What's the Deal with MegaETH?

MegaETH, an upcoming L2 described as "real-time Ethereum," announced it received $20M in seed funding at a valuation above $100M, led by Dragonfly Capital. The article claims the chain targets sub-millisecond latency and over 100k transactions per second by using a single active sequencer that orders and executes transactions, with full nodes applying state differences and validating blocks through proofs from a prover. It also says MegaETH stores its full state in memory and uses a just-in-time compiler to boost computation-intensive applications by 100x. Co-founder Yilong Li is quoted in a July 3, 2024 post countering the view that the optimizations apply to L1, saying they depend on leveraging Ethereum and EigenDA for security and censorship resistance.