Blockchain
Vitalik Backs New Ethereum-Compatible MegaETH Chain in $20M Round
Key points
- MegaETH, backed by the co-founder of Ethereum, aims to process up to 100,000 transactions per second.
- The project successfully raised $20 million from various institutional and individual investors.
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Ethereum co-founder Vitalik Buterin has joined as an angel investor in MegaETH, a new Ethereum-compatible blockchain project. MegaETH has secured $20 million in seed funding from several cryptocurrency investors, including Buterin.
But most importantly, we are truly fortunate to have some amazing Mega Angels.
Deep gratitude goes to A. @VitalikButerin @ethereumJoseph @sreeramkannan @cobie @santiagoroel @TheRealKartik @hasufl @0xMert_
and many others who believe it @megaeth_labs will make Ethereum great again
— brother bing / mega-bing / 饼兄 (@hotpot_dao) June 27, 2024
MegaETH, developed as a Layer 2 solution on Ethereum, reports transaction processing speeds of up to 100,000 transactions per second (TPS) with millisecond latency.
Da Bing, founder of MegaETH, announced the funding round on Twitter. Institutional investors include Dragonfly Capital, Figment Capital, Robot Ventures, Folius Ventures, Tangent, Big Brain VC, and Credibly Neutral.
Other individual investors, referred to by the team as “Mega Angels,” include Joseph Lubin, Sreeran Kannan, Cobie, Santiago Roel, Kartik Talwar, Hasu and Mert Mumtaz.
MegaETH reports having a working devnet and working on further development.
The design uses in-memory processing, state synchronization, and a new state trie design to achieve the reported performance.
MegaETH’s tech stack includes Rust Ethereum and Alloy Merkle Patricia Trie (MPT). These components are designed to improve memory performance and efficiency.
In addition to the funding announcement, MegaETH launched “0xMegaMafia,” described as a program for developers exploring decentralized applications in real time.
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