In the constantly evolving world of blockchain technology, one company has managed to stand out: MegaLabs. This startup recently raised the impressive amount of 20 million dollars to develop the first real-time blockchain fully compatible with Ethereum. But how did MegaLabs accomplish this remarkable financial feat?
The Context and Challenges of Current Blockchains
Current blockchains, while providing a solid foundation for decentralized applications, are limited in terms of performance and scalability. High-throughput blockchains, such as Solana, struggle to keep up with the growing demand from users, leading to congestions and issues of reliability. Ethereum’s Layer-2 solutions, despite being easy to develop, are not optimized for maximum performance and are fundamentally limited in the number of users they can serve.
The Vision of MegaLabs
Understanding these limitations, MegaLabs set out to create MegaETH, the first real-time blockchain with full compatibility with Ethereum. MegaETH aims to provide a smooth and fast experience, comparable to the best Web2 applications, while upholding the core values of decentralized applications such as transparency, security, and reliability.
20 Million Dollar Fundraising
On June 27, 2024, MegaLabs announced a fundraising of 20 million dollars led by Dragonfly. This substantial sum comes from both major institutional investors such as Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral, as well as notable figures from the cryptocurrency world, including Vitalik Buterin, Joseph Lubin, Sreeram Kannan, and others.
Revolutionary Technology of MegaETH
MegaETH stands out for its ability to process 100,000 transactions per second with a response time in milliseconds. This is made possible by a heterogeneous blockchain architecture, allowing network nodes with different hardware configurations to specialize in specific tasks. Additionally, a hyper-optimized EVM execution environment maximizes throughput, latency, and resource efficiency.
Support from Investors and Visionaries
Tom Schmidt, GP at Dragonfly, compares MegaETH to an “iPhone moment for cryptocurrencies,” a next-generation platform that surpasses previous technologies. He emphasizes that decentralized applications are growing exponentially in demand, but existing blockchains are not keeping pace, failing in the face of massive adoption.
Practical and Future Applications
Shuyao Kong, CBO and co-founder of MegaLabs, envisions unique applications made possible only by MegaETH’s real-time blockchain, including compute-intensive DeFi primitives, fully on-chain games with high tick rates, instant payment networks with negligible transaction fees, and scalable real-time social networks.
Upcoming Public Testnet Launch
The public testnet of MegaETH will be launched in early autumn, providing developers with the opportunity to leverage this unprecedented performance to create applications that were never before possible in this sector. MegaLabs has also initiated the MegaMafia program to work closely with developers exploring new decentralized applications.
