Deniz 
In a seed fundraising round, MegaLabs -developer of a new blockchain called MegaETH- attracted $20 million.
Last December, MegaLabs started gathering money for the seed round; co-founder and main business officer Shuyao Kong told The Block they closed it in May. The financing was set as stock plus token warrants, which increased MegaETH’s completely diluted token value to a “9-figure” level, Kong said, suggesting at least $100 million.
Notable Investors Support MegaETH
Leading the seed round were Dragonfly, Figment Capital, Robot Ventures, Big Brain Holdings, and others, MegaLabs stated Thursday. Also joining the round were angel investors: Ethereum co-founder Vitalik Buterin, ConsenSys founder and CEO Joseph Lubin, EigenLayer founder and CEO Sreeram Kannan, ETHGlobal co-founder Kartik Talwar, Helius Labs co-founder and CEO Mert Mumtaz, Santiago Santos, Hasu, and Jordan Fish, also known as Cobie.
Kong, a former global head of business development at Consensys, and Yilong Li, a PhD in computer science from Stanford University and former employee of software startup Runtime Verification Inc., started MegaLabs early in 2023. Kong also mentioned that she still serves Consensys as an advisor.
“The idea of the MegaETH blockchain emerged because most Ethereum virtual machine (EVM)-compatible blockchains can only achieve 3-digit transactions per second (TPS), while MegaETH aims to achieve 100,000 TPS,” Kong added.
MegaETH’s High-Performance Goals
MegaETH bills itself as the first “real-time blockchain” fully compatible with Ethereum. MegaETH can process transactions “as soon as they arrive and publish the resulting updates in real-time, as Kong claimed. Real-time here means “Further, it must support high transaction throughput and substantial compute capacity to maintain the real-time experience even in peak user demand,” she said.
Megaether achieves real-time performance using Ethereum security, Optimism’s fault-proof architecture, and its own efficient sequencer. Kong said.
Particularly, Megaether’s two main strategies—a heterogeneous blockchain architecture and a “hyper-optimized” EVM execution environment—help it reach 100,000 TPS in real time, the group said. The heterogeneous blockchain design improves performance by letting network nodes with varying hardware configurations specialize in particular activities; the hyper-optimized EVM execution environment drives throughput, latency, and resource efficiency to hardware limits, MegaLabs stated.
It said, “These techniques stand in stark contrast to today’s homogeneous architectures, which can only use less than 1% of the compute capacity of a modern web2 server.”
In a statement on investing in MegaLabs, Buterin noted, “Truly scaling Ethereum depends on creating hyper-scalable EVM implementations. Seeing outstanding programmers tackle this challenge excites me.”
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