What is different about MegaETH, a new L1 project with a luxurious financing lineup?

Comprehensive editor: Felix, PANews On June 27, new blockchain MegaETH developer MegaLabs completed a US$20 million seed round of financing, led by Dragonfly, with participation from Figment Capital, Robot Ventures, Big Brain Holdings and other companies, and angel investors including Ethereum Co-founder Vitalik Buterin, ConsenSys founder Joseph Lubin, EigenLayer founder Sreeram Kannan, ETHGlobal co-founder Kartik Talwar, Helius Labs co-founder Mert Mumtaz, Santiago Santos, Hasu and Jordan Fish (aka Cobie). The round is structured as equity plus token warrants, giving MegaETH a fully diluted token valuation of at least $100 million. With such a luxurious financing lineup and being in the fiercely competitive L1 track, what makes MegaETH different? Can the L1 landscape be reshaped in the future? This article gives you a glimpse into it. Why is another blockchain needed? Although the advancement of blockchain architecture has greatly lowered the threshold for creating new chains (including L1s and L2s), and many new chains have emerged (there are currently more than 50 L2 projects), simply creating more chains does not Does not solve the scalability problem of blockchain. Because each individual chain still imposes significant restrictions on the dapps it hosts. For example, the following table shows the target gas per second and block time of the current mainstream EVM chains. fenyeLimitations of existing EVM chains:

Low transaction throughput
Insufficient computing power to chain complex applications
Long block time limits applications that require high update rates or fast feedback loops (except Except for Arbitrum One, all chains in the table update their status every second)

Differences of MegaETH Blockchain:

MegaETH Blockchain aims to achieve 100,000 transactions per second (TPS), claiming to be the first Fully compatible with Ethereum’s “real-time blockchain”.

MegaETH’s real-time performance:

• Ethereum security
• Optimism’s fail-proof system
• Optimized sequencer

Key technologies to achieve 100,000 TPS real-time transmission:

• Heterogeneous blocks Chain architecture
• "Super-optimized" EVM execution environment

Node specialization:

Concentrate critical tasks to sequencer nodes and decentralize non-critical tasks.

Real-time EVM:

Seamlessly handles large volumes of transactions, publishing status changes with intervals as low as 10 milliseconds.

In-memory computing:

EVM world state and state tree are stored in memory, and state access speed is increased by 1000 times.

Smart Contract Compilation:

Compile smart contracts on the fly to improve the performance of compute-intensive applications.

Super I/O Efficiency State Trie:

Minimizes disk I/O and effectively scales to terabytes of state data.

State Synchronization Protocol:

Efficient point-to-point protocol to ensure that nodes stay synchronized with the latest status.

MegaLabs Founding Team:

• CEO: Li Yilong, Ph.D. in Computer Science, Stanford University
• CTO: Yang Lei, Ph.D., MIT
• CBO: Kong Shuyao, former Consensys Global Business Development Director
• Head of Growth: Namik Muduroglu, former Consensys and Hypersphere

  

  It is worth noting:

1. MegaETH public testnet will be launched in early autumn.
2. The mainnet is expected to be launched by the end of the year.
3. It has not yet been decided whether the native token will be launched at the same time as the mainnet.
4. Currently, less than 20 people are working on MegaETH development.
5. The new funds will be used to build the blockchain, attract developers and grow the community.

The founding team has a Chinese background. It remains to be seen whether MegaETH can become a "dark horse" on the L1 track in the future.

Reference:

• MegaETH
• The Block

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