Vitalik Buterin backs new Ethereum-compatible chain MegaETH in $20M round

Key Takeaways

• MegaETH, backed by Ethereum's co-founder, aims to process up to 100,000 transactions per second.
• The project has successfully raised $20 million from various institutional and individual investors.

Ethereum co-founder Vitalik Buterin has joined as an angel investor in MegaETH, a new Ethereum-compatible blockchain project. MegaETH has secured $20 million in seed funding from several crypto investors, including Buterin.

MegaETH, developed as a Layer 2 solution on Ethereum, reports transaction processing speeds of up to 100,000 transactions per second (TPS) with millisecond latency.

Da Bing, founder of MegaETH, announced the funding round on Twitter. Institutional investors include Dragonfly Capital, Figment Capital, Robot Ventures, Folius Ventures, Tangent, Big Brain VC, and Credibly Neutral.

Other individual investors, termed “Mega Angels” by the team, include Joseph Lubin, Sreeran Kannan, Cobie, Santiago Roel, Kartik Talwar, Hasu, and Mert Mumtaz.

MegaETH reports having a functional devnet and is working towards further development.

The project utilizes in-memory computing, state synchronization, and a new state trie design to achieve its reported performance.

MegaETH’s technical stack includes Rust Ethereum and the Alloy Merkle Patricia Trie (MPT). These components are designed to enhance performance and memory efficiency.

Alongside the funding announcement, MegaETH launched “0xMegaMafia,” described as a program for developers exploring decentralized real-time applications.