The @megaeth launch is the most hyped L2 I've seen in a while.
Hyped launches tend to look better on the surface than in the data, so I dug deeper: > TVL: $100M to $723M since the token launch > 2-4M daily transactions since launch (436M total) > 870K total addresses > $MEGA at $0.13/$1.27B FDV (down 37% since launch) > @aave has $627M TVL (87% of total TVL) Every major L2 had one or two dominant protocols early on before the ecosystem filled out: > @arbitrum leaned on @GMX_IO and @Uniswap > @base leaned on @AerodromeFi Most of that TVL comes from $USDM (MegaETH's native stablecoin), which earns yield through Aave. But 87% is still too extreme. If Aave is exploited or USDM loses its peg, the whole thing is at risk. Still, the transaction volume and address growth look solid for a chain that's only been live since February. I want to see how the TVL spreads before making any claims.
The @megaeth launch is the most hyped L2 I've seen in a while.
Hyped launches tend to look better on the surface than in the data, so I dug deeper:
> TVL: $100M to $723M since the token launch
> 2-4M daily transactions since launch (436M total)
> 870K total addresses
> $MEGA at $0.13/$1.27B FDV (down 37% since launch)
> @aave has $627M TVL (87% of total TVL)
Every major L2 had one or two dominant protocols early on before the ecosystem filled out:
> @arbitrum leaned on @GMX_IO and @Uniswap
> @base leaned on @AerodromeFi
Most of that TVL comes from $USDM (MegaETH's native stablecoin), which earns yield through Aave.
But 87% is still too extreme.
If Aave is exploited or USDM loses its peg, the whole thing is at risk.
Still, the transaction volume and address growth look solid for a chain that's only been live since February.
I want to see how the TVL spreads before making any claims.