Original Title: What Is MegaETH: The Ethereum L2 Backed by Vitalik Buterin
Original author: Loke Choon Khei, Vera Lim
Source:
Compiled by Tom, MarsBit
What is MegaETH?
MegaETH is a high-performance Ethereum Layer 2 (L2) solution that is about to be launched. The main features of MegaETH include: processing transactions at a rate of over 100,000 per second (TPS), with a block generation time of 10 milliseconds (the lower the better). Recently, MegaETH has attracted wide attention due to the launch of an exclusive soul-bound (non-tradable) NFT collection.
Key points
MegaETH is a high-performance Ethereum Layer 2 that is about to be launched.
MegaETH has received support from well-known investors including Dragonfly Capital and Vitalik Buterin.
The team plans to launch a collection of 10,000 Soul Bonding (non-tradable) NFTs to raise funds and promises to distribute tokens.
MegaETH Introduction
MegaETH was founded by Yilong Li, who first conceived of MegaETH in 2022. The blockchain development was launched in mid-2024 after a successful fundraising.
Timeline of MegaETH's development:
In the increasingly growing list of Ethereum Layer 2, MegaETH aims to stand out by becoming the fastest and most performant L2.
Ethereum Virtual Machine (EVM) chain and its performance indicators:
Source: MegaETH
Although the team's current blockchain capability is 10 milliseconds (0.01 seconds), their ultimate goal is to reduce it to 1 millisecond, making it the world's first "real-time blockchain". If the team can achieve this goal, they will be able to bring the response speed of Web2 into the crypto world, which would be a great achievement.
Airdrop/Growth Potential
According to Cryptorank data, MegaETH raised $20 million on June 27, 2024, $10 million on December 13, 2024, and plans to raise another $27 million through NFT minting. It is expected that the total funds raised will reach approximately $57 million by the end of the first quarter of 2025.
Compared to the hundreds of millions of dollars raised by other Ethereum Layer 2 projects such as Blast, ZkSync, and Scroll, this figure is relatively conservative. Against the backdrop of the growing anti-VC sentiment in the airdrop farming community, this relatively low amount of funding may be seen as a positive signal by some airdrop farmers.
Prominent investor
Several high-profile investors, including Dragonfly Capital, Vitalik Buterin (founder of Ethereum), and angel investor Santiago R. Santos, participated in a $20 million seed round investment.
MegaETH NFT Collectibles
The MegaETH team announced their flagship NFT collection "The Fluffe" on February 5, 2025. "The Fluffe" is a whitelist-only collection of 10,000 humanoid rabbit NFTs, with a minting cost of 1 ETH per NFT. Once minted, these NFTs will be soul-bound (non-transferable). The minting event will be conducted in two phases, with the first phase starting on February 12 and lasting for two days.
Why launch NFT collectibles?
According to the team, NFT collectibles are a way for the community to have a "meaningful sense of participation." The team further shared that the launch of blockchain projects often attracts airdrop farmers, and points projects tend to exaggerate metrics in unhealthy ways. To avoid this situation, they decided to launch NFT collectibles. Minting NFTs represents "belief and commitment." The team currently plans to airdrop at least 5% of the MegaETH token supply to NFT holders. As users 'evolve' their NFTs, token distribution will increase.
What is NFT minting?
NFT minting refers to the process of creating NFTs, rather than purchasing them on secondary markets such as OpenSea. This is similar to a Token Generation Event (TGE), the process by which new tokens are introduced into circulation. For highly anticipated NFT collections, due to limited supply, network congestion and higher gas fees often occur during the minting process as users compete to obtain their NFTs.
How to check if you are on the MegaETH NFT whitelist?
As mentioned earlier, this NFT minting activity is limited to whitelisted users, which means only invited users can participate in this minting. The first phase of minting has whitelisted 80,000 active Ethereum wallet addresses. You can check your eligibility here (nft.megaeth.com/). Whether you are eligible or not, you must register and link your social account to the eligible wallet before February 12th in order to participate in the second day RNG (random) draw of the first phase of minting.
