MegaETH Launches High-Throughput L2 Mainnet
MegaETH, an Ethereum Layer 2 solution, has launched its mainnet with a promised throughput of over 100,000 transactions per second (TPS). One week post-launch, the network has attracted $66 million in Total Value Locked (TVL), marking a modest start as it enters the competitive L2 scaling race.
- MegaETH was co-founded by Shuyao Kong, former global head of business development at Consensys, and Yilong Li, who holds a PhD in computer science from Stanford. The project raised $20 million in a seed round led by Dragonfly at a valuation of at least $100 million. - The project has attracted a notable list of angel investors, including Ethereum co-founder Vitalik Buterin, Consensys founder Joseph Lubin, EigenLayer founder Sreeram Kannan, and prominent crypto trader Jordan Fish (Cobie). - Its architecture is designed as a "real-time blockchain" that processes transactions continuously rather than in discrete blocks, enabling sub-second finality. To achieve low latency, the network initially utilizes a single sequencer to order transactions. - In addition to its seed round, MegaETH raised $10 million in under three minutes in a community sale on Cobie's Echo platform, which saw demand of over $40 million for the $4 million initially available. - For context in the competitive L2 market, leading optimistic rollup Arbitrum One holds over $19 billion in TVL, while the total TVL across all L2s exceeds $46 billion. - The post-launch roadmap includes a stability and security audit phase, followed by a transition to a decentralized sequencer to mitigate centralization concerns. - MegaETH has partnered with Ethena to launch a native stablecoin, USDm, and has integrated Chainlink at launch, enabling immediate access for dApps like Aave and GMX. Coinbase has also added the MEGA token to its potential listing roadmap.
