{"id":"megaeth","title":"MegaETH","content":"**MegaETH** is an [Ethereum](https://iq.wiki/wiki/ethereum) [Layer 2](https://iq.wiki/wiki/layer-2) (L2) [blockchain](https://iq.wiki/wiki/blockchain) designed to achieve high transaction speeds and low latency. It was built to [leverage](https://iq.wiki/wiki/leverage) extreme [node](https://iq.wiki/wiki/node) specialization, eliminating [block](https://iq.wiki/wiki/block) [gas](https://iq.wiki/wiki/gas) limits and unlocking continuous compute for developers. MegaETH also features a native [stablecoin](https://iq.wiki/wiki/stablecoin), [USDm](https://iq.wiki/wiki/megaeth-usdm), designed to subsidize network operational costs and provide stable, low transaction fees [\\[11\\]](#cite-id-QOsehwgpdwAhausL). [\\[1\\]](#cite-id-kz5jkjf42o) [\\[2\\]](#cite-id-XedZRsdgGh).\n\n## Overview\n\nMegaETH is a high-performance [Ethereum](https://iq.wiki/wiki/ethereum) [Layer 2](https://iq.wiki/wiki/layer-2) solution, focusing on achieving fast transaction processing speeds and lower [block](https://iq.wiki/wiki/block) times than many existing blockchains [\\[3\\]](#cite-id-R2KcFWFM2s).\n\nThe project was first conceptualized in 2022 by [Yilong Li](https://iq.wiki/wiki/yilong-li), with development commencing in mid-2024 following initial fundraising [\\[3\\]](#cite-id-R2KcFWFM2s). The core objective was to create a \"real-time [blockchain](https://iq.wiki/wiki/blockchain)\" capable of supporting [decentralized applications](https://iq.wiki/wiki/decentralized-application) (DApps) that require high throughput and responsiveness, such as those in [DeFi](https://iq.wiki/wiki/defi), GameFi, and SocialFi [\\[4\\]](#cite-id-rQ0a5BNm98). A key part of its economic design is the native stablecoin, [USDm](https://iq.wiki/wiki/megaeth-usdm), whose reserve yield is used to subsidize the sequencer's operating costs, aiming to replace traditional fee markups [\\[11\\]](#cite-id-QOsehwgpdwAhausL).\n\nThe project aims for transaction processing speeds exceeding 100,000 transactions per second (TPS) and [block](https://iq.wiki/wiki/block) times under 10 milliseconds. Its public testnet demonstrated block times of 10 milliseconds and processed over 20,000 TPS [\\[11\\]](#cite-id-QOsehwgpdwAhausL) [\\[3\\]](#cite-id-R2KcFWFM2s) [\\[1\\]](#cite-id-kz5jkjf42o). This performance target involves design decisions that differ from some other L2s, particularly concerning decentralization of certain components like the sequencer [\\[5\\]](#cite-id-TrBUHHgUTZ).\n\n## History\n\nMegaETH was conceptualized in 2022 by computer scientist [Yilong Li](https://iq.wiki/wiki/yilong-li) [\\[3\\]](#cite-id-R2KcFWFM2s). Li's idea was influenced by discussions around blockchain scaling, particularly a 2021 essay by [Vitalik Buterin](https://iq.wiki/wiki/vitalik-buterin) on centralized block production and a 2022 article on data availability layers [\\[5\\]](#cite-id-TrBUHHgUTZ). He co-founded the project with [Lei Yang](https://iq.wiki/wiki/lei-yang), who had previously contributed to the foundational research for [EigenLayer](https://iq.wiki/wiki/eigenlayer). Development began in mid-2024 following a successful $20 million seed funding round on June 27, 2024, which included investors like [Dragonfly](https://iq.wiki/wiki/dragonfly) Capital, [Vitalik Buterin](https://iq.wiki/wiki/vitalik-buterin), and Santiago R. Santos [\\[3\\]](#cite-id-R2KcFWFM2s) [\\[5\\]](#cite-id-TrBUHHgUTZ). The project raised an additional $10 million on December 13, 2024, through a sale on [Cobie'](https://iq.wiki/wiki/cobie)s Echo platform [\\[3\\]](#cite-id-R2KcFWFM2s) [\\[11\\]](#cite-id-QOsehwgpdwAhausL).