Following its rebrand from MegaETH to MEGA, the crypto group is reducing staff as it redirects the business toward a broader product strategy. The move comes days after the organization pledged $30 million for expansion into new offerings, including AI inference.
Highlights
- MEGA is cutting 20% of its workforce as part of a restructuring to focus on AI products following its rebrand from MegaETH Foundation.
- MEGA committed $30 million to new AI-driven products, moving beyond blockchain after launching the MEGA token and restructuring its core team.
- The MEGA token, launched in April with 53.3% of supply linked to KPI-based staking rewards, trades at $0.045, up 7.5% over 30 days.
Restructuring follows rebrand and product push
As reported by The Block, co-founder Shuyao Kong said in an X post that MEGA is cutting 20% of its workforce as part of a restructuring designed to move the company in a new direction.The reductions affect employees who helped build the Ethereum Layer 2 MegaETH blockchain, wallet and ecosystem. Kong said the founders, early employees and the core engineering team remain committed to the project.
Kong said the company believes cryptography and distributed systems will change how the world produces and accesses purified intelligence. In comments to The Block, Kong also said crypto is the only technology that makes AI fair and open.
Token and sector implications
Earlier this week, the MegaETH Foundation rebranded as MEGA and committed $30 million to new products, including AI inference, signaling a broader shift beyond its original blockchain focus.The team launched the MEGA token in April after reaching its first performance milestone, with 53.3% of supply tied to KPI-based staking rewards. The token is trading at about $0.045 at publication time, up roughly 7.5% over the past 30 days.
In a previous article, we explained how Gram rebranding pressures coincided with a sharp GRAM selloff and bearish technical signals.
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