Vitalik Buterin Backs MegaETH: New Blockchain with 100,000 TPS Goal

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Vitalik Buterin, the founder of Ethereum, has recently invested in a new blockchain project.
The new blockchain venture, MegaETH, developed by MegaLabs, has announced a seed funding round worth $20 million.
Vitalik Buterin, along with other notable investors, contributed to this significant funding round.

Discover the latest blockchain developments with MegaETH’s ambitious goals and high-profile investments.

Vitalik Buterin Backs New Blockchain Initiative

Vitalik Buterin, a pivotal figure in the blockchain and cryptocurrency community, has added MegaETH, a project by MegaLabs, to his portfolio. MegaLabs announced a successful seed funding round that raised $20 million, showcasing strong investor confidence and interest.

Investor Participation and Allocation

According to MegaLabs founder Shuyao Kong, the company began its fundraising efforts in December and concluded in May. The raised funds provided investors with a combination of equity and tokens. This funding round has elevated MegaETH’s fully diluted market valuation to over $100 million.

Key Investors and Backers

The investment round saw participation from major players in the crypto ecosystem, including Dragonfly, Figment Capital, Robot Ventures, and Big Brain Holdings. Additionally, high-profile individuals such as ConsenSys founder Joseph Lubin, EigenLayer founder Sreeram Kannan, ETHGlobal founder Kartik Talwar, and Helius Labs CEO Mert Mumtaz were among the angel investors.

Ambitious Transaction Goals

MegaLabs, co-founded by former ConsenSys Global Business Development Director Shuyao Kong and Stanford University doctoral candidate in Computer Engineering Yilong Li, aims to redefine blockchain transaction capacities. Shuyao Kong highlights that while current Ethereum Virtual Machine (EVM) compatible blockchains handle transactions in the three-digit range per second, MegaETH is aiming to achieve a capacity of 100,000 transactions per second.

The mainnet launch of MegaETH is anticipated by the end of the year, marking a significant milestone in the blockchain space.

Conclusion

With the backing of industry heavyweights and an ambitious roadmap, MegaETH is positioned as a pioneering force in blockchain technology. Investors and stakeholders are keenly watching as the project moves towards its mainnet launch, expected to bring unprecedented transaction capabilities to the blockchain domain.