update:
to nobody’s surprise,
@megaeth went with option 2 and, judging by the TL, things seem to be playing out exactly as i expected
took some time before commenting because i didn’t want to be overly reactive, but it’s becoming increasingly clear that Mega lost the plot a while ago
every major decision seems aimed at creating more distance between the team and the community that made them who they are, and the airdrop is simply the latest example
whether it’s refusing to answer questions around the
@ethena agreements, USDm supply, the Aave/Ethena situation, buybacks, favoritism, or now launching a token-gated tg(this is crazy in 2026 lmao), the pattern is pretty clear
i’m not surprised people are upset, and i’m even less surprised that some of the ecosystem’s strongest teams are leaving(and will continue to)
at some point it gets exhausting to keep asking for change when it’s clear nobody is listening
it feels like they stopped building for the broader ecosystem and started building for themselves and a small circle of people who will never challenge the direction being taken
i firmly believe you reap what you sow and, eventually, reality catches up
gMega
lowkey
@megaeth is kinda stuck between a rock and a hard place rn
was reading through the Terminal sunset announcement and did some quick napkin math to estimate what my points could potentially be worth
first of all, i actually think adding a $USDm component to the rewards was a smart move from the foundation
but it also creates a pretty awkward situation going forward
this week should mark the final points distribution before the mainnet campaign rewards are airdropped, currently worth roughly ~$17.5m in $MEGA (2.5% of supply) plus the additional $USDm cashdrop
sounds great on paper, but the tricky part is distribution sizing, let me explain:
if they go with a large airdrop, there’s a real chance it just creates additional sell pressure on an already fragile chart
that's because the entire point of the campaign was to bootstrap usage and liquidity, and since organic activity never really picked up the way many expected, a large portion of recipients will probably just sell immediately to recoup / cut losses
but if they go the conservative route and distribute less than expected, that probably just adds even more fuel to the ongoing drama since most users will end up dissatisfied with the allocation
the third option would be leaning more heavily into distributing $USDm instead, but that also seems difficult
it would be extremely expensive and, considering most of the stablecoin yield likely went toward the recent buyback, they’d probably have to tap into treasury / ICO funds while revenue is already down ~60% MoM
regardless, genuinely curious to see how they handle this because there isn’t really an easy solution here
what are your guesses?
gMega
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