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MegaETH to Refund Over $400M After Pre-Deposit Bridge Failures

MegaETH to Refund Over $400M After Pre-Deposit Bridge Failures

MegaETH co-founder expresses dissatisfaction with the pre-deposit event, citing poor execution and wrong market forecasts. The team will refund all funds and reopen the USDC-USDm bridge before Frontier mainnet launch.

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Summary

MegaETH co-founder Brother Bing revealed dissatisfaction with the pre-deposit event, attributing it to poor execution and incorrect market forecasts. As a result, the Ethereum Layer-2 project will refund over $400 million raised through its USDm Pre-Deposit Bridge, which experienced operational issues. MegaETH plans to reopen the USDC-USDm bridge before the Frontier mainnet launch, with an audited smart contract in place to ensure secure refunds.

Terms & Concepts
  • Smart contract: Self-executing blockchain code that automatically enforces agreed terms without intermediaries.
  • USDm: A stablecoin pegged to the US dollar, used as collateral in Frontier applications.
  • Pre-deposit bridge: A blockchain mechanism allowing users to transfer funds ahead of a main network launch or event.