The Ethereum Layer 2 solution, MegaETH, has witnessed a significant increase in total value locked (TVL) following its mainnet launch on February 9. As of February 16, the TVL stands at approximately $66.48 million, reflecting a robust 65% rise from its initial post-launch figure of about $40.3 million, according to data from DefiLlama.
The surge in TVL highlights a growing interest in the network, with stablecoins comprising a substantial portion of the on-chain balances. The overall market cap for stablecoins on MegaETH has also seen a notable increase, now reaching $99.2 million, up 56% in just one week. Furthermore, bridged asset TVL is estimated at $122 million.
The decentralized exchange Kumbaya leads the pack as the most prominent application on MegaETH, boasting a TVL of roughly $51 million. This figure significantly overshadows other early applications, as users continue to invest in its liquidity pools since launch. Other notable applications include the yield-oriented vault Avon MegaVault, the unified DEX World Markets, and the multi-chain lending protocol Aave, collectively holding about $19 million in TVL as of the latest data.
Despite the positive liquidity indicators, the conditions for the token generation event (TGE) for the MEGA token remain unfulfilled. As previously reported by The Defiant, MegaETH specified that the TGE is contingent upon achieving specific key performance indicators (KPIs) post-launch. These include establishing a circulating supply of $500 million for the network”s stablecoin, MegaUSD (USDM), and ensuring at least ten verified dApps, referred to as “Mega Mafia” apps, each with over 100,000 transactions across a minimum of 25,000 wallets. Additionally, at least three dApps must generate $50,000 in daily fees for a month.
Currently, none of these critical milestones have been met. The dashboard tracking MegaETH“s progress reveals that only five of the required ten dApps have been deployed and verified. Meanwhile, the circulation of USDM is approximately 10% of the target $500 million, with about 13% of this circulating supply locked in verified smart contracts. On the revenue front, deployed dApps have not yet reached the necessary daily fee threshold. For example, Kumbaya reports daily fees of $19,000, while Cap follows with $13,000, and Avon has not registered significant fee volume.
While MegaETH demonstrates early traction with its infrastructure, the key adoption metrics tied to the TGE remain elusive for now. The public token sale for MegaETH occurred on Sonar in late October and was met with overwhelming interest, being 20 times oversubscribed, as over $1 billion was deposited for a chance to secure an allocation of the forthcoming MEGA token.
