MegaETH Clears First KPI Milestone, Sets MEGA Token Generation Event for April 30

MegaETH’s 10-app milestone triggered a seven-day countdown, setting the MEGA token launch for April 30 under the project’s KPI-linked issuance model.

MegaETH confirmed Thursday that its native MEGA token will launch on April 30 after the Ethereum Layer 2 network cleared the first of its three self-imposed performance milestones, triggering a seven-day countdown to the token generation event.

The milestone required 10 Mega Mafia-incubated applications to be live on mainnet with verified contracts and functioning core loops, defined as each app generating more than 100,000 total transactions over a 30-day period. The confirmed live apps include stablecoin payments protocol Cap, yield tokenization platform Brix, onchain lending market Avon, DEX Kumbaya, decentralized telecom protocol Ubitel, and five others including Showdown, World, Stomp, HitOne, and Nectar AI.

This story is an excerpt from the Unchained Daily newsletter.

The Mega Mafia accelerator program incubated more than 30 apps in total, with financial backing from Anagram, GSR, Kraken Ventures, Maven11, Robot Ventures, and Wintermute, as well as angel investors including Vitalik Buterin and Kain Warwick.

MegaETH launched its mainnet in February without a fixed token date, instead tying the MEGA release to one of three on-chain conditions to be met: at least 10 live Mega Mafia apps with real user interactions, a circulating supply of $500 million in its native stablecoin USDM with at least 25% deposited into smart contracts, or three apps generating $50,000 in daily fees for 30 consecutive days. Only one condition needed to be met to start the seven-day clock. USDM circulation currently stands at $62.9 million, roughly 13% of the $500 million target.

The total MEGA supply is fixed at 10 billion tokens, with 53.3% earmarked for distribution as staking rewards tied to four topline KPI goals. Investors were allocated 14.7% of supply. MEGA premarket perpetuals on Hyperliquid were trading at an implied valuation of $1.5 billion to $2 billion in recent days, significantly below the October peak of more than $6 billion. The October Sonar token auction drew $1.39 billion in commitments for a $50 million allocation, making it one of the most oversubscribed sales of the cycle.