MegaETH has decided to terminate its Mega Mafia accelerator program after two successful cohorts, during which approximately 20 startups raised around $80 million. Core team member Shuyao Kong announced the closure, emphasizing that many successful projects moved away from the MegaETH network.
Over the past two years, the program supported teams that went on to secure funding through pre-seed to Series A rounds. However, Kong noted that despite the program's initial success, most graduates opted for different blockchain solutions after completing their time within the accelerator. This shift led MegaETH to reevaluate its approach.
Details of the Accelerator's Impact
During its operation, the Mega Mafia accelerator provided critical resources such as technical, operational, and managerial support to participating teams. The interaction with core developers was an integral part of the program, allowing startups to build applications tailored to MegaETH’s infrastructure. Despite these advantages, many teams chose to pursue independent paths post-acceleration.
For instance, Global Token Exchange has embarked on developing its own blockchain after raising $25 million. Other notable examples include Noise, which selected Base as its platform after a $7.1 million seed round, and HelloTrade, which opted for Monad. This trend shows that the ecosystem's needs have evolved, prompting MegaETH to reassess its contributions.
Future Direction for MegaETH
Moving forward, MegaETH plans to refocus its resources on first-party consumer applications, aiming to enhance direct user relationships. The decision to discontinue the accelerator program indicates a strategic pivot towards fostering applications specifically designed for its infrastructure. The core team is optimistic about this new direction, believing it aligns better with the current ecosystem requirements.
This article is for informational purposes only and does not constitute financial advice.
