MegaETH has crossed its first KPI goal meant to tie its token release schedule to measurable goals.
On Thursday, the team announced that 10 so-called Mega Mafia apps have launched on the Ethereum scaling solution, kickstarting a seven-day countdown to MEGA’s token generation event.
"Choosing a date for TGE is easy, but earning it is really harder," said Shuyao Kong, co-founder of MegaETH. "We wanted the token to function as an accelerant to an ecosystem full of novel onchain primitives from projects such as Euphoria, HitOne, Ubitel, and Brix. If the past three years were about building the system, the next phase is about seeing whether it can grow itself."
Ahead of MegaETH’s public debut in March, its founding team announced it would tie the network’s token emissions to performance-based KPIs rather than fixed time-based vesting schedules.
This included goals like growing the blockchain’s native stablecoin, USDM, to a circulating supply of $500 million or hitting revenue goals for apps. "The goal was to ensure that the network has real usage, real applications, and a functioning economic loop centered around $USDm before introducing the token," the team noted.
MegaETH, first pitched in 2023 as a sort of monolithic scaling solution for Ethereum, also incubated core applications under its Mega Mafia accelerator program. These include the stablecoin payments startup Cap, yield tokenization platform Brix, and onchain lending protocol Avon, all of which are live as of Thursday, in addition to seven additional apps.
In total, Mega Mafia incubated 30-odd apps, with financial backing from Anagram, GSR, Kraken Ventures, Maven11, Robot Ventures, Wintermute, among others, including angels like Kain Warwick and Vitalik Buterin. Some apps initially developed under the program have launched on rival blockchains, like the social media attention market Noise.
Notably, MegaETH's 10 live apps were also tracked to ensure they "demonstrate a functioning core loop with real user interactions," measured by generating over 100,000 total transactions each over a 30-day period. There is a related KPI of having at least three MegaETH apps earning at least $50,000 in daily fees for 30 consecutive days.
With the first KPI set, MegaETH’s TGE is now set for next Thursday. There is a fixed supply of 10 billion MEGA tokens, 53.3% of which will be released over time as staking rewards tied to four topline KPI goals.
Additionally, 5% was offered in a public Sonar-based token auction, 7.5% went to an ecosystem and foundation reserve, and 9.5% will vest for the team and advisors. VC investors were allocated 14.7% of the total MEGA supply.
As of Thursday, there is some $62.9 million worth of USDM in circulation, or about 13% toward MegaETH's KPI of achieving $500 million USDM.
The MegaETH Foundation previously announced it would also use USDM revenue to accumulate MEGA tokens. The token was co-developed by Ethena.
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