MegaETH
MegaETH is an Ethereum Layer 2 (L2) blockchain designed to achieve high transaction speeds and low latency. It was built to leverage extreme node specialization, eliminating block gas limits and unlocking continuous compute for developers [1] [2].
Overview
MegaETH is being developed as a high-performance Ethereum Layer 2 solution, focusing on achieving fast transaction processing speeds and lower block times than many existing blockchains [3].
The project was first conceptualized in 2022 by Yilong Li, with development commencing in mid-2024 following initial fundraising [3]. The core objective is to create a "real-time blockchain" capable of supporting decentralized applications (DApps) that require high throughput and responsiveness, such as those in DeFi, GameFi, and SocialFi [4].
The project aims for transaction processing speeds exceeding 100,000 transactions per second (TPS) and block times under 10 milliseconds [3] [1]. This performance target involves design decisions that differ from some other L2s, particularly concerning decentralization of certain components like the sequencer [5]. MegaETH utilizes EigenDA for data availability, leveraging EigenLayer restaking for security [5].
History
MegaETH was initially conceptualized in 2022 by Yilong Li, a computer scientist [3] [5]. The idea was influenced by discussions around scaling blockchains and utilizing data availability layers [5]. Development on the blockchain began in mid-2024 after a successful initial fundraising round [3].
Key milestones include:
- 2022: Project conceptualized by Yilong Li [3].
- Mid-2024: Development begins following seed funding [3].
- June 27, 2024: Raised $20 million in a seed round [3].
- November 20, 2024: Participated in World Computer Day event at Bangkok Devcon [6].
- December 13, 2024: Raised $10 million [3].
- February 5, 2025: Announced "The Fluffe" NFT collection [3].
- February 12-13, 2025: First phase of "The Fluffe" NFT mint took place [3].
- March 25, 2025: Announced efforts to eliminate block gas limits [6].
- March 26, 2025: Bitget Wallet announced native support for the MegaETH testnet [4].
- April 22, 2025: Applications opened for MegaMafia 2.0 accelerator program [6] [7].
Technology and Performance
MegaETH is designed as an EVM-compatible Layer 2 network, allowing existing Ethereum applications to potentially port over [5]. Its primary focus is on achieving high-performance metrics.
Key technical aspects and performance targets include:
- Transaction Processing Speed (TPS): Aims for over 100,000 TPS [3] [1]. Private testing reportedly achieved 15,000 TPS [5].
- Block Times: Targets sub-10 millisecond block times, with a goal of reaching 1 millisecond for "real-time" performance [3] [1].
- Gas Capacity: Aims for over 10 gigagas per second [1]. Private testing showed usage of 1.5 gigagas, with plans that were set to double this with a proprietary parallelization engine [5].
- Sequencer: Utilizes a single, centralized sequencer to minimize latency and maximize throughput [5]. The sequencer posts collateral that can be slashed if it acts maliciously, and a backup sequencer is planned [5].
- Data Availability (DA): Outsourced to EigenDA, which is backed by EigenLayer restaking [5]. This allows for higher bandwidth compared to posting data directly to Ethereum blobs [5].
- Network Structure: Includes a network of full nodes that update their states based on the sequencer, a network of provers for validity checks, and replica nodes that receive state differences (diffs) to update their states with lower hardware requirements [8].
Funding and Investors
MegaETH has conducted multiple fundraising rounds to support its development.
- Seed Round: Raised $20 million on June 27, 2024 [3]. Notable investors included Dragonfly Capital, Vitalik Buterin, and angel investor Santiago R. Santos [3] [5]. Other participants included Figment Capital and Robot Ventures [5]. ABCDE Capital is also listed as an investor [9] [10].
- Additional Funding: Raised another $10 million on December 13, 2024, through Cobie's Echo platform [3] [5].
- NFT Sale: Planned to raise a further $27 million through the sale of "The Fluffe" NFT collection [3]. The sale aimed to raise $30 million [5].
The total funds raised by the end of Q1 2025 were expected to be around $57 million [3].
The Fluffe NFT Collection
On February 5, 2025, the MegaETH team announced "The Fluffe," a flagship soulbound (non-tradeable after minting) NFT collection [3]. The collection consists of 10,000 humanoid rabbit NFTs [3].
- Purpose: The NFT collection was launched as a method for public fundraising and to give the community "meaningful skin in the game" [3]. The team stated it aimed to avoid issues associated with points programs and attract users demonstrating "conviction and commitment" [3].
- Mint Details: The mint was whitelist-only [3]. Each NFT cost 1 ETH to mint [3]. The mint occurred in two phases.
- Phase 1: Started on February 12, 2025, lasting two days [3].
- Day 1 (Feb 12): 5,000 NFTs available for a small number of wallets, including a guaranteed whitelist for dedicated supporters and partners (1,500 NFTs minted for free) [3].
- Day 2 (Feb 13): 3,500 NFTs available for a larger pool of whitelist participants [3]. 5,000 registered wallet addresses were randomly selected for this first-come, first-served opportunity [3].
- Phase 2: Was planned for an unconfirmed date "a few months after the first phase" [3].
- Phase 1: Started on February 12, 2025, lasting two days [3].
- Token Allocation: The team plans to airdrop at least 5% of MegaETH's token supply to NFT holders [3]. Token allocation is intended to increase as users "evolve" their NFTs [3].
- Design Features: Each Fluffe NFT has a unique appearance and belongs to one of 16 cabals [3]. Features include customizable cosmetics, a 2D profile picture, and an "evolving" option [3].
Ecosystem and Use Cases
MegaETH is EVM-compatible, allowing existing DApps to potentially migrate [5]. The project aims to foster the development of new applications that leverage its high speed and throughput capabilities [5].
- MegaMafia: An accelerator program for early-stage founders building applications on MegaETH [7]. Participants co-build alongside the core team and advisors [7]. Applications for MegaMafia 2.0 opened on April 22, 2025 [6] [7]. The program includes month-long offsites where founders co-live and build with the Mega core team, advisors, and alumni [7]. Applications opened April 23rd and rolling admissions were accepted through June 1st, 2025 [7]. Finalists were flown to New York in mid-June for in-person interviews [7].
- Potential Applications: The high performance is intended to unlock use cases not currently feasible on slower blockchains [5]. Examples include high-frequency trading, institutional DeFi, and interactive gaming or streaming platforms [5]. Projects mentioned in the MegaMafia context include decentralized exchanges (GTE, Valhalla), gamified trading (Euphoria), live streaming with betting (Sweep), and a 3D world engine (AWE) [5] [7].
Partnerships
MegaETH has established partnerships to expand its reach and ecosystem.
- Bitget Wallet: On March 26, 2025, Bitget Wallet announced native integration of the MegaETH testnet [4]. This allows Bitget Wallet users to access the MegaETH testnet, claim test tokens, interact with DApps, and provide liquidity directly within the wallet [4]. This integration enables users to explore MegaETH's growing ecosystem ahead of incentive campaigns from both teams [4].