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

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MegaLabs, the primary developer agency behind a brand new Ethereum scaling protocol designed to be so quick it is thought of “real-time,” introduced Thursday that it has raised $20 million in a seed spherical led by Dragonfly Capital.

The spherical additionally noticed participation from Figment Capital, Folius Ventures, Robotic Ventures, Large Mind Holding, Tangent and Credibly Impartial, and included angel buyers such because the co-founder of Ethereum Vitalik Buterin, CEO of Consensys Joseph Lubin, creator of EigenLayer Sreeram Kannan, and Hasu of Flashbots.

The contemporary spherical of capital will go in direction of constructing out the MegaETH protocol, with the goal of getting a testnet go reside within the subsequent few months.

MegaETH calls itself a “real-time blockchain,” that means that it focuses on the velocity of processing transactions, with plans to stream “100,000 transactions per second with millisecond-level responsiveness.”

“We outline a real-time blockchain to be a blockchain that may course of transactions as quickly as they arrive,” mentioned Yilong Li, co-founder of MegaLabs, in an interview with CoinDesk. “Then you definately produce the ensuing outputs at a really excessive frequency.”

In line with a press launch, MegaETH achieves its scaling in two methods: by way of its “heterogeneous blockchain structure, which boosts efficiency by permitting community nodes with completely different {hardware} configurations to specialize on particular duties,” in addition to a “hyper-optimized EVM execution atmosphere that pushes throughput, latency and useful resource effectivity to {hardware} limits.” An EVM execution atmosphere is a blockchain working system appropriate with Ethereum’s programming commonplace.

The concept of MegaETH was partly impressed by Buterin’s 2021 weblog put up, titled “Endgame,” the place he addresses scaling Ethereum.

“Creating hyper-scalable EVM implementations is a key prerequisite for actually scaling Ethereum,” Buterin wrote in a message about MegaETH, forwarded by a MegaLabs consultant over Telegram. “I’m excited to see sensible builders taking over this problem.”

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