buterin’s glowing praise of the new blockchain project MegaLabs speaks volumes about the team’s potential and direction. And it couldn’t have come at a better time, with MegaLabs – developing their native MegaETH network – performing a seed round.
Thanks in part to the endorsement (and investment) from Buterin himself, the MegaLabs team managed to secure approximately US $20m (AU $30m) in about five months.
Other major investors included Dragonfly, Figment Capital, the CEO of ConsenSys Joseph Lubin and the founder of EigenLayer Sreeram Kannan.
MegaETH to Revolutionise Ethereum Virtual Machine Scalability
As its name suggests, MegaETH is slated to be an Ether-based network with a twist. MegaLabs contends that their protocol will be the very first “real-time blockchain” that works alongside Ethereum virtual machine (EVM). In this instance, “real-time” means the blockchain can process transactions “as soon as they arrive.”
To manage such lofty goals, the network uses unique blockchain infrastructure that can reportedly handle up to 100,000 simultaneous transactions per second (TPS).
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As a key founder of Ethereum, Buterin is naturally invested in the blockchain’s future and knowledgeable about the projects built atop it. When prompted on his interest in the MegaETH project, he was clear in his approval.
Creating hyper-scalable EVM implementations is a key prerequisite for truly scaling Ethereum. I am excited to see brilliant developers taking on this challenge.
Vitalik Buterin MegaLabs is headed by co-founder Shuyao Kong and is targeting a September–November release date.
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