MEGA is laying off 20% of its workforce and initiating a restructuring, having previously committed to investing 30 million USD

The Ethereum Layer 2 project MegaETH, after rebranding to MEGA, has laid off 20% of its staff. This restructuring aims to steer the company in a new direction. According to a post by co-founder Shuyao Kong on the X platform, this round of layoffs affects employees involved in building the MegaETH blockchain, wallet, and ecosystem, while the founders, early employees, and core engineering team will continue to invest in the project. Kong stated, "We believe that cryptography and distributed systems will change the way the world produces and accesses pure intelligence. We have a lot to prove and a lot of work to do."

Just this week, the MegaETH Foundation was renamed to MEGA and has committed to investing $30 million in new products, including AI inference. Kong told The Block, "We believe that crypto is the only technology that can keep AI fair and open." The MegaETH team launched the MEGA token in April this year after achieving its first performance milestone, with 53.3% of its supply linked to KPI-based staking rewards.

As of the time of publication, the MEGA token price is approximately $0.045, having risen about 7.5% over the past 30 days.