MEGA cuts 20% of workforce to restructure for AI focus

Workforce reduction and rebranding

MEGA, the entity formerly known as MegaETH, cut 20% of its workforce to restructure for a new direction. This workforce reduction impacts the employees who helped build the MegaETH Ethereum Layer 2 blockchain, the accompanying wallet, and the broader ecosystem, although the founders, early employees, and core engineering team remain committed to the project. This reorganization follows the MegaETH Foundation rebranding itself as MEGA this week and its commitment of $30 million to new products, such as AI inference. Co-founder Shuyao Kong told The Block, "We believe crypto is the only technology that makes AI fair and open." Kong also stated, "We believe cryptography and distributed systems will change how the world produces and accesses purified intelligence." Because the company is shifting its focus, Kong noted, "We have a lot to prove, and a lot of work ahead."

Token distribution and market data

The MegaETH team launched the MEGA token in April after hitting its first performance milestone. This launch established a token supply where 53.3% of the total tokens are tied to KPI-based staking rewards. The token was released after the team achieved its first performance milestone. Following the April launch of the MEGA token, which occurred after the team reached its first performance milestone, the token currently trades at $0.045, representing a 7.5% increase over the last 30 days.