MegaMafia Shut Down: Where MegaETH's 20 Projects Are Now

MegaETH shut down MegaMafia, its developer accelerator, on July 16, 2026. Closing a program that had put roughly 20 teams through two cohorts in two years, core team member Shuyao Kong wrote that "very little of that value has trickled to Mega."

This article is a ledger of where those MegaMafia projects actually are as of August 2026.

The judgment turns on a gap between a name still being listed and a product still running. The lineup bundled under the program name still shows up in search, but MegaETH is no longer necessarily where these projects live.

The biggest caveat: reporting on migrations and shutdowns and the current state of each company's own site disagree, at least in part.

MegaMafia was MegaETH's developer accelerator, and it admitted roughly 20 teams across two cohorts. Those teams raised about $80 million in total, counting everything from pre-seed through Series A.

Core team member Shuyao Kong announced the wind-down on X, and said at the same time that there would be no MegaMafia 3.0.

Kong's summary puts the success and the failure in the same sentence: "In many ways, the Mega Mafia was the best incubator of this cycle. But very little of that value has trickled to Mega."

He added that "most of those applications are no longer being built with us."

One design choice produced that outcome. MegaETH took no equity and no governance stake in the teams it admitted.

The stated reason was to cultivate genuine buy-in to the long-term vision.

Without a stake, nothing holds a graduate in place once it picks a different chain. Kong's line about assumptions that no longer hold points at exactly that consequence.

They fall into four groups: moved to another chain, running on MegaETH, token already issued, and the ones whose state could not be established here.

GTE is the largest of the ones that left. After finishing cohort 1 it built its own independent chain and raised $25 million in total across several rounds.

Pairing an order book with an AMM, it has aimed from the start at latency that competes with Hyperliquid.

Source: GTE official site (retrieved August 6, 2026)

Noise closed a $7.1 million seed led by Paradigm in January 2026, then launched on Base rather than MegaETH.

HelloTrade moved to Monad. Its old domain, hellotrade.xyz, served a domain-for-sale page as of August 6, 2026.

From here on, the reporting and the artifacts stop lining up. The Block reported that Avon and Valhalla appear to have shut down.

The two sites answer very differently, though. Avon's avon.xyz renders normally, with product copy and documentation presenting it as an order-book lending market on MegaETH.

Source: Avon official site (retrieved August 6, 2026)

Valhalla's valhalla.exchange, by contrast, returns an HTTP 402 asking for payment, and the page never loads. No official shutdown notice could be found.

It was being built as a perpetual futures exchange running natively on MegaETH.

Two companies described the same way, and one of them works while the other cannot be reached. From the perspective of building a ledger, that gap looks less like imprecise reporting and more like the mark of a program that wound down without the participants announcing anything.

Teko Finance responds, but nothing renders. For Biomes, Lemonade and Pump Party the official domain could not be identified, so none of them can be written down as either running or stopped.

Among the old MegaMafia names, Cap's is the only reward with a deadline attached as of August 2026.

Cap is a private-credit stablecoin platform, and $CAP distribution has already begun. The points program itself closed on July 23, 2026, with no announcement of a new season.

So this is not something to accumulate toward. It is a claim for those who already qualify.

Plain cUSD holders and liquidity providers are generally excluded, and the final size came in smaller than earlier expectations, according to the newsletter that covered it.

Euphoria is one of the few that has not issued a token of its own, and its Season 1 campaign closed on June 23, 2026. Nothing has been published about a next season.

Terminal, MegaETH's own points program, was cut a month early on May 21, 2026. The original end date had been June 23.

Settlement was paid in USDM, the company's yield-bearing stablecoin, and the features were reportedly folded into Rabbithole.

For anyone who had been accumulating points, a plan built around a stated deadline closed early on the operator's call.

→ Check the current ecosystem on the MegaETH official site

Instead of MegaMafia 3.0, MegaETH chose to stop backing outside startups and build consumer apps itself.

Internally these are called "OMEGA" applications, meaning apps that only work in MegaETH's execution environment.

The token picture has changed since the old version of this article too. MEGA was issued on April 30, 2026, through a mechanism triggered by hitting performance targets.

It set an all-time high of $0.2177 that same day, then fell to $0.0353 as of August 6, 2026. That is 83.8% below the high.

Of a 10 billion total supply, roughly 1.1 billion is in circulation.

Rabbithole, the official portal, shows cumulative transactions and current throughput at all times.

Source: MegaETH official Rabbithole (retrieved August 6, 2026)

On August 6, 2026 it read 25 transactions per second, with a cumulative count above 11.8 billion. The headline figure of 100,000+ TPS is a design target, which is a different thing from measured demand.

The price path on its own does not decide whether the old MegaMafia names are worth following. What matters more is the sequence: the program ending, Terminal being cut short, and MEGA falling all land in the same few months of 2026.

Connections to outside protocols continue, including USDm being offered as a white-label of Ethena. The chain itself has not stopped.

→ See the basics and current status of MegaETH

An accelerator that takes no stake is a good deal for the participant and leaves the sponsor with no way to recoup. MegaETH framed it as a way to earn genuine buy-in, but buy-in does not stop a migration.

GTE went to its own chain and Noise went to Base. Kong's own summary concedes the point: an accelerator succeeding and the sponsor getting the fruit of it are two different things.

There is a second axis that matters more in a reader's hands. A name still being listed and a product still running are not the same thing.

Of the 17 entries here, 8 official sites opened as product pages. The other 5 either do not respond at all, or open without the product appearing.

Avon, which reporting described as shut down, works. Valhalla, described the same way, returns a 402. That unevenness is what a program winding down without participant announcements looks like.

If that is the case, reading the old list article's lineup as a proxy for individual liveness does not hold. Whether the official site opens today, and whether a dated claim is still open, do more work.

Cap's Stabledrop is the only reward with a deadline, and even that is limited to those who held Pendle YT and took losses. On the old MegaMafia side, there is nothing left to accumulate toward.

Separating what is listed from what is running is handled the same way in our Robinhood Chain ecosystem article.

Since the people who closed MegaMafia acknowledged that "very little of that value has trickled to Mega," this list reads more accurately as the record of a finished program than as a catalogue of future opportunities.

Whether to follow a participant comes down not to whether the name survives, but to whether the official site opens today and whether a dated claim is still open.

Given cases like Valhalla, which became unreachable without any official notice, the next thing worth checking is the date each company's official X account last posted.

Sources

1. The Block (2026)
2. crypto.news (2026)
3. CoinGecko (2026)
4. Crypto Briefing (2026)
5. The Block (2025)
6. Today in DeFi (2026)