New Ethereum L2 'MegaETH' Launches with $66M TVL
A new Ethereum Layer-2 network called MegaETH has launched its mainnet, promising throughput of 100,000 transactions per second (TPS). The protocol attracted $66 million in total value locked (TVL) within its first week. The launch adds another competitor to the increasingly crowded L2 landscape.
- MegaETH is backed by prominent figures and firms in the crypto space, including Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin, and Dragonfly Capital, who led a $20 million seed funding round. The project raised an additional $10 million in a subsequent funding round on the Echo platform. - The native token, MEGA, did not launch with the mainnet. Its release is contingent on achieving specific network growth milestones, such as reaching $500 million in the minting of the USDM stablecoin or having 10 applications process 100,000 transactions each. - The founding team includes co-founder Shuyao Kong, who previously served as the global head of business development at ConsenSys. She is joined by co-founders Yilong Li, a Stanford University Ph.D. specializing in low-latency computing, and Lei Yang, an MIT Ph.D. focused on decentralized systems. - To facilitate user adoption, MegaETH has integrated with the crypto superapp Infinex to offer gasless onboarding for initial transactions. This feature is designed to reduce the friction for new users who are interacting with applications on the MegaETH network for the first time. - The project brands itself as the first "real-time blockchain," aiming to process transactions as they are received rather than waiting to bundle them into blocks. This architecture is designed to provide millisecond latency, which could offer a user experience more akin to traditional web applications. - Prior to the mainnet launch, MegaETH conducted a stress test in January that processed 11 billion transactions over seven days to validate its performance capabilities under heavy load. The public testnet for MegaETH went live on February 9, 2026.