\n\nThroughout 2024, the project engaged its community with events like the World Computer Day at Bangkok Devcon on November 20 [\\[6\\]](#cite-id-skirS53Q7d). In early 2025, MegaETH raised further capital through a flagship NFT collection. The \"The Fluffe\" soulbound NFT collection was announced on February 5, 2025, with the first minting phase taking place on February 12-13, raising $30 million [\\[3\\]](#cite-id-R2KcFWFM2s) [\\[5\\]](#cite-id-TrBUHHgUTZ). The project's public testnet went live in March 2025, and on March 26, [Bitget](https://iq.wiki/wiki/bitget) Wallet announced native support, allowing users to interact with the high-speed test environment [\\[12\\]](#cite-id-0VjOjZ8P1tQIfsPj) [\\[4\\]](#cite-id-rQ0a5BNm98). Other initiatives included opening applications for the MegaMafia 2.0 accelerator program on April 23, 2025 [\\[7\\]](#cite-id-LWYv3wPSkB).\n\nA key strategic development occurred on September 8, 2025, when MegaETH announced its native [stablecoin](https://iq.wiki/wiki/stablecoin), [USDm](https://iq.wiki/wiki/megaeth-usdm), in partnership with [Ethena](https://iq.wiki/wiki/ethena) Labs. The [stablecoin](https://iq.wiki/wiki/stablecoin) was designed to use yield from its reserves to subsidize network operational costs [\\[11\\]](#cite-id-QOsehwgpdwAhausL) [\\[12\\]](#cite-id-0VjOjZ8P1tQIfsPj). On November 20, 2025, the team announced a pre-deposit window for [USDm](https://iq.wiki/wiki/megaeth-usdm) would open on November 25 with an initial cap of $250 million [\\[13\\]](#cite-id-4UBfHkPFK2uRZd6d). The launch event on November 25 was plagued by technical difficulties. An outage with a third-party bridge provider and KYC system failures delayed the opening for up to an hour. Once deposits began, the $250 million cap was filled in minutes. A critical multisig configuration error (a 4-of-4 instead of a planned 3-of-4) then allowed a community member to prematurely execute a transaction to raise the deposit cap. This resulted in an uncontrolled surge of deposits that surpassed $400 million. The team halted the process after the cap reached $500 million, canceling a planned expansion to $1 billion and offering withdrawals to all participants while publishing a post-mortem of the incident [\\[14\\]](#cite-id-sJPmZ6JHW0xcmk7b) [\\[15\\]](#cite-id-1t2DSIJKxVc8hpYL).\n\n## Technology and Performance\n\nMegaETH is designed as an EVM-compatible Layer 2 network, allowing existing [Ethereum](https://iq.wiki/wiki/ethereum) applications to potentially port over [\\[5\\]](#cite-id-TrBUHHgUTZ). Its primary focus is on achieving high-performance metrics.\n\nKey technical aspects and performance targets include:\n\n* Transaction Processing Speed (TPS): Aims for over 100,000 TPS. The public testnet has demonstrated over 20,000 TPS, while private testing reportedly achieved 15,000 TPS [\\[11\\]](#cite-id-QOsehwgpdwAhausL) [\\[5\\]](#cite-id-TrBUHHgUTZ).\n* [Block](https://iq.wiki/wiki/block) Times: Targets sub-10 millisecond [block](https://iq.wiki/wiki/block) times, with a goal of reaching 1 millisecond for \"real-time\" performance. The public testnet has shown 10-millisecond block times [\\[3\\]](#cite-id-R2KcFWFM2s) [\\[1\\]](#cite-id-kz5jkjf42o) [\\[11\\]](#cite-id-QOsehwgpdwAhausL).\n* [Gas](https://iq.wiki/wiki/gas) Capacity: Aims for over 10 gigagas per second [\\[1\\]](#cite-id-kz5jkjf42o). Private testing showed usage of 1.5 gigagas, with plans that were set to double this with a proprietary parallelization engine [\\[5\\]](#cite-id-TrBUHHgUTZ).\n* Sequencer: Utilizes a single, centralized sequencer to minimize latency and maximize throughput [\\[5\\]](#cite-id-TrBUHHgUTZ). The sequencer posts [collateral](https://iq.wiki/wiki/collateral) that can be slashed if it acts maliciously, and a backup sequencer is planned [\\[5\\]](#cite-id-TrBUHHgUTZ).