Quick take:
- The fundraising also attracted participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral.
- MegaLabs will use the funds to accelerate the development of its new Ethereum scaling protocol MegaETH.
- According to a press release, the MegaETH blockchain can stream 100,000 transactions per second with millisecond-level responsiveness.
MegaLabs, a Web3 developer building the “first real-time EVM-compatible blockchain” has completed a $20 million seed round led by Dragonfly. The fundraising also attracted participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral.
Ethereum co-founder Vitalik Buterin, Consensys’ Joseph Lubin, EigenLayer founder and CEO Sreeram Kannan, Cobie, ETHGlobal co-founder Karthik Talwar, and Helius Labs’ Mert Mumtaz were among those who joined as angel investors.
The round was completed at a valuation of $100 million according to MegaLabs co-founder Shuyao Kong, The Block reported.
MegaLabs plans to use the funds to accelerate the development of its new blockchain dubbed MegaETH.
MegaLabs believes all types of blockchains currently in existence have some flaws in them, arguing that they are “failing to serve the growing demand for decentralised applications.”
“High throughput blockchains, such as Solana, are unable to scale to meet user demand and suffer from constant congestion and reliability issues. Ethereum Layer-2 Blockchains, while easy to develop, are not optimized for performance and are fundamentally limited in the number of users they can serve,” MegaLabs wrote.
According to co-founder Kong’s Substack post, MegaETH is capable of streaming 100,000 transactions per second with millisecond-level responsiveness, the speed and level of performance it believes is necessary to handle the growing demand for on-chain trading activities.
“People increasingly want to store their savings in stablecoins on-chain, bet on world events on-chain, and post content to social networks on-chain, but today’s blockchains cannot offer the snappy, reliable experience that people are used to in mainstream consumer applications.”
According to MegaLabs, the MegaETH protocol’s near-instant performance unlocks fully on-chain applications that can match the experience of best-in-class web2 apps without compromising on decentralisation.
Commenting on the fundraising, Yilong Li, the CEO and Co-Founder of MegaLabs said in a statement: “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.”
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