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Crypto Entrepreneurship Journey: The Birth of MegaETH
For many years, the idea of becoming a founder seemed foreign to me. Instead, I focused on excelling as an operator, helping bring to life the visions of others. This mindset, I realize now, may have stemmed from my Chinese upbringing and my mother’s cautionary words: “A gun shoots the first bird that sticks its head out.” She wanted me to be cautious, to not take unnecessary risks.
However, everything changed when I entered the world of cryptocurrency. Crypto embodies the concept of self-sovereignty, beginning with the ownership and secure custody of one’s keys. It fosters a community that values participation and encourages individuals to take ownership of their assets and decisions. While the allure of seeing the value of digital assets increase is undeniable, the impact of the crypto industry extends far beyond mere financial gains, encompassing profound social and technological implications for society at large.
Crypto represents a rare opportunity for a generation to showcase their talents and expertise while holding a stake in a revolutionary technology. My immersion into the world of crypto began with a role in business development at ConsenSys, where I gained insights into the full spectrum of crypto technologies, from the foundational layer provided by Linea, to middleware solutions like Infura, and user-facing interfaces such as MetaMask. It was a fulfilling experience that allowed me to establish a reputation beyond my corporate title, as I became known as “Brother Bing,” a respected columnist for Decrypt and the founder of Hot Pot DAO.
A Glimpse of Entrepreneurship
Despite the success and recognition in my role at ConsenSys, a persistent thought lingered in my mind—could I venture out on my own? The entrepreneurial itch is common among many, yet few dare to take the leap. As I reflected on my motives, I identified three core missions that propelled me forward: to engage with cutting-edge crypto technology, to introduce young talent to the world of crypto, and to incubate innovative crypto products tailored for emerging markets.
Amid my exploration, a familiar connection reignited my entrepreneurial spirit. A former colleague, Yi Tang, reached out with an enticing opportunity. Yi, now a prominent crypto investor at Qiming Venture, introduced me to MegaETH, a portfolio company in need of a business co-founder.
Despite initial reservations about the project’s name, a closer look at MegaETH’s technology and vision captivated me. Led by Yilong, a Stanford Ph.D. graduate, MegaETH aimed to develop a scalable base layer to facilitate the creation of user-friendly, fast, and cost-effective crypto-native decentralized applications (dapps). The project’s ambitious goal of addressing the scalability issues that have plagued blockchain technology for over a decade resonated with me.
Building the MegaETH Team
As discussions with the MegaETH team progressed, my conviction in the project grew stronger. I was soon joined by Lei Yang, an accomplished blockchain researcher from MIT, who brought unparalleled expertise and a knack for simplifying complex blockchain concepts for broader audiences. With Lei onboard as our third co-founder and CTO, the MegaETH team began to take shape.
Despite the geographical distance separating the founding team members, occasional in-person meetings at events like ETH Denver and Lei’s thesis defense in Boston provided invaluable bonding experiences. These gatherings not only fostered team cohesion but also unveiled personal quirks and interests, such as Lei’s fondness for rabbits, which inspired the design of MegaETH’s logo—a lightning-fast bunny rabbit.
As we navigate the early stages of our entrepreneurial journey, challenges loom on the horizon. Securing funding, recruiting a developer evangelist, and establishing a digital presence through a dedicated website are pressing needs. However, despite the uncertainties and late-night ponderings, the thrill of venturing into uncharted territory and witnessing the growth of MegaETH fuels my determination.
In retrospect, I realize that true entrepreneurship transcends individual endeavors; it thrives on collaborations with like-minded innovators. As I pen these thoughts amidst the nocturnal tranquility of Dubai, I embrace the uncertainty and revel in the exhilaration of stepping out of my comfort zone. Contrary to my mother’s cautionary advice, I find solace in the fact that, thus far, sticking my head out into the world of entrepreneurship has been a rewarding and fulfilling experience.
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