⚡️ MegaETH debuts its innovative token and economics
MegaETH launched its native MEGA token on Thursday morning alongside a highly profitable airdrop and open ICO.
For those unfamiliar, MegaETH is Ethereum Layer 2 network with the goal of being the fastest EVM compatible network blockchain Ever built. The technical goals are 100,000 transactions per second, 10ms block times, and sub-millisecond latency – about 5,000 times faster than the Ethereum mainnet. In live mainnet conditions since its launch in February, the network has maintained throughput that backs up those claims.
It’s designed specifically for real-time consumer-facing applications, which are theoretically the kind of things that are impossible on slower chains because users won’t wait for confirmations. Think online games, social apps, and high-frequency decentralized finance. The project has raised $470 million in total funding, and its backers include Vitalik Buterin, Joe Lubin, and Dragonfly Capital.
The token structure is worth delving into briefly because it’s really different. Of the total 10 billion MEGA tokens, 53.3% are only unlocked when the network reaches specific performance milestones, as opposed to a fixed calendar. The first milestone requires 10 ecosystem apps to record 100,000 on-chain transactions in 30 days. This happened on April 23, leading to the launch on Thursday. The next unlock requires $500 million in circulating supply of USDM, the network’s native stablecoin, which stood at $300 million at the time of launch. The idea is that the majority of the supply cannot reach the market until MegaETH proves that it has real users generating real activity.
At the current FDV price of $1.7 billion, anyone who participated in an ICO in 2025 would have made a quick 70% return — not bad for a bear market. And this valuation is supported by a high TVL (MegaETH Monad flipped in DeFi TVL at $490 million) enough to make its way into the top 15 chains. Additionally, MUSD’s market cap jumped 60% today to $270 million
All eyes are now on the new apps being launched daily and the upcoming KPIs…
🤐 Cryptocurrencies are the most ignored topic on X
X Head of Product Nikita Beer Data shared this week Cryptocurrency is shown to be the most overlooked topic on the platform’s For You feed, ranking ahead of politics and the Iranian conflict.
The data comes from X’s recently launched snooze feature, which allows users to hide unwanted topics for 24 hours.
Nikita was clear that the result did not reflect the shadow ban. He claims to not be anti-crypto (a longer discussion for another time). He is a consultant for Solana and a partner at Lightspeed. Maybe it’s shilling, token launches, low-quality promotional content, or maybe it’s just bear market stuff. Or maybe both…
🏈 Calshi is now among the top 5 sportsbooks in the United States
Research firm Eilers & Krejcik Gaming published data on Thursday showing this Calci was ranked as the fourth largest sports betting operator in the United States in MarchBeating BetMGM, Caesars, Bet365, and BetRivers.
The metric is EKG’s proprietary measure of predictive market activity, tracking daily open interest movements, strike prices, and resolution day activity rather than a traditional handle. Sports prediction markets reached an estimated $2 billion in monthly equivalent volume in March, representing 11% of all online sports transactions in the United States.
The March Madness tournament was the main driver. Calci recorded $13 billion in total trading volume for March alone, a crazy 15 times year-over-year figure, with 86% of that volume on sporting event contracts. Only DraftKings, FanDuel, and Fanatics were larger. EKG expects the entire 2026 prediction market to reach $34 billion, roughly 20% of the total sports betting handle.
🚩 Another DeFi protocol has been drained as the exploit balance grows
Wasabi Protocol Nearly $4.5 million had been depleted Thursday morning After an attacker compromised his publisher’s management key.
The attack continued for approximately two hours before the security companies announced it. The mechanism was identical to both the Drift Protocol exploit ($285 million, April 1) and the Kelp DAO exploit ($292 million, April 18) — a single externally owned account with sole administrative control with no multiple registrations, no time lock, and no management delay. Once the attacker had the key, he immediately granted himself administrative privileges, upgraded Wasabi treasury contracts to malicious applications, and drained balances across Ethereum, Base, Berachain, and Blast.
DeFi losses in April exceeded $770 million across more than 30 incidents, making it the worst month for cryptocurrency security since February 2025. The issue remains linked to protocols that give a single private key unilateral control of users’ funds. Curve founder Michael Egorov and Flying Tulip’s Andrei Cronje publicly called for industry-wide security standards this month.
🌎 Total crypto and markets
- Major cryptocurrencies are slightly green at the beginning of May; BTC +1.9%% at $77.4K; ETH +1% at $2,285; SOL +1% at $84; HYPE +5% at $40.60
- Tau (+5%), ZEC (+5%), HYPE (+5%) led the top movers
- oil Apartment for $105; Gold -2% at $4,580
- Stock futures It got a little green after Apple turned a profit along with other big tech companies
- twin It received a license from the Financial Derivatives Clearing Regulator (CFTC) on ThursdayAllowing it to clear and settle derivatives and forecast market trades entirely internally
- Coinbase asset management CUSHY launched Thursdaya tokenized credit fund targeting institutional yield from stablecoin lending, with equity available on Ethereum, Solana, and Base via Superstate’s FundOS platform
- PayPal reorganization into three core business segmentslifting cryptocurrencies into the top 3 segments alongside their payments products
- Japan JPX is moving forward with preparations To list crypto ETFs As early as 2027, provided that Japan clarifies its legal framework and tax treatment of digital assets
- Senator Elizabeth Warren World Liberty Financial attacked After a Wall Street Journal investigation linked the Trump family’s cryptocurrency project to a resort in East Timor led by two men sanctioned with alleged ties to Cambodian Prince’s group.
Corporate Treasuries and ETFs
Meme Coin Tracker
- Meme leaders He was mixed; Doji +3%, Shape +1%, Pipe +1%, Bingo +4%, Trump -2%, Bonk -1%, SPX +1%, Vartcoin +2%
- Truth (+75x), Imp (+300%), Zerebro (+46%) and unc (+55%) led the notable movers; Cards are +40% as well
- UPEG It jumped 90% to $16 million, which is the main driver of ETH; Asteroid +12% to $150 million
💰 Token tracking, airdrop and protocol
🚚 What happens in NFTs?
- NFT leaders It was green again, led by bored monkeys; Punk Up at 30.8 ETH, BAYC +5% at 11.35 ETH, Pudgy +6% at 5.64 ETH; Hypurr +4% at 362 HYPE
- In Friends (+7%), Nakamigos (+8%), and Deafbeef (+14%) led the top movers
