June twenty seventh, 2024 – MegaLabs introduced immediately a $20M Seed fundraise led by Dragonfly to develop MegaETH, the primary real-time blockchain that mixes the safety and ubiquity of Ethereum with trendy cutting-edge velocity and efficiency. Different institutional traders embrace Figment Capital, Folius Ventures, Robotic Ventures, Massive Mind Holding, Tangent, and Credibly Impartial. Famend angels corresponding to Vitalik Buterin, Joseph Lubin, Sreeram Kannan, Cobie, Santiago Santos, Karthik Talwar, Hasu, and Mert Mumtaz additionally participated.
Current blockchains are failing to serve the rising demand for decentralized functions. Excessive throughput blockchains, corresponding to Solana, are unable to scale to satisfy consumer demand and endure from fixed congestion and reliability points. Ethereum Layer-2 Blockchains, whereas straightforward to develop, are usually not optimized for efficiency and are basically restricted within the variety of customers they will serve.
Folks more and more need to retailer their financial savings in stablecoins on-chain, wager on world occasions on-chain, and submit content material to social networks on-chain, however immediately’s blockchains can’t provide the snappy, dependable expertise that individuals are used to in mainstream client functions. In a world the place just one,000 individuals might use TikTok at a time and Venmo transactions would fail over half of the time, the market would demand a greater resolution and consumer expertise. Frustratingly, that is typically the expertise when utilizing decentralized functions immediately on present blockchains and is why Ethereum wants MegaETH.
MegaETH is the primary Actual-Time Blockchain, able to streaming transactions at 100,000 transactions per second with millisecond-level responsiveness. Its near-instant efficiency unlocks absolutely onchain functions that may lastly match the expertise of best-in-class web2 apps whereas delivering on the guarantees of decentralization.
MegaETH achieves its real-time efficiency via two key strategies: a heterogeneous blockchain structure, which boosts efficiency by permitting community nodes with completely different {hardware} configurations to specialize on particular duties, and a hyper-optimized EVM execution surroundings that pushes throughput, latency, and useful resource effectivity to {hardware} limits. These strategies stand in stark distinction to immediately’s homogenous architectures, which might solely make the most of lower than 1% of the compute capability of a contemporary Web2 server.
“Our mission is to carry Web2-level real-time efficiency to crypto. By leveraging Ethereum’s superior safety and censorship resistance ensures, we will discover a a lot bigger design area to create the quickest execution layer and state synchronization community potential with out compromising the core values of blockchains. Our holistic R&D strategy permits us to handle all potential bottlenecks in a rigorous and pragmatic means.” stated Yilong Li, CEO & Co-Founding father of MegaLabs. “We’re excited to uplift everybody, in every single place, with real-time functions constructed on MegaETH.”
“MegaETH is the iPhone second for crypto: a once-in-a-generation platform that makes every thing earlier than it appear like an vintage,” stated Tom Schmidt, GP at Dragonfly “Decentralized functions are experiencing exponential progress in demand, however present blockchains haven’t been capable of sustain. They fall over and fail after they begin to see the primary hints of mass adoption. You couldn’t have constructed the trendy Web by cobbling collectively a bunch of pocket calculators and you’ll’t construct monetary infrastructure to serve your entire world by patching decade-old software program.
MegaETH is the primary blockchain that lets builders construct functions that work and really feel like first-class trendy software program whereas maintaining true to the values that make these functions distinctive: permissionlessness, transparency, safety, and reliability. We’re excited to be backing MegaETH and we’re much more excited to see what individuals construct on it.”
“Consider compute-intensive DeFi primitives which might be a step operate enchancment in each consumer experiences and capital effectivity, absolutely on-chain video games with excessive tick charges, immediate fee community with negligible transaction price, scalable and real-time social community, DePIN tasks that immediately carry Web2 bodily knowledge on-chain,” stated Shuyao Kong, CBO & Co-Founding father of MegaLabs. “These are distinctive use instances powered solely by MegaETH’s real-time blockchain. After a decade of experimentation, the time to construct web2 scale functions is now”.
The MegaETH public testnet will go dwell early fall, permitting builders to harness the efficiency unlock and create functions which have by no means earlier than been potential within the trade. MegaLabs just lately launched the MegaMafia, a 10x builder program working intently with founders that discover the frontier of decentralized functions. That is an open name to construct pleasant, 0-1 functions in shut collaboration with the MegaLabs core group.
Disclaimer: Press launch sponsored by our business companions.
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