MEGA cut 20% of its workforce after several months of restructuring. Co-founder Shuyao Kong announced the layoffs in a November 13 post on X. She thanked departing employees for helping build the project and offered to introduce them to potential employers.
Three days earlier, the MegaETH Foundation announced its rebrand and pledged $30 million for new products. The first planned product is an AI marketplace where customers could pay providers to run trained models.
How MEGA Funds New Products After Workforce Cuts
The layoffs affected staff across blockchain development, wallet operations, ecosystem support, and communications. Kong said MEGA’s founders and core engineers remain committed to the project. She did not disclose the number of affected employees or provide team-specific figures.
Funding will come from MEGA’s existing treasury. Each new product will run on MegaETH, which remains the blockchain’s name after the rebrand. Details about providers and models will come at launch, Kong told The Block.
Why the Focus Shifted to Building Apps
In a November white paper, Yilong Li and Lei Yang said buyers can struggle to verify which models unfamiliar providers use. They also flagged uncertainty about how suppliers handle customer data. Under the MEGA proposal, more suppliers could compete by offering comparable AI services.
MegaETH announced in July that it would close its Mega Mafia accelerator and focus on building its own apps. About 20 teams took part across two cohorts and raised $80 million combined. Most of the program’s successful apps were already in development elsewhere, Kong said.
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