MegaETH co-founder Shuyao Kong said the MegaMafia program, which has run for two years, will be discontinued and will not move forward with a 3.0 version. Across two cohorts, the program backed 20 teams, helped them raise more than $80 million, and spent several million dollars on market making, direct lending, audits, and other liquidity needs. Kong said MegaETH had intentionally chosen not to take equity, governance rights, or other economic interests in those efforts, and the spending ended up generating almost no value flowing back to Mega. He also said most of the applications are no longer being co-developed with MegaETH. Going forward, the team will continue supporting existing MegaMafia projects, while shifting its focus to OMEGA applications that can only be built on MegaETH and that use its wallet infrastructure and stablecoin, as well as consumer applications developed directly by the team. The stated goal is to shorten feedback cycles and direct value back to the protocol more clearly.
MegaETH co-founder Shuyao Kong said the MegaMafia program will be discontinued after running for two years, with no plan to launch a 3.0 version.
According to Kong, the program supported 20 teams across two cohorts. It helped those teams raise more than $80 million and spent several million dollars on market making, direct lending, audits, and other liquidity needs.
Kong said MegaETH had deliberately chosen not to take equity, governance rights, or other economic interests at the time. As a result, that spending generated almost no value flowing back to Mega, and most of the applications are no longer being co-developed with MegaETH.
Going forward, MegaETH said it will continue supporting existing MegaMafia projects. Its focus will shift to OMEGA applications that can only be built on MegaETH and that use its wallet infrastructure and stablecoin, along with consumer applications developed directly by the team. Kong said the change is meant to shorten the feedback cycle and make value accrue to the protocol more directly.
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