Ethereum
MegaLabs, behind ‘real-time’ blockchain, raises $20M, led by Dragonfly
MegaLabs, the leading development company behind a new Ethereum scaling protocol designed to be so fast it’s considered “real-time,” announced Thursday it has raised $20 million in of a seed financing 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 Ethereum co-founder Vitalik Buterin, Consensys CEO Joseph Lubin, creator by EigenLayer Sreeram Kannan and Hasu from Flashbots.
The new capital raise will be used to develop the MegaETH protocol, with the aim of commissioning a test network in the coming months.
MegaETH calls itself a “real-time blockchain,” meaning it focuses on transaction processing speed, with the intention of streaming “100,000 transactions per second with millisecond responsiveness.” .
“We define a real-time blockchain as one 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 improves performance by allowing network nodes with different hardware configurations to specialize on specific tasks,” as well as as a “hyper-optimized EVM execution environment”. that pushes throughput, latency, and resource efficiency to the hardware limits. An EVM runtime is a blockchain operating system compatible with the Ethereum programming standard.
The idea for MegaETH was partly inspired by Buterin’s 2021 blog post, title “Endgame,” where he discusses scaling Ethereum.
“Building hyper-scalable EVM implementations is a critical prerequisite to truly scaling Ethereum,” Buterin wrote in a post on MegaETH, forwarded by a MegaLabs representative via Telegram. “I’m excited to see brilliant developers taking on this challenge.”