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Vitalik Buterin backs new Ethereum-compatible chain MegaETH in $20M round

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Ethereum co-founder Vitalik Buterin has joined as an angel investor in MegaETH, a brand new Ethereum-compatible blockchain undertaking. MegaETH has secured $20 million in seed funding from a number of crypto traders, together with Buterin.

MegaETH, developed as a Layer 2 answer on Ethereum, reviews transaction processing speeds of as much as 100,000 transactions per second (TPS) with millisecond latency.

Da Bing, founding father of MegaETH, introduced the funding spherical on Twitter. Institutional traders embrace Dragonfly Capital, Figment Capital, Robotic Ventures, Folius Ventures, Tangent, Large Mind VC, and Credibly Impartial.

Different particular person traders, termed “Mega Angels” by the crew, embrace Joseph Lubin, Sreeran Kannan, Cobie, Santiago Roel, Kartik Talwar, Hasu, and Mert Mumtaz.

MegaETH reviews having a purposeful devnet and is working in the direction of additional improvement.

The undertaking makes use of in-memory computing, state synchronization, and a brand new state trie design to attain its reported efficiency.

MegaETH’s technical stack contains Rust Ethereum and the Alloy Merkle Patricia Trie (MPT). These elements are designed to boost efficiency and reminiscence effectivity.

Alongside the funding announcement, MegaETH launched “0xMegaMafia,” described as a program for builders exploring decentralized real-time purposes.

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