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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.
Crypto
MegaETH to buy back MEGA with USDM revenue, says tokens released only with results
MegaETH Foundation will regularly buy MEGA tokens using revenue generated by its USDM stablecoin, The Block reported on Thursday. The move is part of announcements ahead of the mainnet launch. The foundation said USDM demand grows as applications expand, increasing MEGA buybacks. USDM was co-designed by MegaLabs and Ethena and is backed by Ethena’s USDtb, tied to BlackRock’s tokenised BUIDL fund.
Crypto
MegaETH cancels USDm pre-deposit, to refund all after error
MegaETH cancelled its USDm pre-deposit bridge and will refund all deposits after errors disrupted the process. The event, launched with a 250 million dollar cap and later expanded, was hit by access problems linked to a third-party provider and misconfigured multisig settings. The team apologised and said refunds will begin after a smart contract audit. MegaETH plans to resume a USDm–USDC conversion bridge ahead of its Frontier beta launch.