Vitalik Buterin, the founder of Ethereum, invested in a new blockchain project.

MegaLabs, the creator of a new blockchain called MegaETH, announced that it has received a seed investment worth 20 million dollars.

Investors were given tokens

According to the information shared by Shuyao Kong, the founder of MegaLabs, the company started raising investments in December and continued the process until May.

As part of the investment round, investors were given a number of shares and additional token rights. It has been stated that MegaETH's fully diluted market capitalization has increased to **"9 figures" ** after this investment. That's equivalent to at least $100 million.

Who are the investors?

Dragonfly, Figment Capital, Robot Ventures, and Big Brain Holdings are leading investors.

According to MegaLabs' statement, Vitalik Buterin, founder of ConsenSys Joseph Lubin, founder of EigenLayer Sreeram Kannan, founder of ETHGlobal Kartik Talwar, CEO of Helius Labs Mert Mumtaz, and several other names also contributed as angel investors.

Goal of 100,000 transactions per second

MegaLabs was founded by Kong, former global business development director of ConsenSys, and Yilong Li, who obtained a PhD in computer engineering from Stanford University.

Kong said that currently, blockchains compatible with Ethereum Virtual Machine (EVM) have a transaction capacity of up to three digits per second, but MegaETH aims to achieve a transaction capacity of 100,000 transactions per second.

The mainnet of MegaETH is expected to launch towards the end of the year.