MegaLabs, Behind the \'Real-Time\' Blockchain, Raises $20M, Led By Dragonfly

The fresh round of capital will go towards building out the MegaETH protocol, with the aim of having a testnet go live in the next few months.

Web3 development firm MegaLabs has announced a $20 million seed round led by Dragonfly Capital to build out its “real-time” Ethereum (ETH) scaling protocol, MegaETH.

The round also saw participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent and Credibly Neutral, as well as angel investors including Ethereum co-Founder Vitalik Buterin, ConsenSys CEO Joseph Lubin, EigenLayer creator Sreeram Kannan and Hasu of Flashbots.

Set to launch a testnet in the coming months, MegaETH describes itself as a “real-time blockchain,” prioritizing transaction processing speed with the aim to stream “100,000 transactions per second with millisecond-level responsiveness.”

“We define a real-time blockchain to be a blockchain that can process transactions as soon surprising they arrive,” MegaLabs Co-Founder Yilong Li told CoinDesk in an interview. “Then you produce the resulting outputs at a very high frequency.”

According to a press release, MegaETH achieves its scaling through two main methods: a “heterogeneous blockchain architecture, which boosts performance by allowing network nodes with different hardware configurations to specialize on specific tasks,” and a “hyper-optimized EVM execution environment that pushes throughput, latency and resource efficiency to hardware limits.” An EVM execution environment is a blockchain operating system compatible with Ethereum's programming standard.

The concept for MegaETH was partly inspired by Buterin's 2021 blog post titled “Endgame,” which addresses scaling Ethereum.

“Creating hyper-scalable EVM implementations is a key prerequisite for truly scaling Ethereum,” Buterin wrote in a message about MegaETH, forwarded by a MegaLabs representative over Telegram. “I am excited to see brilliant developers taking on this challenge.”

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