【MegaETH】ETH L2 chain, the world's first real-time blockchain / Achieves Web2-like scalability / @megaeth_labs

Vitalik is also investing in this high-profile L2 chain.

Good morning.
Mitsui from web3 researcher.

Today we researched MegaETH.

🐰What is MegaETH?
⚙️Technical Details
🚩 Transition and Funding Information
💧MegaETH ecosystem
💬Will MegaETH solve scalability issues

🐰What is MegaETH?

"MegaETH"is"the world's first real-time blockchain"is Ethereum's L2 project.

Simply put, the project is trying to create an extremely fast L2, and we are trying to make it as fast as Web2.Specifically, we are targeting sub-millisecond (<1ms) latency and transaction processing of over 100,000 transactions per second (100,000 TPS).

Below is the difference in block time compared to existing blockchains, and it is by far the fastest by a wide margin compared to L2's Base and the next generation blockchain Monad, which is considered to be ultra-fast.

Compare this to Web2 services.They complete transactions faster than credit card payments, Instagram stories, etc., and as fast as the processing speed of Discord messages.

The ultimate goal of MegaETH is to enable real-time transaction processing and finalization on the blockchain, opening up new application areas that were previously impossible.

For example, ultra-high frequency trading (HFT) requires order processing and cancellation in milliseconds, and real-time competitive gaming and physics simulations require fast state updates, which are difficult to achieve with the current blockchain.MegaETH aims to create new use cases for blockchain technology (in the consumer application domain), such as financial transactions, real-time games, and consumer applications that require high throughput and low latency.

Also, Ethereum's vision is to become "The World Computer," and MegaETH, as its name implies, pays homage to Ethereum and seeks to truly realize that vision.

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⚙️Technical Details

Now, let me explain the technology that makes this possible.This is a very difficult area, so we will limit ourselves to a simplified explanation.If you are interested in the details, please see the white paper.

Challenges facing blockchain today

We will start with the existing issues.

○ Low transaction throughput

Many EVM chains are only capable of a few hundred to a few thousand TPS (Transactions Per Second) per second, a significant difference from the hundreds of thousands to millions of TPS achieved by Web2 database servers.

For example,

• Even at opBNB's gas rate of 100 MGas/s, the actual Uniswap swap frequency is equivalent to about 650 times per second

• On the other hand, Web2's database server is capable of more than 1 million transactions per second in the TPC-C benchmark

This difference is too large to adequately run large-scale applications (high-frequency trading, full-on chain games, etc.) on the blockchain, and transaction processing capacity remains a bottleneck.

○ Insufficient on-chain computing power

When running sophisticated applications with large calculations on EVM, on-chain execution is extremely slow and costly due to gas and compute speed constraints.

For example,

• A Fibonacci calculation of n=10^8 on an opBNB chain would consume about 5.5 billion gases and block the entire chain for 55 seconds

• The same process, written in C, takes 30 milliseconds on a single CPU core

Because the EVM execution performance supporting the blockchain is one to two orders of magnitude lower than that of Web2 servers, most compute-intensive applications have had to rely on off-chain centralized processing.

○ Lack of real-time performance due to long block times