The Block reported on November 27 that MegaETH cancelled its pre-deposit bridge launched to secure liquidity for its USDm stablecoin and will refund all deposits.
The MegaETH team apologised on social media platform X, saying execution was inadequate and expectations and goals did not align.
The pre-deposit bridge opened on November 25 with a 250 million dollar cap. It became inaccessible for about an hour due to an issue with a third-party bridge provider. When service resumed, the cap was reached in three minutes, and MegaETH decided to raise it to 1 billion dollars.
However, a misconfigured multisig signature caused confusion during the cap adjustment.
The team later changed the cap to 400 million dollars and then to 500 million dollars, but ultimately scrapped the increase and began refunds.
MegaETH is conducting a smart contract audit and plans to issue refunds once it is complete.
MegaETH is preparing its Frontier beta ahead of its mainnet launch. It plans to resume a USDm–USDC conversion bridge at that time to expand liquidity.
Chi-Kyu Hwang
delight@d-today.co.kr