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MegaETH to end Megamafia accelerator after two years

Ethereum layer2 project MegaETH will end its flagship accelerator program, Megamafia, after two years and two cohorts. Core team member Shuyao Kong said the program was successful in many ways, but assumptions made when it was designed are no longer valid. About 20 teams were supported and raised about $80 million from pre-seed to Series A, MegaETH said. Kong said much of the value did not flow back to MegaETH and most successful projects no longer develop with it.

Crypto

MNX, an AI economy-focused decentralised futures exchange, raises $6.4 million in pre-seed funding

MNX, a decentralised futures exchange focused on the AI economy, raised $6.4 million in pre-seed funding. Village Global led the round, with participation from Cambrian, North Island Ventures, Finality Capital and Relay Digital, along with angel investors including Augur and Gnosis co-founder Matt Liston and Gitcoin\'s Scott Moore. Founded last fall by Manifold Markets co-founders Stephen Grugett and Ian Phillips, MNX is building a venue for AI-related assets.

Crypto

MegaETH hits first KPI by running 10 apps, to issue MEGA token

MegaETH has met its first key performance indicator, which required operating 10 ecosystem applications. The milestone triggered a countdown toward a MEGA token generation event targeted for next Thursday. The project previously tied its token release schedule to performance-based KPIs rather than a fixed timeline. Conditions include expanding its native stablecoin USDM circulation to $500 million and meeting app revenue targets, alongside usage and fee benchmarks for apps built on MegaETH.