MegaLabs, the vanguard enterprise architecting an avant-garde Ethereum scaling protocol reputed for its “real-time” velocity, heralded on Thursday a triumphant procurement of $20 million in seed financing, spearheaded by Dragonfly Capital.

This fiscal infusion garnered contributions from a constellation of illustrious investors, including Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent, and Credibly Neutral. Additionally, luminaries such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin, EigenLayer creator Sreeram Kannan, and Hasu from Flashbots joined the funding cadre.

The newly acquired capital is earmarked for the development and deployment of the MegaETH protocol, with aspirations to launch a testnet in the imminent months.

MegaETH dubs itself a “real-time blockchain,” emphasizing an unparalleled transaction processing speed, aspiring to facilitate “100,000 transactions per second with millisecond-level reactivity.”

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“In our lexicon, a real-time blockchain is one that consummates transactions instantly upon reception,” articulated Yilong Li, MegaLabs co-founder, during an interview with CoinDesk. “This system then generates the consequential outputs at an exceedingly rapid cadence.”

As delineated in their press communique, MegaETH’s scaling prowess is twofold: employing a “heterogeneous blockchain architecture” that augments performance by enabling network nodes with diverse hardware configurations to specialize in distinct tasks, and a “hyper-optimized EVM execution environment” that propels throughput, reduces latency, and maximizes resource efficiency to the zenith of hardware potential. An EVM execution environment serves as a blockchain operating system congruent with Ethereum’s programming standard.

The inception of MegaETH was partially catalyzed by Buterin’s 2021 exposition, “Endgame,” where he explores Ethereum’s scaling horizons.

“Forging hyper-scalable EVM implementations is quintessential for Ethereum’s genuine scalability,” Buterin remarked in a communiqué regarding MegaETH, relayed by a MegaLabs envoy via Telegram. “I am invigorated to witness visionary developers embracing this formidable challenge.”