Key points
- MegaETH, backed by the co-founder of ethereum, aims to process up to 100,000 transactions per second.
- The project has successfully raised $20 million from various institutional and individual investors.
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ethereum co-founder Vitalik Buterin has joined MegaETH, a new ethereum-compatible blockchain project, as an angel investor. MegaETH has raised $20 million in seed funding from several cryptocurrency investors, including Buterin.
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The most important thing is that we are very lucky to have some amazing Mega Angels.
A deep gratitude goes to twitter.com/VitalikButerin?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@VitalikButerin twitter.com/ethereumJoseph?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@ethereumJoseph twitter.com/sreeramkannan?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@sreeramkannan twitter.com/cobie?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@cobie twitter.com/santiagoroel?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@santiagoroel twitter.com/TheRealKartik?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@TheRealKartik twitter.com/hasufl?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@hasufl twitter.com/0xMert_?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@0xMert_
And many more who believe that. twitter.com/megaeth_labs?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@megaeth_labs is going to make ethereum great again
— brother bing / mega-bing / 饼兄 (@hotpot_dao) twitter.com/hotpot_dao/status/1806357093294735648?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>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 millisecond latency.
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 that it has a functional development network and is working towards further development.
The project uses in-memory computing, state synchronization, and a novel state test design to achieve the reported performance.
MegaETH's technical stack includes Rust ethereum and Alloy Merkle Patricia Trie (MPT). These components are designed to improve memory performance and efficiency.
Along with the funding announcement, MegaETH launched “0xMegaMafia,” described as a program for developers exploring real-time decentralized applications.
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