June 27, 2024
MegaLabs, the developer of a new blockchain, real-time Ethereum named MegaETH, has successfully garnered $20 million in a seed funding round. The fundraising for the seed round was initiated by MegaLabs in the previous December and concluded in May, as shared by Shuyao Kong, the co-founder and chief business officer.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
MegaETH | $20M | June 27, 2024 | Seed | Dragonfly | EVM |
The round was organized as a combination of equity and token warrants, which escalated the fully diluted token valuation of MegaETH to a "9-figure" sum, indicating a minimum of $100 million, according to Kong.
The seed round was spearheaded by Dragonfly, and saw participation from Figment Capital, Robot Ventures, Big Brain Holdings, among others, as announced by MegaLabs on Thursday. Several angel investors also contributed to the round, including Ethereum's co-founder Vitalik Buterin, ConsenSys' founder and CEO Joseph Lubin, EigenLayer's founder and CEO Sreeram Kannan, ETHGlobal's co-founder Kartik Talwar, Helius Labs' co-founder and CEO Mert Mumtaz, Santiago Santos, Hasu, and Jordan Fish, also known as Cobie.
MegaLabs, the company behind MegaETH, hopes their new blockchain aims to address the limitations of current blockchain technology, which often suffers from slow transaction speeds and congestion.
MegaETH claims to be the first real-time blockchain, capable of processing 100,000 transactions per second. They achieve this speed through a combination of techniques, including a heterogeneous blockchain architecture and a hyper-optimized execution environment. This allows the network to utilize more of the computing power of modern hardware.
The MegaETH team believes that this new technology will pave the way for a new generation of decentralized applications. These applications could include complex DeFi protocols, high-speed games, and real-time social networks. To achieve this goal, MegaLabs is focused on supporting developers through education, funding, and collaboration opportunities.
A public testnet for MegaETH is expected to launch in early fall, allowing developers to start building applications on the new platform. MegaLabs has also launched a program called MegaMafia to work closely with select founders who are building innovative decentralized applications.
About MegaETH
A year ago, MegaETH was just a research project aiming to scale blockchain performance without sacrificing security or decentralization. Their engineers and researchers spent countless hours identifying performance bottlenecks in existing blockchains and devising innovative techniques to overcome them.
Today, MegaETH has a live and performant devnet and is making steady progress towards becoming the fastest possible blockchain, limited only by hardware. It's a thrill to work on technology that empowers others to create magic, and an honor to welcome supporters who help us speed up our mission.
Website: http://megaeth.systems/
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About Investor
Investor: Dragonfly
Dragonfly is a leading global crypto investment fund that supports various crypto projects. The company prides itself on being “global from day one” and has been investing and building in the crypto space for over 10 years.
Founded in 2018, Dragonfly aims to provide access and influence to help crypto teams with global aspirations find innovation and adoption anywhere. The company likens itself to a dragonfly, a humble creature that emerges first in the spring and has one of the highest hunt success rates in the animal kingdom.
Location: San Francisco, CA
Website/s: https://www.dragonfly.xyz/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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