The Ethereum MegaETH Foundation has renamed itself MEGA and
MegaETH Foundation Renamed to MEGA and Plans to Invest $30 Million in New Product Development, Launching an AI Inference Market for Developers in December
Timeline of Events
- [11-10 16:03] MegaETH Foundation Renamed to MEGA, Planning to Invest $30 Million in New Product (PANews)
- [11-10 16:05] Planning to Invest $30 Million, MegaETH Foundation Renamed to MEGA and Launching New Product (Odaily星球日报)
- [11-10 16:16] MegaETH Foundation Renamed to MEGA, Planning to Invest $30 Million in New Product Development (吴说)
Background and Impact
PANews reported on November 11 that the MegaETH Foundation, behind the Ethereum Layer 2 network MegaETH, has renamed itself to MEGA and plans to develop new products outside the network. Co-founder Shuyao Kong stated that MEGA will allocate $30 million from its existing treasury for new product development, with the largest initiative being the AI inference market to be launched in December. The market aims to increase the substitutability of inference services provided by different vendors and promote price competition, primarily targeting developers. All new products will run on the MegaETH network. Kong mentioned that the team will use the MEGA token as much as possible in the inference market but did not specify the exact use. According to DefiLlama data, the current TVL of MegaETH is approximately $12 million, a significant drop from the peak of over $245 million. Odaily星球日报 reported on November 11 that the MegaETH Foundation has renamed itself to MEGA and plans to invest $30 million in new product development. The Ethereum Layer 2 network MegaETH's MegaETH Foundation announced the renaming to MEGA and plans to allocate $30 million from its existing reserves for new product development, with the first product being an AI inference market for developers to be launched in December. The market aims to increase the substitutability of inference services provided by different vendors and promote price competition. All new products will run on the MegaETH network, with subsequent network upgrades providing support for AI inference services. MegaETH previously raised over $80 million through risk financing, community financing, and token sales, but its current network TVL is approximately $12 million, a significant drop from the peak of over $245 million.
FAQ
### When will the AI inference market be launched?
The AI inference market will be launched in December.
### What is the funding source for the MEGA Foundation?
The funding source for the MEGA Foundation includes risk financing, community financing, and token sales, raising over $80 million.
### What is the current TVL of MegaETH?
The current TVL of MegaETH is approximately $12 million, a significant drop from the peak of over $245 million.