MegaETH Co-Founder Responds to Pre-Deposit Termination: Refunds Planned, Abandons $1B Cap, and Reopens USDC-USDM Bridge Ahead of Frontier Mainnet

COINOTAG News reports that MegaETH co-founder’s brother, known online as @hotpot_dao, addressed the termination of the pre-deposit event. He stated the team’s dissatisfaction with the rollout and acknowledged gaps in readiness for the alternative plan, underscoring accountability to the community ahead of the mainnet launch.

He explained the original aim: allowing community members to exchange some USDm ahead of time so they could access on-chain applications on day one. However, execution faltered and the market forecast proved off. The team had feared insufficient fundraising beyond $250 million, leading to no personal account limit, and now favors gradual ecosystem growth.

Earlier, MegaETH signaled dropping the $1 billion cap, pledging refunds of funds raised via the pre-deposit bridge, and planning to reopen the USDC-to-USDM exchange bridge before the Frontier mainnet launch.