MegaLabs Secures $20 Million in Seed Funding for MegaETH, Endorsed by Ethereum Co-Founder Vitalik Buterin
Summary
Barring perhaps Satoshi Nakamoto themselves, the founder and co-creator of Ethereum is one of the most esteemed members of the blockchain community. When he talks, you listen.Related: Celebrity Memecoins: The Rising 2024 Crypto Trend and Its Significant RisksButerins glowing praise of the new blockchain project MegaLabs speaks volumes about the teams potential and direction. And it couldnt have come at a better time, with MegaLabs developing their native MegaETH network performing a seed round.Thanks in part to the endorsement (and investment) from Buterin himself, the MegaLabs team managed to secure approximately US $20m (AU $30m) in about five months.Other major investors included Dragonfly, Figment Capital, the CEO of ConsenSys Joseph Lubin and the founder of EigenLayer Sreeram Kannan.As its name suggests, MegaETH is slated to be an Ether-based network with a twist. MegaLabs contends that their protocol will be the very first real-time blockchain that works alongside Ethereum virtual machine (EVM). When prompted on his interest in the MegaETH project, he was clear in his approval.MegaLabs is headed by co-founder Shuyao Kong and is targeting a SeptemberNovember release date.