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

  • 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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Federal Reserve Issues Joint Statement on Cryptocurrency Custody for Banks Holding Bitcoin

The Federal Reserve, alongside key regulatory bodies, released a...

$PUMPFUN listed on Bybit futures

$PUMPFUN listed on Bybit futures #PUMPFUN

Whale Address 0x3952 Withdraws 6,000 ETH from Binance, Holding Over $38M in Unrealized Gains

On July 15, blockchain analytics platform Lookonchain reported a...

Trump Considers Secondary Sanctions on Russia, Clarifies No 100% Secondary Tariffs Plan

On July 15, U.S. Secretary of Commerce Ruttnik clarified...

$PUMP listed on Bybit spot

$PUMP listed on Bybit spot
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img