Ethereum
Vitalik Backs New Ethereum-Compatible MegaETH Chain in $20M Round
Key takeaways
- 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 MegaETH as an angel investor, a new Ethereum-compatible blockchain project. MegaETH has secured $20 million in initial funding from several cryptocurrency investors, including Buterin.
Most importantly, we are blessed with amazing Mega Angels.
Deep gratitude goes to @VitalikButerin @ethereumJoseph @sreeramkannan @cobie @santiagoroel @TheRealKartik @hasufl @0xMert_
and many others who believe this @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 latency in milliseconds.
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 as “Mega Angels” by the team, 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 project uses in-memory computing, state synchronization, and a novel state trie design to achieve the stated performance.
MegaETH’s technical stack includes Rust Ethereum and Alloy Merkle Patricia Trie (MPT). These components are designed to improve memory performance and efficiency.
Alongside the funding announcement, MegaETH launched “0xMegaMafia,” described as a program for developers exploring real-time decentralized applications.
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