Moscow, Tuesday, July 9, 2024 – MegaLabs announced on June 27 that it had raised $20 million in seed fund by Dragonfly, for the development of MegaETH, the initial real-time blockchain.
MegaETH is the initial blockchain that accepts the Ethereum Virtual Machine, the most popular decentralized application platform in the world.
The rest of the investors are Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral.
The blockchains currently in operation are incapable of handling the increasing demand for decentralized apps. Solana, due to the constant congestion, is unable to perform while ETH layer-2 blockchains are not optimized for best performance. As a result, the issues will recover with MegaLab.
MegaLab could handle 100,000 transactions per second, responding within a millisecond.
The two main features are the diversified architecture of blockchain, which enhances its operations by allowing network nodes with different hardware configurations and a hyper-optimized EVM execution space that drives latency and resource efficiency.
“Our mission is to bring Web2-level real-time performance to crypto. By leveraging Ethereum’s superior security and censorship resistance guarantees, we can explore a much larger design space to create the fastest execution layer and state synchronization network possible without compromising the core values of blockchains. Our holistic R&D approach allows us to address all potential bottlenecks in a rigorous and pragmatic way,” Yilong Li, CEO and co-founde of MegaLabs, said. 1
MegaETH would conduct a trial session in the early fall, according to a press release.
- https://decrypt.co/236825/megalabs-raises-20m-seed-round-builds-first-real-time-blockchain-with-full-ethereum-compatibility [↩]
