Ethereum Layer 2 project MegaETH cut 20% of its staff after rebranding as MEGA, ChainCatcher reported on November 14, 2026. The restructuring is intended to move the company in a new direction.
According to a post on X by co-founder Shuyao Kong, the cuts affected people who worked on the MegaETH blockchain, wallet and ecosystem. The founders, early employees and core engineering team will continue working on the project. Kong said the team believes cryptography and distributed systems could change how people produce and access “pure intelligence,” while acknowledging that it still has much to prove.
Earlier that week, the MegaETH Foundation renamed itself MEGA and committed $30 million to new products, including AI inference. Kong told The Block that the team believes crypto is the only technology that can keep AI fair and open. That is the team’s stated view, not an established outcome.
The team launched the MEGA token in April 2026 after reaching its first performance milestone. According to the report, 53.3% of its supply is tied to KPI-based staking rewards. At the time of publication, MEGA traded at about $0.045, up roughly 7.5% over the preceding 30 days.
Original report: ChainCatcher · Published November 14, 2026, at 03:30 UTC+8.