MegaLabs Raises $20M to Develop Real-Time Blockchain Technology

June 28, 2024

MegaLabs, the leading developer behind the innovative Ethereum scaling protocol known as “MegaETH,” announced a successful $20 million seed funding round led by Dragonfly Capital. This new investment aims to advance MegaETH, a real-time blockchain designed for instantaneous transaction processing, capable of streaming 100,000 transactions per second with millisecond-level responsiveness.

MegaLabs Secures Funding to Revolutionize Real-Time Blockchain Speed

The funding round saw participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral. Notable angel investors included Vitalik Buterin, co-founder of Ethereum, Joseph Lubin, CEO of Consensys, Sreeram Kannan, creator of EigenLayer, and Hasu of Flashbots.

Yilong Li, co-founder of MegaLabs, explained the company’s vision: “We define a real-time blockchain as one that processes transactions immediately upon arrival and produces outputs at a very high frequency.”

Real-Time Blockchain Innovation

MegaETH’s ability to scale is attributed to two primary factors: its “heterogeneous blockchain architecture,” which enhances performance by allowing network nodes with various hardware configurations to specialize in specific tasks, and a “hyper-optimized EVM execution environment” that maximizes throughput, latency, and resource efficiency. This execution environment operates as a blockchain operating system compatible with Ethereum’s programming standards.

The concept of MegaETH was partly inspired by Vitalik Buterin’s 2021 blog post “Endgame,” where he discussed scaling Ethereum. Buterin expressed his enthusiasm for MegaETH’s potential: “Creating hyper-scalable EVM implementations is a key prerequisite for truly scaling Ethereum. I am excited to see brilliant developers taking on this challenge.”

Featured Image: Freepik

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