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.

Crypto sectors posted mixed moves on July 16, with the broader market showing a narrow trading range, according to SoSoValue. The RWA segment led the market with a 24-hour gain of 6.40%, helped by a 15.92% rise in Ondo Finance (ONDO) and a 2.87% increase in Centrifuge (CFG). Among major tokens, Bitcoin (BTC) rose 0.19% and briefly moved above $65,000 during the session, while Ethereum (ETH) gained 2.92% and climbed past $1,900. Other advancing sectors included DeFi, up 0.96% with ZeroLend (ZERO) surging 28.87%, and PayFi, up 0.32% as eCash (XEC) added 13.68%. On the weaker side, SocialFi recorded the largest decline, down 2.43%, with Gram (GRAM) slipping 2.36%. Meme fell 0.07% even as Pump.fun (PUMP) rose 1.53%, CeFi lost 0.13% while Mantle (MNT) gained 1.69%, Layer1 dipped 0.23% with Injective (INJ) up 3.24% intraday, and Layer2 dropped 0.34% as MegaETH (MEGA) advanced 2.39%. Sector indexes tracking historical performance showed ssiRWA, ssiDeFi, and ssiLayer1 up 7.43%, 2.17%, and 1.24%, respectively.

MegaETH, once one of the most closely watched new public chains of this cycle, is now facing a sharp reassessment as capital supporting its valuation weakens. According to DefiLlama data cited in the source report, the chain’s total value locked swung violently between July 9 and 10, briefly dropping to just above $30 million, down nearly 60% in 24 hours and about 70% from its May peak. Aave V3, the dominant protocol on the network, pulled 80% of its liquidity within a day. The report argues that MegaETH’s current valuation is under pressure not only because TVL has fallen, but because several gaps have become harder to ignore: a mismatch between valuation and actual usage, between the token’s DeFi narrative and the chain’s revenue mix, and between early market expectations and what has actually been delivered on-chain. MEGA was trading near $0.048, with a market cap of about $54 million and a fully diluted valuation of roughly $470 million to $480 million. Data points in the report show that MegaETH’s 30-day real protocol revenue was under $900,000, annualized at around $10 million, with just 2,619 daily active addresses. The piece also notes declining stablecoin activity, concentrated liquidity sources, and user complaints over team communication. As the market pays less attention to headline TVL and more to revenue, activity, and ecosystem retention, MegaETH is being tested on whether it can turn short-term liquidity into durable usage.

MegaETH is facing renewed scrutiny after a sharp on-chain liquidity swing wiped out a large portion of its total value locked over July 9-10. According to data cited by ChainCatcher from DefiLlama, the chain’s TVL briefly fell to just above $30 million, down nearly 60% in 24 hours and roughly 70% from its May peak. Aave V3, the chain’s dominant liquidity venue, removed 80% of its liquidity within a day. The token has fallen with it. MEGA traded around $0.048, leaving the project with a market cap of about $54 million and a fully diluted valuation of roughly $470 million to $480 million. That is a steep reset from an earlier peak near $2 billion FDV, when MegaETH ranked among the most watched new Layer 1 and Layer 2-style public chain launches of the cycle. ChainCatcher’s analysis argues that MegaETH now sits at the center of three valuation mismatches: between price and actual usage, between its DeFi narrative and the quality of its ecosystem, and between early market expectations and what has actually been delivered on-chain. The report points to concentrated TVL, low realized revenue relative to valuation, and weak signs of sticky usage after incentive-driven capital began to leave. It also says investors are paying less attention to headline TVL and are placing more weight on real transaction activity, revenue, and sustainable applications.

Upbit plans to list MEGA and open trading against KRW, BTC, and USDT. The token is tied to MegaETH, an EVM-based real-time Layer 2 designed for low latency and high throughput.

MegaETH plans to launch its MEGA token on April 30 at a pre-launch price of $0.179, implying a $17.9 billion FDV. With only about 10% of supply initially circulating, the implied circulating market cap is closer to $180 million.

Pharos Network's $PROS token launched on Aerodrome, pushing its fully diluted valuation above $50 million. Aerodrome introduced a predictive allocation system replacing bribe-based voting, helping it reach $1 billion+ TVL. The market watches PROS reception and ecosystem impact.

MegaETH's MEGA token dropped 38% within 72 hours of listing on major exchanges, trading at $0.138 with a market cap of $155 million. However, the protocol's TVL surged to $600 million, highlighting a divergence between price action and on-chain fundamentals.