\n* Data Availability (DA): Outsourced to EigenDA, which is backed by [EigenLayer](https://iq.wiki/wiki/eigenlayer) restaking [\\[5\\]](#cite-id-TrBUHHgUTZ). This allows for higher bandwidth compared to posting data directly to [Ethereum](https://iq.wiki/wiki/ethereum) [blobs](https://iq.wiki/wiki/blobs) [\\[5\\]](#cite-id-TrBUHHgUTZ).\n* Network Structure: Includes a network of full nodes that update their states based on the sequencer, a network of provers for validity checks, and replica nodes that receive state differences (diffs) to update their states with lower hardware requirements [\\[8\\]](#cite-id-t5pQpscVmI).\n\n## Funding and Investors\n\n​[MegaETH](https://iq.wiki/wiki/megaeth) has conducted multiple fundraising rounds to support its development.\n\n* Seed Round: Raised $20 million on June 27, 2024 [\\[3\\]](#cite-id-R2KcFWFM2s). Notable investors included [Dragonfly](https://iq.wiki/wiki/dragonfly) Capital, [Vitalik Buterin](https://iq.wiki/wiki/vitalik-buterin), and angel investor Santiago R. Santos [\\[3\\]](#cite-id-R2KcFWFM2s) [\\[5\\]](#cite-id-TrBUHHgUTZ). Other participants included [Figment](https://iq.wiki/wiki/figment) Capital and [Robot Ventures](https://iq.wiki/wiki/robot-ventures) [\\[5\\]](#cite-id-TrBUHHgUTZ). ABCDE Capital is also listed as an investor [\\[9\\]](#cite-id-4GIK7SqCcK) [\\[10\\]](#cite-id-n1fV7jduWq).\n* Additional Funding: Raised another $10 million on December 13, 2024, through [Cobie'](https://iq.wiki/wiki/cobie)s Echo platform [\\[3\\]](#cite-id-R2KcFWFM2s) [\\[5\\]](#cite-id-TrBUHHgUTZ).\n\n## The Fluffe NFT Collection\n\nOn February 5, 2025, the MegaETH team announced \"The Fluffe,\" a flagship soulbound (non-tradeable after minting) NFT collection [\\[3\\]](#cite-id-R2KcFWFM2s). The collection consists of 10,000 humanoid rabbit NFTs [\\[3\\]](#cite-id-R2KcFWFM2s).\n\n* Purpose: The NFT collection was launched as a method for public fundraising and to give the community \"meaningful skin in the game\" [\\[3\\]](#cite-id-R2KcFWFM2s). The team stated it aimed to avoid issues associated with points programs and attract users demonstrating \"conviction and commitment\" [\\[3\\]](#cite-id-R2KcFWFM2s).\n* Mint Details: The mint was whitelist-only [\\[3\\]](#cite-id-R2KcFWFM2s). Each NFT cost 1 ETH to mint [\\[3\\]](#cite-id-R2KcFWFM2s). The mint occurred in two phases.\n  * Phase 1: Started on February 12, 2025, lasting two days [\\[3\\]](#cite-id-R2KcFWFM2s).\n    * Day 1 (Feb 12): 5,000 NFTs available for a small number of wallets, including a guaranteed whitelist for dedicated supporters and partners (1,500 NFTs minted for free) [\\[3\\]](#cite-id-R2KcFWFM2s).\n    * Day 2 (Feb 13): 3,500 NFTs available for a larger pool of whitelist participants [\\[3\\]](#cite-id-R2KcFWFM2s). 5,000 registered wallet addresses were randomly selected for this first-come, first-served opportunity [\\[3\\]](#cite-id-R2KcFWFM2s).\n  * Phase 2: Was planned for an unconfirmed date \"a few months after the first phase\" [\\[3\\]](#cite-id-R2KcFWFM2s).\n* Token Allocation: The team plans to [airdrop](https://iq.wiki/wiki/airdrop) at least 5% of [MegaETH](https://iq.wiki/wiki/megaeth)'s token supply to NFT holders [\\[3\\]](#cite-id-R2KcFWFM2s). Token allocation is intended to increase as users \"evolve\" their NFTs [\\[3\\]](#cite-id-R2KcFWFM2s).\n* Design Features: Each Fluffe NFT has a unique appearance and belongs to one of 16 cabals [\\[3\\]](#cite-id-R2KcFWFM2s). Features include customizable cosmetics, a 2D profile picture, and an \"evolving\" option [\\[3\\]](#cite-id-R2KcFWFM2s).