The first phase of the Fluffe NFT minting event
The first phase of minting will start on February 12th (5,000 NFTs), which is limited to a few wallets; this is a guaranteed whitelist for loyal supporters and special partners, who can mint NFTs for free (a total of 1,500 NFTs).
The second day of the first phase (February 13th, 3,500 NFTs) will be open to more whitelist participants. On the second day, 5,000 wallet addresses will be randomly selected, and only registered users will have the chance to be selected. Since there will be 5,000 addresses competing for 3,500 NFTs, the second day's minting is on a first-come, first-served basis. The second day's event is different from the second phase of NFT minting, which will take place on an uncertain date 'several months after the first phase'.
Source: MegaETH
The Fluffe design features of the collection
Although the impact of NFT minting may be smaller compared to the token economics and potential airdrop returns of MegaETH, here are the design features of NFT minting. Each Fluffe has a unique appearance and belongs to one of 16 "tribes," as part of a fascinating fictional story:
The Outlaw
The Executor（执行者）
The Soldier
The Sage（智者）
The Witch
The Playboy
The Femme Fatale
The Musician
The Scientist
The Boss
The Samurai（武士）
The Innocent（天真者）
The Muscular
The Mad
The Pilot
The Yob
In addition to being a member of a tribe, each Fluffe will also have customizable appearances, 2D avatars, and "evolution" options, which will increase token distribution. Detailed information about the evolution feature is not yet public.
Conclusion
Overall, the crypto community (especially the X community) has mixed reactions to the MegaETH team's launch of NFTs and the implementation of airdrop activities. On the one hand, NFT collectibles are highly anticipated and represent a departure from the usual unprofitable point farming. On the other hand, NFT minting activities may also be seen as a means of fundraising, and the cost is not low, with each NFT costing 1 ETH (approximately $2800 at the time of writing this article). Nevertheless, NFT collectibles are positioned as a form of public fundraising, and the team has made a clear commitment to token distribution.
It is not yet clear whether the team can fulfill the commitment, but strong community support may help drive the success of the project.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Vitalik Buterin invested in L2 MegaETH of Ethereum to raise funds with Non-fungible Tokens
Original Title: What Is MegaETH: The Ethereum L2 Backed by Vitalik Buterin
Original author: Loke Choon Khei, Vera Lim
Source:
Compiled by Tom, MarsBit
What is MegaETH?
MegaETH is a high-performance Ethereum Layer 2 (L2) solution that is about to be launched. The main features of MegaETH include: processing transactions at a rate of over 100,000 per second (TPS), with a block generation time of 10 milliseconds (the lower the better). Recently, MegaETH has attracted wide attention due to the launch of an exclusive soul-bound (non-tradable) NFT collection.
Key points
MegaETH is a high-performance Ethereum Layer 2 that is about to be launched.
MegaETH has received support from well-known investors including Dragonfly Capital and Vitalik Buterin.
The team plans to launch a collection of 10,000 Soul Bonding (non-tradable) NFTs to raise funds and promises to distribute tokens.
MegaETH Introduction
MegaETH was founded by Yilong Li, who first conceived of MegaETH in 2022. The blockchain development was launched in mid-2024 after a successful fundraising.
Timeline of MegaETH's development:
In the increasingly growing list of Ethereum Layer 2, MegaETH aims to stand out by becoming the fastest and most performant L2.
Ethereum Virtual Machine (EVM) chain and its performance indicators:
Source: MegaETH
Although the team's current blockchain capability is 10 milliseconds (0.01 seconds), their ultimate goal is to reduce it to 1 millisecond, making it the world's first "real-time blockchain". If the team can achieve this goal, they will be able to bring the response speed of Web2 into the crypto world, which would be a great achievement.
Airdrop/Growth Potential
According to Cryptorank data, MegaETH raised $20 million on June 27, 2024, $10 million on December 13, 2024, and plans to raise another $27 million through NFT minting. It is expected that the total funds raised will reach approximately $57 million by the end of the first quarter of 2025.
