The L2 solution MegaETH has officially ceased operations of its accelerator, Mega Mafia. Project co-founder Shuyao Kong announced that the program, which lasted two years, will not launch a new cohort of participants. During this time, the accelerator supported around 20 teams, which collectively raised approximately $80 million in funding.
According to Kong, most of the successful applications that went through the program have already left the MegaETH ecosystem. This was a key factor in the decision to wind down the initiative. The project now intends to focus on developing its own products rather than supporting third-party startups.
This development indicates a shift in strategy: MegaETH is abandoning its role as an incubator and moving toward a more targeted development of internal solutions. Given that many promising teams have left, it is logical that resources are being redirected to strengthen its own core.
My expert commentary: The closure of Mega Mafia is a signal that even strong L2 projects face the challenge of retaining talent. In the face of fierce competition among second-layer solutions, MegaETH is betting on vertical integration rather than ecosystem expansion. This is a sensible move, but it requires flawless execution to avoid losing momentum in the market.