\n\n## USDm Stablecoin\n\nOn September 8, 2025, MegaETH announced its native [stablecoin](https://iq.wiki/wiki/stablecoin), USDm, created in partnership with [Ethena](https://iq.wiki/wiki/ethena) Labs [\\[11\\]](#cite-id-QOsehwgpdwAhausL) [\\[12\\]](#cite-id-0VjOjZ8P1tQIfsPj). The [stablecoin](https://iq.wiki/wiki/stablecoin), also referred to as MegaUSD, is designed as a core component of the network's economic model to power real-time applications and ensure low transaction fees [\\[12\\]](#cite-id-0VjOjZ8P1tQIfsPj).\n\n### Economic Model and Purpose\n\nThe primary purpose of USDm is to subsidize the operating expenses (OPEX) of MegaETH's sequencer. Instead of marking up transaction fees for profit, the network uses the yield generated from USDm's underlying reserves to cover these costs. This model is intended to provide users and developers with consistently low, sub-cent transaction fees and align incentives between the network and its participants [\\[11\\]](#cite-id-QOsehwgpdwAhausL). The team noted that this approach was chosen as a compliant way to use reserve yield for the community's benefit, as opposed to direct yield distribution to holders [\\[11\\]](#cite-id-QOsehwgpdwAhausL).\n\n### Technical Infrastructure\n\nUSDm is built using Ethena's \"Stablecoin-as-a-Service\" infrastructure. The initial version of USDm is issued on Ethena's [USDtb](https://iq.wiki/wiki/usdtb) rails, meaning it is directly backed by Ethena's [USDtb](https://iq.wiki/wiki/usdtb) [stablecoin](https://iq.wiki/wiki/stablecoin) [\\[12\\]](#cite-id-0VjOjZ8P1tQIfsPj).\n\nThe reserves backing USDm (via [USDtb](https://iq.wiki/wiki/usdtb)) are primarily held in BlackRock’s tokenized U.S. Treasury fund, [BUIDL](https://iq.wiki/wiki/buidl), which is managed on the [Securitize](https://iq.wiki/wiki/securitize) platform, and also include liquid stablecoins to facilitate redemptions [\\[11\\]](#cite-id-QOsehwgpdwAhausL) [\\[12\\]](#cite-id-0VjOjZ8P1tQIfsPj).\n\n### Pre-Deposit Launch Incident\n\nOn November 25, 2025, MegaETH launched a pre-deposit window for USDm, allowing KYC-verified users from a prior token sale to deposit [USDC](https://iq.wiki/wiki/usdc) [\\[13\\]](#cite-id-4UBfHkPFK2uRZd6d). The launch, which had an initial cap of $250 million, was marked by significant operational issues [\\[15\\]](#cite-id-1t2DSIJKxVc8hpYL).\n\nEvents on launch day included:\n\n* An immediate outage of the third-party bridge provider and failures in the KYC system, which delayed the start of deposits for about 30-60 minutes [\\[14\\]](#cite-id-sJPmZ6JHW0xcmk7b) [\\[15\\]](#cite-id-1t2DSIJKxVc8hpYL).\n* Once resolved, the $250 million cap was filled in under three minutes [\\[14\\]](#cite-id-sJPmZ6JHW0xcmk7b).\n* A critical multisig configuration error (a 4-of-4 instead of a planned 3-of-4) allowed a community member to execute a pre-signed transaction to raise the deposit cap approximately 30 minutes ahead of schedule [\\[14\\]](#cite-id-sJPmZ6JHW0xcmk7b) [\\[15\\]](#cite-id-1t2DSIJKxVc8hpYL).\n* This led to an uncontrolled surge in deposits, which surpassed $400 million as the team worked to regain control [\\[15\\]](#cite-id-1t2DSIJKxVc8hpYL).\n\nThe MegaETH team ultimately halted deposits after the total reached 1 billion that day. They offered withdrawals to all participants and published a post-mortem explaining the technical failures. Despite the chaotic rollout, the underlying smart contracts were reported to be secure [\\[14\\]](#cite-id-sJPmZ6JHW0xcmk7b) [\\[15\\]](#cite-id-1t2DSIJKxVc8hpYL).\n\n### MegaETH Pre-Deposit Bridge Refund\n\nOn November 27, 2025, MegaETH announced that it would return all funds from its Pre-Deposit Bridge. In a public statement, the team cited a \"sloppy execution\" and a misalignment between community expectations and the project's goal of pre-loading collateral for the [USDm](https://iq.wiki/wiki/megaeth-usdm) [stablecoin](https://iq.wiki/wiki/stablecoin). The team stated that refunds would be processed after the completion of a new smart contract audit. They also reaffirmed that USDm remains a core component of the MegaETH economy and that the [USDC](https://iq.wiki/wiki/usdc) to [USDm](https://iq.wiki/wiki/megaeth-usdm) conversion bridge is planned to be re-opened before the [mainnet](https://iq.wiki/wiki/mainnet) launch [\\[16\\]](#cite-id-yjbWpZfhwl6JYVmI).