MegaETH shuts down Mega Mafia incubation program; successfully incubated teams have raised approximately $80 million in total

Odaily News: Ethereum scaling project MegaETH has announced the termination of its flagship incubation program, Mega Mafia, which ran for two years across two cohorts. Core team member Shuyao Kong stated that the program successfully incubated approximately 20 teams, which raised a total of about $80 million. However, most of the successful applications are no longer building on MegaETH. The flagship project GTE has decided to launch its own chain, Noise chose to launch on Base, HelloTrade moved to Monad, Avon and Valhalla have shut down, and Cap has adopted a multi-chain strategy. MegaETH adopted a model of not holding equity and not participating in governance. Kong acknowledged that this approach did not secure the projects' long-term retention.