MegaLabs Raises $20 Million to Develop MegaETH Protocol
MegaLabs, the leading company behind a new Ethereum scaling protocol designed for extreme speed, announced on Thursday that it has raised $20 million in an initial funding round led by Dragonfly Capital. The funding round also saw the participation of several influential figures such as Vitalik Buterin, Joseph Lubin, and Sreeram Kannan.
The capital raised will be used for the development of the MegaETH protocol, which aims to launch a testnet in the coming months. MegaETH positions itself as a real-time blockchain focused on transaction speed, aiming to process 100,000 transactions per second with millisecond responsiveness.
MegaETH achieves this scalability through two main methods: a heterogeneous blockchain architecture that improves performance by allowing network nodes with different hardware configurations to specialize in specific tasks, and a hyper-optimized EVM execution environment that pushes the limits of hardware throughput, latency, and resource efficiency.
The idea for MegaETH was partially inspired by Vitalik Buterin’s 2021 blog post, ‘Endgame,’ where he discusses scaling Ethereum. With the support of industry influencers like Buterin and Lubin, MegaLabs is well positioned to revolutionize transaction processing on the Ethereum network and set new standards in the blockchain ecosystem.
The next few months will be crucial for MegaLabs as they prepare to launch the MegaETH testnet.