\n\n## Ecosystem and Use Cases\n\nMegaETH is EVM-compatible, allowing existing DApps to potentially migrate [\\[5\\]](#cite-id-TrBUHHgUTZ). The project aims to foster the development of new applications that [leverage](https://iq.wiki/wiki/leverage) its high speed and throughput capabilities [\\[5\\]](#cite-id-TrBUHHgUTZ).\n\n* **MegaMafia:** An accelerator program for early-stage founders building applications on MegaETH. Participants co-build alongside the core team, advisors, and alumni during month-long offsites. Applications for MegaMafia 2.0 opened on April 23, 2025, with rolling admissions accepted through June 1, 2025, and finalists interviewed in New York in mid-June [\\[7\\]](#cite-id-LWYv3wPSkB).\n* **Potential Applications:** The high performance is intended to unlock use cases not currently feasible on slower blockchains [\\[5\\]](#cite-id-TrBUHHgUTZ). Examples include high-frequency trading, institutional DeFi, and interactive gaming or streaming platforms [\\[5\\]](#cite-id-TrBUHHgUTZ). Projects mentioned in the MegaMafia context include decentralized exchanges (GTE, Valhalla), gamified trading (Euphoria), live streaming with betting (Sweep), and a 3D world engine (AWE) [\\[5\\]](#cite-id-TrBUHHgUTZ) [\\[7\\]](#cite-id-LWYv3wPSkB).\n\n## Partnerships\n\nMegaETH has established partnerships to expand its reach and ecosystem.\n\n* **Bitget Wallet:** On March 26, 2025, [Bitget](https://iq.wiki/wiki/bitget) Wallet announced native integration of the [MegaETH](https://iq.wiki/wiki/megaeth) [testnet](https://iq.wiki/wiki/testnet). This allows [Bitget](https://iq.wiki/wiki/bitget) Wallet users to access the [MegaETH](https://iq.wiki/wiki/megaeth) [testnet](https://iq.wiki/wiki/testnet), claim test tokens, interact with DApps, and provide liquidity directly within the wallet. This integration enables users to explore [MegaETH](https://iq.wiki/wiki/megaeth)'s growing ecosystem ahead of incentive campaigns from both teams [\\[4\\]](#cite-id-rQ0a5BNm98).\n* **Ethena Labs:** In September 2025, MegaETH announced a partnership with [Ethena](https://iq.wiki/wiki/ethena) Labs to create and issue its native [stablecoin](https://iq.wiki/wiki/stablecoin), USDm. The [stablecoin](https://iq.wiki/wiki/stablecoin) is built on [Ethena](https://iq.wiki/wiki/ethena)'s \"[Stablecoin](https://iq.wiki/wiki/stablecoin)-as-a-Service\" infrastructure, utilizing its [USDtb](https://iq.wiki/wiki/usdtb) rails and reserve management system [\\[11\\]](#cite-id-QOsehwgpdwAhausL) [\\[12\\]](#cite-id-0VjOjZ8P1tQIfsPj).\n\n## Team\n\n* [Yilong Li](https://iq.wiki/wiki/yilong-li) - Founder\n* [Namik Muduroglu](https://iq.wiki/wiki/namik-muduroglu) - Chief [Strategy](https://iq.wiki/wiki/strategy) Officer (CSO) [\\[11\\]](#cite-id-QOsehwgpdwAhausL)\n* [Shuyao Kong](https://iq.wiki/wiki/shuyao-kong) - Co-founder [\\[12\\]](#cite-id-0VjOjZ8P1tQIfsPj)\n* [Lei Yang](https://iq.wiki/wiki/lei-yang)","summary":"MegaETH is a high-performance Ethereum Layer 2 blockchain designed for high transaction speeds and low latency. It features a native stablecoin, USDm, which is ...","images":[{"id":"QmR2dkjY38cvCJwu8xk1E2NXgDK5SwnRmo7CWN2YzWuryX","type":"image/jpeg, image/png"}],"categories":[{"id":"defi","title":"Decentralized