MegaETH, a blockchain backed by Vitalik Buterin, will launch its mainnet on February 9 to deliver faster on-chain processing and Ethereum compatibility. The team says the network will support “100,000 transactions per second with millisecond-level responsiveness” and aims to enable Web2-scale applications on-chain.
The project attracted capital from prominent investors, including crypto venture firm Dragonfly Capital and individuals such as Joe Lubin, Sreeram Kannan, and Mert Mumtaz. These backers join a roster of angels and firms supporting the rollout.
Retail demand far outpaced supply during last year’s token sale, with 11,534 wallets pledging over $300 million while only $50 million in tokens were available. MegaLabs allocated the limited supply by reviewing investors’ social media histories to determine final allocations.
A site explainer on the project’s research page frames the initiative as a bridge between servers and blockchains, stating “Real-time blockchains will blur the line between Web2 servers and blockchains.” Developers already test videogames, prediction markets, and payment apps on MegaETH’s testnet.
Last year, MegaLabs also said the chain would host a native stablecoin, USDm, backed by BlackRock’s tokenised treasury fund and issued by Ethena. The MEGA token was trading at $0.18 on Hyperliquid futures markets, down from a November high near $0.50 (Ed. note: this represents roughly a 60% decline).
