Most chains launch a token, then pray for adoption. MegaETH said no token until the ecosystem actually works.
The KPIs are aggressive: ➤ $500M USDM supply (30-day weighted) ➤ 10 apps fully deployed with real usage ➤ 3 apps doing $50K/day in fees for 30 straight days
Hit any one → TGE triggers 7 days later
The deeper bet here is USDM. All foundation revenue from USDM goes into $MEGA buybacks. If they hit $500M in circulation, that's ~$18.8M in annual buy pressure, without a single transaction fee.
This is also a live case study for Ethena's SaaS model. Where protocols capture yield for their own ecosystem instead of leaking value to generic fee structures.
Besides Hyperliquid, no major new ecosystem has worked on both revenue and token price in 3 years. The old playbook of distribute first, build later is dead.
MegaETH is betting they can prove it before they pump it. Now we start tracking whether they actually can.
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