MegaETH Announces $250 Million Pre-Deposit Campaign

Why It Matters

The bridge opens a pathway for early liquidity and token distribution ahead of MegaETH’s mainnet launch, potentially boosting user adoption and reinforcing its competitive position in the crowded Ethereum L2 space despite broader market weakness.

Summary

Ethereum Layer‑2 project MegaETH will launch a limited‑access pre‑deposit bridge on November 25 for users who registered for its ICO via Sonar, allowing unlimited USDC deposits that will be minted into the native stablecoin USDm in partnership with Ethena. The bridge follows an ICO that secured $1.4 billion in commitments, targeting a $50 million allocation at a $999 million market cap, and pre‑depositors may earn points toward a rewards campaign that will distribute an extra 2.5% of the MEGA token supply. MegaETH’s pre‑market valuation has slipped about 30% to $3.7 billion on Hyperliquid after peaking at $5.3 billion earlier this month.