MegaETH lays off 20% of staff and pivots toward an AI business
The Ethereum scaling project is shrinking its team while DeFi activity on its network has collapsed to a sliver of its earlier level.
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Key takeaways
- MegaETH is reducing headcount by 20% as it pursues an AI business
- DeFi total value locked on MegaETH fell from over $245 million to $8.8 million
- The drop is roughly 96%, based on the figures reported
- The reported facts don't explain the cause of the TVL decline
MegaETH, the Ethereum scaling project, is cutting 20% of its staff as it turns toward an AI business, CoinDesk reported on Saturday.
The numbers behind the cut
Look at the on-chain data and the timing makes sense. DeFi total value locked on MegaETH has fallen from more than $245 million to $8.8 million. That's a drop of about 96%.
What the reporting doesn't tell us: what pushed the money out, or how long it took. It also doesn't say what the AI business will actually be. Those are open questions, and I'd hold off on filling them in with guesses.
Why it matters
If your money sits in MegaETH's DeFi apps, or you hold assets tied to its ecosystem, a TVL collapse this size is a warning about liquidity and user interest. Thin liquidity makes trading harder. It makes exiting positions harder too.
The pivot matters as well. A layer-2 project turning to AI suggests the team sees more opportunity there than in its core scaling pitch. That's a signal, not a verdict. The real tell is whether MegaETH keeps investing in the chain it built or treats it as a side project. Users should watch that closely.
Source: CoinDesk
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Mia Chen
Mia digs into DeFi and on-chain data, translating protocol mechanics into plain English for everyday readers.
