MegaLabs, Behind the 'Real-Time' Blockchain, Raises $20M, Led By Dragonfly

As a seasoned crypto investor with a deep understanding of the Ethereum ecosystem, I’m thrilled about MegaLabs’ announcement of raising $20 million for their new real-time Ethereum scaling protocol, MegaETH. With the participation of prominent investors like Dragonfly Capital and angel investors such as Vitalik Buterin and Joseph Lubin, this project holds immense potential.

MegaLabs, the leading Ethereum development company known for creating a rapid scaling solution dubbed “real-time,” revealed on Thursday that they successfully secured $20 million during a seed funding round, with Dragonfly Capital spearheading the investment.

As an analyst, I’d rephrase it this way: In the latest funding round, Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral joined forces to invest. Notable angel investors included Vitalik Buterin, co-founder of Ethereum, Joseph Lubin, CEO of Consensys, Sreeram Kannan, creator of EigenLayer, and Hasu from Flashbots.

A new injection of funds will be allocated for developing the advanced Ethereum protocol, named MegaETH, with the goal of launching a functional test network within the upcoming months.

MegaETH refers to itself as a “high-speed blockchain,” prioritizing the quick processing of transactions at an estimated rate of up to 100,000 per second and providing near-instantaneous response times.

“According to Yilong Li, co-founder of MegaLabs, in an interview with CoinDesk, a real-time blockchain is one that processes transactions instantly upon arrival. The system then generates outputs at a rapid pace.”

As a researcher studying MegaETH, I’ve discovered that this blockchain platform achieves scaling through two distinct methods. Firstly, it employs a heterogeneous architecture, enabling network nodes with various hardware configurations to excel in specific tasks. This setup boosts performance and allows for optimal resource utilization across the entire network.

MegaETH’s concept drew some influence from Buterin’s 2021 blog entry, named “Endgame,” in which he discusses the Ethereum scaling issue.

As a crypto investor and follower of Ethereum’s development, I can tell you that creating highly scalable implementations of the Ethereum Virtual Machine (EVM) is crucial for expanding Ethereum to its full potential. In a message shared via Telegram by a MegaLabs representative, Vitalik Buterin expressed his enthusiasm over projects like MegaETH taking up this challenge. I’m thrilled to see brilliant developers tackling this scalability issue head-on.

2024-06-27 19:11

MegaLabs, Behind the ‘Real-Time’ Blockchain, Raises $20M, Led By Dragonfly

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