MegaETH Shuts Down Mega Mafia Accelerator After Two Years

MegaETH, an Ethereum scalability chain, has announced the closure of its Mega Mafia startup accelerator after running the program for two years. The company stated that although the project helped many crypto startups to raise millions of dollars, they eventually moved away from the MegaETH network.

Now, the company intends to focus on developing its own consumer applications after shutting down Mega Mafia. With this new approach, MegaETH envisions the company’s long-term growth.

MegaETH closes Mega Mafia to focus on long-term growth

After two years of supporting early-stage crypto projects, MegaETH is shutting down its Mega Mafia startup accelerator. While it helped a lot of startups to raise funds, it didn’t bring long-term value to the company, stated MegaETH.

Shuyao Kong, a core team member, shared an X post, revealing the details of this development. “After spending the last two years building the MegaMafia, we’ve decided to sunset the program,” stated Kong. She added,

“In many ways, the MegaMafia was the best incubator of this cycle. But very little of that value has trickled to Mega. In fact, most of those applications are no longer being built with us. At the time, we intentionally took no equity, governance rights, nor economic value because we wanted people to be genuinely bought into the Mega vision and the power of our technology. While we will continue to support existing MegaMafia projects, there will no longer be MegaMafia 3.0.”

The main reason for this decision is the failure of Mega Mafia to bring long-term value to the platform. Many startups that grew after raising funds with the help of Mega Mafia eventually chose to build on other blockchain networks. The company data reveals that the Mega Mafia has helped about 20 startups, which together raised a total of nearly $80 million. Thus, the team is now shifting its focus to long-term growth. The company is redirecting its resources toward creating its own consumer applications and ecosystem-focused products.

Bet on in-house applications

MegaETH’s initial belief was that the startup founders would continue building on the network. However, this didn’t happen, with most of them expanding to other networks or changing their directions.

For example, Global Token Exchange (GTE), which took part in the first Mega Mafia cohort, later chose its own chain to move on. Another example is the social attention platform Noice, which shifted to Base. Stablecoin project Cap adopted a broader multi-chain strategy after initially launching on MegaETH.

After experiencing this setback, the company decided to change its approach. Its new strategy concentrates on investing heavily in products built directly by its own network. According to the firm, such a move could help strengthen the network activity, fostering long-term growth.

It is worth noting that the move comes shortly after the launch of the MEGA token. The launch was triggered after 10 ecosystem applications met the network’s first performance milestone. What is more interesting is that many of these projects were backed by the Mega Mafia accelerator.

Source:: MegaETH Shuts Down Mega Mafia Accelerator After Two Years