Compared to the hundreds of millions of dollars raised by other Ethereum Layer 2 projects such as Blast, ZkSync, and Scroll, this figure is relatively conservative. Against the backdrop of the growing anti-VC sentiment in the airdrop farming community, this relatively low amount of funding may be seen as a positive signal by some airdrop farmers.
Prominent investor
Several high-profile investors, including Dragonfly Capital, Vitalik Buterin (founder of Ethereum), and angel investor Santiago R. Santos, participated in a $20 million seed round investment.
MegaETH NFT Collectibles
The MegaETH team announced their flagship NFT collection "The Fluffe" on February 5, 2025. "The Fluffe" is a whitelist-only collection of 10,000 humanoid rabbit NFTs, with a minting cost of 1 ETH per NFT. Once minted, these NFTs will be soul-bound (non-transferable). The minting event will be conducted in two phases, with the first phase starting on February 12 and lasting for two days.
Why launch NFT collectibles?
According to the team, NFT collectibles are a way for the community to have a "meaningful sense of participation." The team further shared that the launch of blockchain projects often attracts airdrop farmers, and points projects tend to exaggerate metrics in unhealthy ways. To avoid this situation, they decided to launch NFT collectibles. Minting NFTs represents "belief and commitment." The team currently plans to airdrop at least 5% of the MegaETH token supply to NFT holders. As users 'evolve' their NFTs, token distribution will increase.
What is NFT minting?
NFT minting refers to the process of creating NFTs, rather than purchasing them on secondary markets such as OpenSea. This is similar to a Token Generation Event (TGE), the process by which new tokens are introduced into circulation. For highly anticipated NFT collections, due to limited supply, network congestion and higher gas fees often occur during the minting process as users compete to obtain their NFTs.
How to check if you are on the MegaETH NFT whitelist?
As mentioned earlier, this NFT minting activity is limited to whitelisted users, which means only invited users can participate in this minting. The first phase of minting has whitelisted 80,000 active Ethereum wallet addresses. You can check your eligibility here (nft.megaeth.com/). Whether you are eligible or not, you must register and link your social account to the eligible wallet before February 12th in order to participate in the second day RNG (random) draw of the first phase of minting.
The first phase of the Fluffe NFT minting event
The first phase of minting will start on February 12th (5,000 NFTs), which is limited to a few wallets; this is a guaranteed whitelist for loyal supporters and special partners, who can mint NFTs for free (a total of 1,500 NFTs).
The second day of the first phase (February 13th, 3,500 NFTs) will be open to more whitelist participants. On the second day, 5,000 wallet addresses will be randomly selected, and only registered users will have the chance to be selected. Since there will be 5,000 addresses competing for 3,500 NFTs, the second day's minting is on a first-come, first-served basis. The second day's event is different from the second phase of NFT minting, which will take place on an uncertain date 'several months after the first phase'.
Source: MegaETH
The Fluffe design features of the collection
Although the impact of NFT minting may be smaller compared to the token economics and potential airdrop returns of MegaETH, here are the design features of NFT minting. Each Fluffe has a unique appearance and belongs to one of 16 "tribes," as part of a fascinating fictional story:
The Outlaw
The Executor（执行者）
The Soldier
The Sage（智者）
The Witch
The Playboy
The Femme Fatale
The Musician
The Scientist
The Boss
The Samurai（武士）
The Innocent（天真者）
The Muscular
The Mad
The Pilot
The Yob
In addition to being a member of a tribe, each Fluffe will also have customizable appearances, 2D avatars, and "evolution" options, which will increase token distribution. Detailed information about the evolution feature is not yet public.
Conclusion
Overall, the crypto community (especially the X community) has mixed reactions to the MegaETH team's launch of NFTs and the implementation of airdrop activities. On the one hand, NFT collectibles are highly anticipated and represent a departure from the usual unprofitable point farming. On the other hand, NFT minting activities may also be seen as a means of fundraising, and the cost is not low, with each NFT costing 1 ETH (approximately $2800 at the time of writing this article). Nevertheless, NFT collectibles are positioned as a form of public fundraising, and the team has made a clear commitment to token distribution.
It is not yet clear whether the team can fulfill the commitment, but strong community support may help drive the success of the project.