Vitalik Buterin’s back layer-2 blockchain project called MegaETH raised $20 million in seed funding

Vitalik Buterin’s back blockchain project called "MegaETH" raised $20 million in seed funding and it is being developed as a Layer 2 solution on Ethereum.

MegaETH is designed to enhance blockchain speed and efficiency, aiming to process up to 100,000 transactions per second with millisecond latency.

The funding round was led by Dragonfly Capital and included participation from other institutional investors and individual angel investors, including Buterin himself.

The round was raised in both equity and token warrants. It valued MegaETH token's fully diluted valuation to about $100 million.

The capital will be used to build out the MegaETH protocol, with plans to have a testnet go live in the next few months.

MegaETH’s approach includes a heterogeneous blockchain architecture and a hyper-optimized EVM execution environment, which are expected to push throughput, latency, and resource efficiency to hardware limits.

This project aligns with Buterin’s vision for scaling Ethereum, as outlined in his 2021 blog post titled "Endgame".

For those interested in the technical aspects, MegaETH’s stack includes Rust Ethereum and the Alloy Merkle Patricia Trie (MPT), which are designed to enhance performance and memory efficiency. The project also launched “0xMegaMafia,” a program.

MegaETH intends to be the first EVM chain that can achieve 100,000 transactions per second.