MegaETH Mainnet is Live! — The Next Era of Ethereum Scaling
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What does Vitalik's L2 pivot tweet mean for Ethereum scaling?
We scaled far further than what any L1 can scale, in our opinion. We just did a stress test on mainnet, so everyone was able to do it, where we did 55,000 transactions per second. That was a mixture of Unity free transfers as well as ERC transfers. And while that was happening, we were allowing users to play low-latency games like Crossy Fluffle with zero UX trade-offs. Now, this is only possible because we've chosen to build Layer 2.
Bankless Nation, I'm here with Namik and Lei Yang of MegaEth. Namik, Lei, welcome to Bankless.
Thanks for having us. Happy to be back.
All right, so some pretty interesting times to be a layer two on Ethereum. We're quoting the day after Vitalik released his layer two tweet. A big moment, to say the least. When you guys saw this tweet rocket around Twitter, it got so big that basically everyone on crypto Twitter was commenting on this. What was your reaction to it?
How does MegaETH ensure property rights for users?
Namik, I'll start with you.
Yeah, I mean, thanks for the question, David. I think it was almost a validation of our point of view for a while. We're called MegaEth, we love Ethereum. I mean, I go into crypto because of ETH, so it has a special place in my heart. But the reason why Mega uses Ethereum is not because of fanboyism, but because it allowed us to build the most performant possible blockchain. Right.
What are the challenges in designing effective rollups?
So Ethereum gives a guarantee of sorts. Right. The guarantee, it's simple. It's the most decentralized or incomplete blockchain. And we take that guarantee and we say it's sufficient for us to build a hyper-performance execution environment that we believe can solve for an entire new set of use cases. And that's basically the relationship between MegaEaf and Ethereum. Vitalik kind of points towards that in his, like, what did I do if I was an L2 today? He says he would build a bunch of stuff which is not similar to Ethereum L1. He mentioned six things.
What were the results of MegaETH's stress test?
We do 50% of them off the bat. We scale... Buzzword, but it is a word. We scaled far, far further than what any L1 can scale in our opinion. Right. So we did a stress test on mainnet. So everyone was able to do it where we did 55,000 transactions per second. That was a mixture of Unity free transfers as well as ERC transfers. And while that was happening, we were allowing users to play low latency games at Crossy Fluffle with zero UX tradeoffs. Now, this is only possible because we've chosen to build a layer two.
How does MegaETH achieve high transaction throughput?
So that's one of the things we do, which Vitalik had described. We've also built an ultra low latency environment, something that really can't be done with a traditional consensus based layer one system. And we decided to do a bunch of unique, wacky things on the chain, which we did because applications wanted us to. That's an example is our native enshrined Oracle chain link. So when I saw the article slash tweet, I was happy because a strong ETH is good for crypto. I think if ETH doesn't do well, our entire industry, i.e. smart contract blockchains, we're all screwed.
What is the business model behind MegaETH?
And I was kind of happy because it almost meant we can drop some of the traditional alignment games. You have to use EFDA. And we can try to build the most performance systems we can and hopefully capture new sections of the market.
Lei, what do you think? Yeah, it's pretty much about differentiation because to us, it's pretty uninteresting to try to build and replicate exact primitives provided by the layer one because then first, of course, you face the question, why do I use a layer two that provides essentially the same service as the layer one?
How does MegaETH plan to handle MEV?
But also it's just technically uninteresting, uninteresting in a technical sense, in an academic sense that you are basically trying to replicate things in a much harder way, in the sense that actually I think to the contrary of I think common belief, it's actually very hard to build a secure layer two. And if all you want from a layer two is kind of just... adopt Ethereum security as is, then I think you are better off like building an odd layer one, I would say. I would go as far as that.
Yeah, I do think in Vitalik's tweet, there's definitely some validation of maybe, I'll call it the barbell approach to Ethereum and to layer twos, which is like on one side of the barbell with one heavyweight, you have Ethereum.
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Chapters
8 chapters
1
What does Vitalik's L2 pivot tweet mean for Ethereum scaling?
0:00–1:02
2
How does MegaETH ensure property rights for users?
1:02–1:29
3
What are the challenges in designing effective rollups?
1:29–2:06
4
What were the results of MegaETH's stress test?
2:06–2:44
5
How does MegaETH achieve high transaction throughput?
2:44–3:22
6
What is the business model behind MegaETH?
3:22–3:56
7
How does MegaETH plan to handle MEV?
3:56–4:54
8
What is MegaETH's strategy for app incubation?
4:54–1:21:55
Speakers
3 identifiedMore from Bankless
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