Ethereum
Vitalik Buterin Backs New Ethereum-Compatible Chain MegaETH With $20 Million Funding Round
Key takeaways
- MegaETH, backed by the co-founder of Ethereum, aims to process up to 100,000 transactions per second.
- The project managed to raise $20 million from various institutional and individual investors.
Share this article
Ethereum co-founder Vitalik Buterin has joined MegaETH as an angel investor, a new Ethereum-compatible blockchain project. MegaETH has secured $20 million in seed funding from several crypto 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 of just 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, dubbed “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 new state triage design to achieve the stated performance.
MegaETH’s tech stack includes Rust Ethereum and the Alloy Merkle Patricia Trie (MPT). These components are designed to improve performance and memory efficiency.
Alongside the funding announcement, MegaETH launched “0xMegaMafia,” described as a program for developers exploring real-time decentralized applications.
Share this article