MegaETH Smashes 20,000 TPS on Testnet, Revolutionizing Ethereum Scaling

High-throughput Ethereum Scaler MegaETH Achieves 20,000 TPS on Testnet

According to The Block, MegaETH, a new Ethereum scaling solution, launched its public testnet and achieved an impressive 20,000 transactions per second (TPS) on its first day. The protocol, which aims to eventually scale to 100,000 TPS, uses alternative data availability solutions like EigenDA and specialized sequencers to enable parallel transaction processing. This approach diverges from Ethereum's traditional rollup-centric roadmap.

Backed by prominent investors, including Ethereum co-founders Vitalik Buterin and Joseph Lubin, MegaETH raised $20 million in seed funding in June 2024. Additional funding included $10 million via the Echo platform and $13 million in ETH through NFT sales. Several blockchain applications, such as trading platforms GTE and Infinex, have already adopted the testnet.

"MegaETH is looking to become a singular, high-throughput solution," The Block reported, highlighting its potential to redefine Ethereum scaling.

Key Takeaways:

Achieved 20,000 TPS on its first testnet day.
Plans to scale to 100,000 TPS with sub-millisecond latency.
Secured $43 million in funding from various sources.

Ethereum ETF Outflows Continue as Bitcoin Funds Recover

Decrypt reports that Ethereum ETFs have experienced 12 consecutive days of outflows, shedding $370 million in assets. The iShares Ethereum Trust and Grayscale Ethereum Trust saw the largest outflows, totaling $146 million and $106 million, respectively. This trend coincides with Ethereum's price drop from $2,200 to approximately $1,950.

Meanwhile, Bitcoin ETFs have rebounded, attracting $660 million in inflows this week. Analysts attribute Ethereum's struggles to its lack of staking options in ETFs and competition from other blockchains. The SEC is currently reviewing proposals to allow staking in Ethereum ETFs, which could improve their appeal.

Key Insights:

Ethereum ETFs lost $370 million over 12 days.
Bitcoin ETFs gained $660 million in the same period.
33.8 million ETH is currently staked, a 0.5% increase since March 5.

Ethereum Whales Accumulate $236 Million in 72 Hours

Crypto.news reveals that Ethereum whales have purchased over 120,000 ETH, worth approximately $236 million, within three days. Despite Ethereum's price trading below $2,000, large-scale investors remain confident in its long-term potential. One whale reportedly withdrew 4,511 ETH from OKX and used decentralized finance platform Aave to acquire an additional 2,563 ETH.

On-chain data suggests that whales are leveraging DeFi protocols to maximize their holdings, signaling optimism about Ethereum's future price trajectory. Analysts predict that Ethereum could reach $4,000 by 2025, despite recent market volatility.

Highlights:

120,000 ETH purchased by whales in three days.
Ethereum price fluctuated between $1,872 and $2,060 during this period.
Whales used DeFi platforms like Aave for strategic acquisitions.

Coinbase Becomes Ethereum's Largest Independent Node Operator

CryptoSlate reports that Coinbase has emerged as the largest independent node operator on the Ethereum network, staking 3.84 million ETH through 120,000 validators. This accounts for 11.42% of the total staked ETH. Additionally, Coinbase has staked 581,500 ETH through partners, further solidifying its position.

The exchange's validators boast a 99.75% uptime and are distributed across multiple jurisdictions, enhancing security and decentralization. Despite legal challenges from the SEC, Coinbase continues to expand its staking operations, emphasizing its commitment to blockchain security.

Key Points:

3.84 million ETH staked directly by Coinbase.
Validators achieve 99.75% uptime across global jurisdictions.
Coinbase leads centralized competitors like Binance and Kraken in staking volume.

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