When liquidity on an L2 chain is nearly drying up, can funding AI from the treasury really save it?
The MegaETH Foundation announced that it has officially rebranded as MEGA, shifting its focus from simply maintaining the underlying network to building products itself.
According to The Block, the team has allocated $30 million from its treasury to the new business. Its first move is an AI inference marketplace, slated to launch in December. Co-founder Shuyao Kong said the details would be announced at launch.
But the fundamentals don't look great right now: network TVL has plunged from a peak of $245 million to around $12 million, a decline of more than 90%;
token $MEGA is currently trading at around $0.05, down more than 76% from its all-time high.
Changing the name and embracing an AI narrative seem to be the industry's cheapest way to break through for now. The real challenge is bringing users and capital back on-chain.
Let's wait until December to see whether the product they deliver can actually work.
$MEGA
The MegaETH Foundation announced that it has officially rebranded as MEGA, shifting its focus from simply maintaining the underlying network to building products itself.
According to The Block, the team has allocated $30 million from its treasury to the new business. Its first move is an AI inference marketplace, slated to launch in December. Co-founder Shuyao Kong said the details would be announced at launch.
But the fundamentals don't look great right now: network TVL has plunged from a peak of $245 million to around $12 million, a decline of more than 90%;
token $MEGA is currently trading at around $0.05, down more than 76% from its all-time high.
Changing the name and embracing an AI narrative seem to be the industry's cheapest way to break through for now. The real challenge is bringing users and capital back on-chain.
Let's wait until December to see whether the product they deliver can actually work.
$MEGA