MegaLabs, the developer of the new blockchain MegaETH, raised $20 million in a seed funding round, bringing its token valuation to at least $100 million. The round, led by Dragonfly with participation from Figment Capital, Robot Ventures, and notable angel investors like Vitalik Buterin and Joseph Lubin, concluded in May. MegaLabs, founded in early 2023 by Shuyao Kong and Yilong Li, aims for MegaETH to achieve 100,000 transactions per second (TPS), far surpassing typical EVM-compatible blockchains.

MegaETH is designed as a real-time blockchain, processing transactions instantly and maintaining high throughput even during peak demand. It uses Ethereum security, Optimism's fault-proof system, and an optimized sequencer to reach its performance goals. The blockchain’s public testnet will launch in early fall, with the mainnet expected by year-end. MegaLabs, currently a team of fewer than 20, plans to use the funds to develop the blockchain, onboard developers, and grow its community through the MegaMafia builder program. 

Source: The Block