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MegaLabs, Behind the 'Real-Time' Blockchain, Raises $20M, Led By Dragonfly
The fresh round of capital will go towards building out the MegaETH protocol, with the aim of having a testnet go live in the next few months.
Jun 27, 2024, 4:00 p.m.
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MegaLabs, the main developer firm behind a new Ethereum scaling protocol designed to be so fast it's considered "real-time," announced Thursday that it has raised $20 million in a seed round led by Dragonfly Capital.
The round also saw participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent and Credibly Neutral, and included angel investors such as the co-founder of Ethereum Vitalik Buterin, CEO of Consensys Joseph Lubin, creator of EigenLayer Sreeram Kannan, and Hasu of Flashbots.
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The fresh round of capital will go towards building out the MegaETH protocol, with the aim of having a testnet go live in the next few months.
MegaETH calls itself a “real-time blockchain,” meaning that it focuses on the speed of processing transactions, with plans to stream “100,000 transactions per second with millisecond-level responsiveness.”
“We define a real-time blockchain to be a blockchain that can process transactions as soon as they arrive,” said Yilong Li, co-founder of MegaLabs, in an interview with CoinDesk. “Then you produce the resulting outputs at a very high frequency.”
According to a press release, MegaETH achieves its scaling in two ways: through its “heterogeneous blockchain architecture, which boosts performance by allowing network nodes with different hardware configurations to specialize on specific tasks,” as well as a “hyper-optimized EVM execution environment that pushes throughput, latency and resource efficiency to hardware limits.” An EVM execution environment is a blockchain operating system compatible with Ethereum's programming standard.
The idea of MegaETH was partly inspired by Buterin’s 2021 blog post, titled “Endgame,” where he addresses scaling Ethereum.
"Creating hyper-scalable EVM implementations is a key prerequisite for truly scaling Ethereum,” Buterin wrote in a message about MegaETH, forwarded by a MegaLabs representative over Telegram. “I am excited to see brilliant developers taking on this challenge."
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Robinhood vs. Vitalik: Why the trading app is building it own L2 while Ethereum founder cools on them
Centralized exchanges are moving forward building their own blockchain infrastructure even as the broader Ethereum ecosystem debates its future.
What to know:
- The Robinhood Chain testnet has logged four million transactions in its first week that its testnet chain is live, CEO of the investment platform Vlad Tenev said on X on Thursday.
- The chain, which focuses on tokenization and trading, comes at a time when centralized exchanges are increasingly building their own blockchain infrastructure even as the broader Ethereum ecosystem debates its future.
- Ethereum co-founder Vitalik Buterin declared that the protocol’s long-held layer-2 rollup-centric roadmap “no longer makes sense,” and that Ethereum’s base layer is scaling faster than expected.
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