MegaETH will open a $250 million pre-deposit bridge on Nov. 25 for addresses that registered for its ICO via Sonar, as it finalizes allocations ahead of the event. The Ethereum Layer 2 says deposits will immediately mint its native stablecoin, USDm, giving users funds to use on the network from day one.
Whats new
- The pre-deposit campaign targets up to $250 million and has no per-wallet cap, meaning large holders can move significant amounts at once.
- Access is limited to ICO-registered wallets, but the bridge itself is expected to fill quickly.
- MegaETH indicates early participants may receive credit in a future rewards push that will distribute 2.5% of MEGA to early users.
How the pre-deposit works
- Users send USDC through the official bridge at predeposit.megaeth.com.
- Deposits mint USDm, MegaETHs native stablecoin, which the team says can be used without restrictions or conditions.
- USDm is being built in collaboration with Ethena.
The project has not fully detailed the points or rewards mechanics. Its site states, Pre-depositors will get consideration towards the Rewards Campaign, but it does not guarantee specific amounts or formulas. That ambiguity means users are betting that early activity could pay off later.
Market snapshot
MEGAs pre-market derivative on Hyperliquid implies a roughly $3.7 billion valuation, down about 30% from a peak near $5.3 billion earlier this month. That slide comes as broader crypto prices wobble and traders reassess token launch timelines.
Even with the pullback, early interest has been strong. Last month, MegaETH drew $1.4 billion in commitments vying for a $50 million ICO allocation at a $999 million implied market cap. That demand set expectations high for launch-day liquidity and user activity.
Why this matters
- Early liquidity: Letting users mint USDm before full network rollout can jump-start apps and trading on day one.
- User incentives: Hints of rewards credit align with the points trend many crypto projects use to kick-start growth.
- Layer 2 competition: MegaETH is entering a crowded field; smooth deposits and early stablecoin rails could help it stand out.
What to watch
- Bridge speed and limits: No per-wallet cap means a few big players could dominate the first wave of deposits.
- Rewards details: Clear rules for the 2.5% early-user distribution could influence participation and secondary-market pricing.
- USDm adoption: How quickly USDm finds uses across DeFi (Decentralized Finance) apps will signal the networks traction.
Bottom line: Nov. 25 is a key test. If deposits stack up and USDm finds immediate use, MegaETH could enter the market with real momentumeven as pre-market pricing shows traders are cautious.