Finance"}],"tags":[{"id":"Protocols"},{"id":"Blockchains"}],"media":[],"metadata":[{"id":"discord_profile","value":"https://discord.gg/megaeth"},{"id":"telegram_profile","value":"https://t.me/megaeth_labs"},{"id":"twitter_profile","value":"https://x.com/megaeth_labs"},{"id":"website","value":"https://www.megaeth.com/"},{"id":"github_profile","value":"https://github.com/megaeth-labs"},{"id":"references","value":"[{\"id\":\"kz5jkjf42o\",\"url\":\"https://www.megaeth.com/\",\"description\":\"MegaETH Official Website\",\"timestamp\":1750729041046},{\"id\":\"XedZRsdgGh\",\"url\":\"https://x.com/megaeth\\\\_labs\",\"description\":\"MegaETH X (formerly Twitter) profile\",\"timestamp\":1750729041046},{\"id\":\"R2KcFWFM2s\",\"url\":\"https://www.coingecko.com/learn/what-is-megaeth\",\"description\":\"What Is MegaETH: The Ethereum L2 Backed by Vitalik Buterin | CoinGecko\",\"timestamp\":1750729041046},{\"id\":\"rQ0a5BNm98\",\"url\":\"https://www.globenewswire.com/news-release/2025/03/26/3049318/0/en/Bitget-Wallet-Adds-Native-Support-for-MegaETH-Testnet-Unlocking-High-Speed-Layer-2-Ecosystem.html\",\"description\":\"Bitget Wallet Adds Native Support for MegaETH Testnet\",\"timestamp\":1750729041046},{\"id\":\"TrBUHHgUTZ\",\"url\":\"https://cointelegraph.com/magazine/megaeth-launch-could-save-ethereum-but-at-what-cost/\",\"description\":\"MegaETH launch could save Ethereum… but at what cost?\",\"timestamp\":1750729041046},{\"id\":\"skirS53Q7d\",\"url\":\"https://www.megaeth.com/community\",\"description\":\"MegaETH Community Page\",\"timestamp\":1750729041046},{\"id\":\"LWYv3wPSkB\",\"url\":\"https://www.megaeth.com/megamafia2\",\"description\":\"MegaETH MegaMafia 2.0 Page\",\"timestamp\":1750729041046},{\"id\":\"t5pQpscVmI\",\"url\":\"https://cointelegraph.com/magazine/megaeth-launch-could-save-ethereum-but at what cost/\",\"description\":\"MegaETH launch could save Ethereum… but at what cost?\",\"timestamp\":1750729041046},{\"id\":\"4GIK7SqCcK\",\"url\":\"https://pitchbook.com/profiles/company/607578-22#investors\",\"description\":\"PitchBook company profile\",\"timestamp\":1750729041046},{\"id\":\"n1fV7jduWq\",\"description\":\"fundraise from ABCDE\",\"timestamp\":1751454212693,\"url\":\"https://x.com/ABCDELabs/status/1763121447805780176\"},{\"id\":\"QOsehwgpdwAhausL\",\"url\":\"https://www.theblock.co/post/369786/megaeth-usdm-stablecoin\",\"description\":\"MegaETH launches native USDm stablecoin with Ethena\",\"timestamp\":1764130535043},{\"id\":\"0VjOjZ8P1tQIfsPj\",\"url\":\"https://thedefiant.io/news/defi/megaeth-labs-unveils-megausd-stablecoin-for-real-time-apps\",\"description\":\"MegaETH Labs Unveils MegaUSD Stablecoin\",\"timestamp\":1764130535043},{\"id\":\"4UBfHkPFK2uRZd6d\",\"url\":\"https://www.theblock.co/post/379772/megaeth-open-pre-deposit-window-usdm-stablecoin-next-week\",\"description\":\"MegaETH to open pre-deposit window for USDm stablecoin\",\"timestamp\":1764130535043},{\"id\":\"sJPmZ6JHW0xcmk7b\",\"url\":\"https://www.theblock.co/post/380402/megaeth-usdm-stablecoin-deposit-launch-turbulence-outages-cap-flips\",\"description\":\"MegaETH USDm stablecoin deposit launch sees turbulence\",\"timestamp\":1764130535043},{\"id\":\"1t2DSIJKxVc8hpYL\",\"url\":\"https://www.bankless.com/read/news/megaeth-usdm-launch-causes-chaos\",\"description\":\"MegaETH's Bumpy USDM Launch Causes Chaos\",\"timestamp\":1764130535043},{\"id\":\"yjbWpZfhwl6JYVmI\",\"description\":\"MegaETH Pre-Deposit Bridge Refund & USDm Liquidity Update (Nov 27, 2025)\",\"timestamp\":1764304782838,\"url\":\"https://x.com/megaeth/status/1994165259171397882\"}]"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmaTAvyp9nsQcYNWEFkHepU3bGoz886YbJucmJ4qj8XwR8\""},{"id":"commit-message","value":"\"Removed content and updated DeFi tag\""},{"id":"previous_cid","value":"QmaTAvyp9nsQcYNWEFkHepU3bGoz886YbJucmJ4qj8XwR8"}],"events":[{"id":"7ae27362-bac8-46c1-9615-03b14091cea5","date":"2024-03-01","title":"MegaETH