MegaETH Economics Note 1 I want to start offering informal notes on the MegaETH economy so people can get a high-level view of what is going on. Please note all figures, tables, graphs, and commentary should be considered preliminary and not to be relied upon (including resolution of prediction markets). Since I wrote on the topic earlier, let’s kick off with an update on the USDM money supply. Full definitions of M0, M1, and M2 are at the bottom. We will ignore M3, since it isn’t relevant for now. April 30, 2026 (TGE Day) M0: ~60 million M1: ~360 million M2: N/A May 15, 2026 (Today) M0: ~51 million M1: ~653 million M2: N/A What we see so far is that USDM supply is overwhelmingly concentrated in Aave. Most of the M0 supply is in DEXes, serving as liquidity primarily on Kumbaya, World Markets, and Prism, in that order. The fall in M0 is appears to be driven by reduced LPing on those protocols, while the M1 supply grew quickly before leveling off at its current level. The main observed demand drivers look like looping USDe and for using USDM as a funding currency, since it can easily be converted to USDC and used to refinance higher-rate debt on other chains. Both appear to be at an equilibrium at the moment. I hesitate to make predictions, but if I were, I would expect M1 to consolidate around here until Aave or another lending protocol provide other offerings that would increase M1. There have been no collateral asset additions to Aave since USDe, and the rate environment on other chains has been settling down, reducing the demand to refinance foreign USDC debt into domestic USDM debt. It’s still early days on MegaETH, so as more apps come online - in particular DeFi apps - I would expect considerable movements in both M0 and M1 supply. It will take deployment of a protocol with time deposits before we begin to see any real difference between M2 and M1. M2 showing up will mean a structured credit market is beginning to develop. I’ll close by noting that the core strengths of MegaETH’s app portfolio at launch have been consumer-facing financial entertainment apps that don’t directly impact the USDM money supply, but increase the velocity of USDM. Given the unexpectedly large monetary base of USDM out of the starting gate, it won’t make discussion of the *overall* USDM velocity of money very high, but are producing legitimate MegaETH GDP. I’ll try to track GDP directly as it grows in relation to the monetary base. Definitions: M0 consists of USDM held by the public outside of deposit-taking protocols, centralized exchanges, and companies M1 consists of 1) M0, 2) demand deposits denominated in USDM at deposit-taking protocols, centralized exchanges, and companies, and (3) other liquid deposits, consisting of Other Checkable Deposits and savings deposits (including money market deposit accounts) M2 consists of (1) M1, (2) time deposits and maturing assets (<6 months) denominated in USDM

MegaETH lost its aura when it started optimizing for optics at all costs. This whole KPI-gated thing only makes sense if the KPIs are meaningful in the first place. Do the airdrop now, stop the rewards, reset the inflated metrics, and start again from day zero. The key messaging needs to be structured around the winning condition: you can’t tell me USDm is the revenue engine while putting most of your effort and communication into promoting gambling apps. Either MegaETH aims to become a hub for payments and DeFi, or it should stop talking about USDm, because strategy, vision and execution now look messy. Trying to be uniquely consumer-facing while the growth case relies on boring DeFi is super confusing. $MEGA is now trading below $1B FDV, and that sounds like a good place to start buying. I think the team will eventually figure it out. Still surprised they leaned so hard into incentives and airdrops when that clearly fails most of the time.

🔎 MegaETH TVL Surged 149.04% Since TGE — A Closer Look at Key Metrics From TGE to now — what actually changed: • $MEGA: -30.05% • TVL: +149.04% • FDV: -30.05% TVL grew from $305.44M to $760.67M — but 91.9% of it, around $700M, is concentrated in a single @aave protocol.

To my entire MegaETH community, I don't know what happened inside @MegaETH or how they went from unreal support to full on ghost mode and shut down all community efforts in one day. What I do know is 5,000+ of you followed me in, and I'm not leaving anyone behind. So here's where we're going. > MyAGNT (@AGNTSOCIAL ) MegaAGNT was inspired by MyAGNT in the first place. It was the original proof of concept for the human/agent economy. We're consolidating everything back into it, already live across Base, ETH, and Sol. If you were in MegaAGNT, you're in MyAGNT. Every agent, every waitlist spot, migrated. Free credits at launch. The thesis hasn't changed. It's stronger. Build the biggest, most influential human/agent economy in the world. 2,000+ are already there. MyAGNT Beta 2.0 coming very soon. Your other collections aren't going anywhere either. > DeadBits / Homie. I'm still advising and building. The economy was live before MegaETH wound down, and it doesn't need a specific chain to thrive. Holders will hear from the team in the coming days. > Legend of Breadio. Bread and I need to align on next steps. Holders won't be left behind. I've got ideas for how Breadio plugs into a proper tut™-owned IP project down the line if it comes to that. The Bigger Picture. MegaETH campaign shut down was a wake-up call. A reminder to myself and everyone of what it actually means to build without permissions, and why we're in this space at all. This is why decentralization matters, no external dependencies for your ideas to grow. And while campaigns can be fun and powerful, they rely heavily on others to validate all your efforts. That permissionless energy now goes straight into AGNT and tut™ from here, no more external dependencies. Shackles off. No limits. No gates. It's time.

🚀 New Listing: $MEGA (MegaETH) Pre-Market trading closed and spot trading is live. @megaeth ✅ Deposit: Opened ✅ Trading: Opened ✅ Withdrawal: 14:00 on May 20, 2026 (UTC) Trade NOW ⤵️ #XT# #XTlisting#