Ethereum co-founder Vitalik Buterin has joined as an angel investor in MegaETH, a brand new Ethereum-compatible blockchain undertaking. MegaETH has secured $20 million in seed funding from a number of crypto buyers, together with Buterin.

Extra importantly, we’re so fortunate to have wonderful Mega Angels.

Deep gratitude goes to @VitalikButerin @ethereumJoseph @sreeramkannan @cobie @santiagoroel @TheRealKartik @hasufl @0xMert_

& so many extra who consider that @megaeth_labs goes to Make Ethereum Nice Once more

— brother bing / mega-bing / 饼兄 (@hotpot_dao) June 27, 2024

MegaETH, developed as a Layer 2 resolution on Ethereum, reviews transaction processing speeds of up to 100,000 transactions per second (TPS) with millisecond latency.

Da Bing, founding father of MegaETH, introduced the funding spherical on Twitter. Institutional buyers embrace Dragonfly Capital, Figment Capital, Robotic Ventures, Folius Ventures, Tangent, Large Mind VC, and Credibly Impartial.

Different particular person buyers, termed “Mega Angels” by the workforce, embrace Joseph Lubin, Sreeran Kannan, Cobie, Santiago Roel, Kartik Talwar, Hasu, and Mert Mumtaz.

MegaETH reviews having a practical devnet and is working in direction of additional improvement.

The undertaking makes use of in-memory computing, state synchronization, and a brand new state trie design to attain its reported efficiency.

MegaETH’s technical stack consists of Rust Ethereum and the Alloy Merkle Patricia Trie (MPT). These parts are designed to boost efficiency and reminiscence effectivity.

Alongside the funding announcement, MegaETH launched “0xMegaMafia,” described as a program for builders exploring decentralized real-time purposes.