MegaETH has launched its public testnet, achieving 20,000 transactions per second (TPS) on its first day. This Ethereum scaling solution aims to provide a high-throughput alternative to the rollup-centric approach, using alternative data availability solutions and specialized sequencers for parallel transaction processing. MegaETH plans to scale to 100,000 TPS with sub-millisecond latency. In June 2024, the project secured $20 million in seed funding from investors like Vitalik Buterin and Joseph Lubin, and additional funds through Echo and NFT sales. Blockchain applications such as GTE and Infinex are already using the testnet.

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MegaETH has officially rolled out its public testnet, a crucial step ahead of the closely-watched and controversial Ethereum scaling solution.The protocol reportedly can handle 20,000 transactions per second and boasts 10 millisecond blocktimes, By comparison Solana has a theoretical TPS of 65,000 and an average real throughput of about 1,500, according to CoinGecko.MegaETH’s developers take an opinionated stance on scaling that runs counter to the “rollup-centric roadmap” that scales Ethereum through Layer 2s. Instead, MegaETH is looking to become a singular, high-throughput solution.Like traditional Optimistic and ZK-rollups, MegaETH offloads transaction execution from the Ethereum base layer while relying on it for security. However, alternative data availability solutions like EigenDA and specialized sequencers are used to achieve parallel transaction processing.The project aims to scale eventually to 100,000 TPS and sub-millisecond latency.In June 2024, MegaETH raised $20 million in seed funding at a "nine-figure" valuation from notable investors, including Ethereum co-founders Vitalik Buterin and Joseph Lubin. The team also raised an additional $10 million on the fundraising platform Echo and $13 million worth of ETH by selling NFTs.Several blockchain applications have already spun up instances on the MegaETH testnet, including trading platforms GTE and Infinex.

MegaETH has launched its public test network, achieving 20 quadrillion TPS on the first day.