launch","type":"CREATED","description":"MegaETH was established by its cofounders in March 2024","link":"https://www.megaeth.com/","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889"},"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum"],"founders":["shuyao-kong","lei-yang","namik-muduroglu","yilong-li"],"speakers":[]},"recentActivity":"{\"items\":[{\"id\":\"38a8ea1e-fdea-4780-8205-7d8e68b887e4\",\"title\":\"MegaETH\",\"description\":\"MegaETH is a high-performance Ethereum Layer 2 blockchain designed for high transaction speeds and low latency. It features a native stablecoin, USDm, which is used to subsidize network operational costs to maintain low transaction fees. \",\"timestamp\":\"2025-11-26T04:54:21.073Z\",\"category\":\"Wiki Update\",\"status\":{\"icon\":\"RiGlobalLine\",\"label\":\"Wiki Updated\",\"iconClassName\":\"text-green-500\"},\"user\":{\"name\":\"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889\",\"address\":\"0x88D5B28842B30b2Bc8E0839f7bcBb7798F080263\"},\"button\":{\"label\":\"View Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Summary\",\"subtitle\":\"The summary was updated to highlight the native stablecoin, USDm, and its function in subsidizing network costs.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated the summary text to focus on the role of the USDm stablecoin.\"]},{\"title\":\"Tags\",\"subtitle\":\"Tags were updated, removing 'dapps' and 'Ethereum' and adding 'defi'.\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Removed tag 'dapps'\",\"Added tag 'defi'\",\"Removed tag 'Ethereum'\"]},{\"title\":\"Media\",\"subtitle\":\"An image was removed from the wiki's media gallery.\",\"variant\":\"removed\",\"changeCount\":1,\"changes\":[\"Removed an image from the gallery.\"]},{\"title\":\"Introduction\",\"subtitle\":\"The introduction was updated to include information about the native stablecoin, USDm.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added details about MegaETH's native stablecoin, USDm, and its role in subsidizing network costs and providing low transaction fees. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL)\"]},{\"title\":\"Overview\",\"subtitle\":\"The overview section was expanded with information on the USDm stablecoin and public testnet performance.\",\"variant\":\"modified\",\"changeCount\":2,\"changes\":[\"Added that a key part of the economic design is the native stablecoin, USDm, whose reserve yield subsidizes the sequencer's operating costs. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL)\",\"Included public testnet performance metrics, noting demonstrated block times of 10 milliseconds and processing over 20,000 TPS. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL)\"]},{\"title\":\"History\",\"subtitle\":\"The history section was significantly rewritten and expanded to include a detailed narrative of the project's development and the USDm stablecoin launch.\",\"variant\":\"modified\",\"changeCount\":4,\"changes\":[\"Rewrote the section from a milestone list to a narrative, including details on the project's conceptual origins and co-founders. [[\\\"5\\\"]](#cite-id-TrBUHHgUTZ)\",\"Added details about the fundraising through Cobie's Echo platform. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL)\",\"Added a new paragraph detailing the announcement of the native stablecoin USDm in partnership with Ethena Labs on September 8, 2025. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL) [[\\\"12\\\"]](#cite-id-0VjOjZ8P1tQIfsPj)\",\"Added an account of the turbulent pre-deposit launch for USDm on November 25, 2025, including technical difficulties, a multisig configuration error, an uncontrolled surge in deposits, and the team's subsequent response. [[\\\"13\\\"]](#cite-id-4UBfHkPFK2uRZd6d) [[\\\"14\\\"]](#cite-id-sJPmZ6JHW0xcmk7b) [[\\\"15\\\"]](#cite-id-1t2DSIJKxVc8hpYL)\"]},{\"title\":\"Technology and Performance\",\"subtitle\":\"Performance metrics were updated with data from the public testnet.