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

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. Fenye’s table above clearly shows that existing EVM chains face significant limitations in several aspects:
Low transaction throughput Complex applications cannot be brought on-chain due to insufficient computing power Applications that require high update rates or fast feedback loops are Longer block times are not feasible. Except for Arbitrum One, all chains in the table update their status every second.

What’s different about blockchain MegaETH?

The idea of ​​the MegaETH blockchain came about because most EVM blockchains can only achieve 3-digit transactions per second (TPS), while MegaETH aims to achieve 100,000 TPS.

MegaETH claims to be the first "real-time blockchain" that is fully compatible with Ethereum. Real-time means that MegaETH can process transactions immediately and publish result updates in real time. In addition, MegaETH supports high transaction throughput and powerful computing power to maintain a real-time experience even during peak user demand.

MegaETH uses Ethereum security, Optimism’s fail-proof system and its own optimized sequencer to achieve real-time performance.

Specifically, MegaETH’s two key technologies: heterogeneous blockchain architecture and “super-optimized” EVM execution environment, helped it achieve real-time transmission of 100,000 TPS. Heterogeneous blockchain architecture improves performance by allowing network nodes with different hardware configurations to specialize in specific tasks. The ultra-optimized EVM execution environment pushes throughput, latency, and resource efficiency to the limits of hardware.

Node Specialization

MegaETH centralizes performance-critical tasks such as transaction execution to a small set of sequencer nodes, while decentralizing security-critical tasks such as block verification at scale. This key architectural decision enables MegaETH to significantly improve network performance while minimizing hardware requirements for full nodes.

Real-time EVM

MegaETH introduces the first real-time EVM execution engine, capable of seamlessly processing large volumes of transactions as they arrive and reliably publishing the resulting state changes with intervals as low as 10 milliseconds.

In-memory Computing

MegaETH’s sequencer stores the entire EVM world state and state tree in memory, resulting in 1000 times faster state access compared to SSD-based systems. High-end servers with 1-4 TB of memory are readily available in the cloud, providing ample capacity for future state growth.

This technology called in-memory computing is essential for high-performance, data-intensive Web2 applications. Thanks to node specialization, MegaETH brings this cutting-edge technology to the blockchain for the first time.

Smart Contract Compilation

MegaETH uses just-in-time (JIT) compilation to transparently convert smart contracts to native machine code on the fly. This technique eliminates the inefficiencies of interpreting EVM bytecode and emulating the stack machine. For compute-intensive applications, performance can be improved by up to 100 times.

Super I/O Efficient State Trie

Due to intensive disk I/O operations, maintaining the state tree is the biggest bottleneck for EVM-compatible blockchains. MegaETH designed a new state trie that replaces the Merkle Patricia Trie (MPT) to minimize disk I/O and efficiently scale to terabytes of state data while maintaining full EVM compatibility.

State Synchronization Protocol

MegaETH uses an efficient point-to-point protocol to propagate state updates from the sequencer to the full node, with low latency and high throughput. This ensures that nodes with poor network connections can stay up to date even at an update rate of 100,000 TPS.

MegaLabs founding team

The official website shows that MegaETH developer MegaLabs was established in early 2023.
CEO: Li Yilong, holds a PhD in computer science from Stanford University and worked at the software company Runtime Verification Inc.; CTO: Yang Lei, a PhD from MIT; CBO: Kong Shuyao, former global business development director of Consensys (Kong still continues Served as an advisor to Consensys) Growth Director: Namik Muduroglu, previously worked at Consensys and Hypersphere

1. The 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 there are less than 20 people working on MegaETH development.
5. The new funds will be used to build the blockchain, attract developers and grow the community.
6. Whether MegaETH, whose founding team has a Chinese background, can become a "dark horse" on the L1 track in the future, let's wait and see.

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