MegaETH
MEGA
High-performance real-time Ethereum Layer 2 blockchain
Performances
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.03% | 1.43% | 8.05% | 9.26% | 11.25% | 10.26% |
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Fundraising not disclosed
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About MegaETH
MegaETH, a high-performance real-time EVM L2, has gone through a trajectory marked by ambitious tech promises and stark market corrections.
Its journey began with a $20 million seed round led by Dragonfly Capital in mid-2024, followed by a $10 million community round. The mainnet launched on February 9, 2026, claiming 50,000 TPS and 10ms block times. Crucially, the team adopted a unique KPI-triggered TGE: the MEGA token would only be issued after hitting any of three metrics—$500M in USDm circulation, 10 active MegaMafia apps, or three apps generating $50K daily fees.
After months of building, $MEGA finally went live on April 30, 2026, following the industry's first KPI-triggered token generation event. Its market cap quickly surpassed $2 billion upon listing on major exchanges like Binance. Coinbase also launched a wrapped version, cbMEGA, on Base. Within a week of TGE, TVL surged to $700 million, largely driven by Aave V3 and USDm/USDe stablecoin farming strategies.
However, the hype proved fragile. By July 2026, Aave V3 withdrew 80% of its liquidity, causing a nearly 60% drop in total TVL within 24 hours. The valuation anchor shifted as market cap fell to around $54 million, with 88.7% of tokens still locked. In response, the MegaETH Foundation initiated a MEGA buyback program funded by USDm's net revenue, signaling a pivot toward sustainable value capture.
Bearish: In July, MegaETH shut down its Mega Mafia incubator, with nearly 20 portfolio teams exiting; on-chain TVL dropped about 70% from its May peak to just over $30 million, and Aave V3 withdrew 80% of liquidity; MEGA fell about 38% from its launch price, with an FDV of ~$480 million and 88.7% of tokens still uncirculated, signaling future sell pressure; real activity is low, with 30-day protocol revenue under $900k, mostly from card game Monster rather than DeFi.
Bullish: After the Apr 30 TGE, the foundation launched MEGA buybacks funded by USDm net revenue, using all net income through April for the first repurchase; future buybacks will be programmatic, adjusting with USDm supply and reserve yields, providing a sustained bid.
Lei Yang (Co-founder, CEO): PhD from Stanford, ex-MIT CSAIL researcher, focused on low-latency systems.
Yilong Li (Co-founder, CTO): PhD from MIT, expert in blockchain consensus and networking.
Shuyao Kong (Co-founder, CBO): MBA from Harvard, ex-ConsenSys Global BD Head, also founded humanID.
Rose Bao (Creative Director & Visual Artist): Known as HarukoRose on Twitter, leads brand and visual identity.
Jed Kim (CFO/COO): Ex-finance and operations executive, background in tech startups and investment banking.
MegaETH recently saw two key departures. Laura Shi (COO, Jul 2024–May 2026) left to become CBO at Pharos, while Mu Gao (Product Lead & Ecosystem Support, 2025–Jun 2026) moved to 0G as Product. These exits follow the shutdown of its Mega Mafia incubator in July 2026, reflecting a broader talent shift.