\",\"variant\":\"modified\",\"changeCount\":2,\"changes\":[\"Updated 'Transaction Processing Speed (TPS)' to note that the public testnet demonstrated over 20,000 TPS. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL)\",\"Updated 'Block Times' to state the public testnet has shown 10-millisecond block times. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL)\"]},{\"title\":\"Funding and Investors\",\"subtitle\":\"The section was streamlined by removing subsections related to the NFT sale fundraising and total funds raised.\",\"variant\":\"modified\",\"changeCount\":2,\"changes\":[\"Removed the 'NFT Sale' subsection.\",\"Removed the summary line about the total funds raised by Q1 2025.\"]},{\"title\":\"USDm Stablecoin\",\"subtitle\":\"A new section was added to provide comprehensive details about the USDm stablecoin.\",\"variant\":\"added\",\"changeCount\":1,\"changes\":[\"Added a dedicated section for the USDm Stablecoin, detailing its announcement, economic model, technical infrastructure, and the pre-deposit launch incident. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL) [[\\\"12\\\"]](#cite-id-0VjOjZ8P1tQIfsPj) [[\\\"13\\\"]](#cite-id-4UBfHkPFK2uRZd6d) [[\\\"14\\\"]](#cite-id-sJPmZ6JHW0xcmk7b) [[\\\"15\\\"]](#cite-id-1t2DSIJKxVc8hpYL)\"]},{\"title\":\"Ecosystem and Use Cases\",\"subtitle\":\"Minor clarifications were made to the details of the MegaMafia accelerator program.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Updated the application details for the MegaMafia 2.0 accelerator program, clarifying dates and the interview process. [[\\\"7\\\"]](#cite-id-LWYv3wPSkB)\"]},{\"title\":\"Partnerships\",\"subtitle\":\"A new partnership with Ethena Labs was added.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added a new subsection detailing the partnership with Ethena Labs to create the native stablecoin, USDm. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL) [[\\\"12\\\"]](#cite-id-0VjOjZ8P1tQIfsPj)\"]},{\"title\":\"Team\",\"subtitle\":\"Team members' roles and titles were added or updated.\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Added role 'Founder' for Yilong Li.\",\"Added role 'Chief Strategy Officer (CSO)' for Namik Muduroglu. [[\\\"11\\\"]](#cite-id-QOsehwgpdwAhausL)\",\"Added role 'Co-founder' for Shuyao Kong. [[\\\"12\\\"]](#cite-id-0VjOjZ8P1tQIfsPj)\"]},{\"title\":\"Events\",\"subtitle\":\"An event's details were updated, including a more specific date.\",\"variant\":\"modified\",\"changeCount\":2,\"changes\":[\"Changed event date from '2024-03' to '2024-03-01'.\",\"Added null values for 'continent' and 'country' fields to an event.\"]},{\"title\":\"References\",\"subtitle\":\"Five new references were added, primarily related to the USDm stablecoin.\",\"variant\":\"added\",\"changeCount\":5,\"changes\":[\"Added reference: 'MegaETH launches native USDm stablecoin with Ethena'\",\"Added reference: 'MegaETH Labs Unveils MegaUSD Stablecoin'\",\"Added reference: 'MegaETH to open pre-deposit window for USDm stablecoin'\",\"Added reference: 'MegaETH USDm stablecoin deposit launch sees turbulence'\",\"Added reference: 'MegaETH's Bumpy USDM Launch Causes Chaos'\"]},{\"title\":\"Metadata\",\"subtitle\":\"New editor-specific metadata fields were added.\",\"variant\":\"added\",\"changeCount\":4,\"changes\":[\"Added metadata key 'words-changed'.\",\"Added metadata key 'percent-changed'.\",\"Added metadata key 'blocks-changed'.\",\"Added metadata key 'wiki-score'.\"]}]}]}"}