MegaETH shuts down Mega Mafia accelerator: ecosystem loses startups
The L2 project MegaETH has announced the closure of its accelerator, Mega Mafia, after two years of operation. No new cohort of startups will be launched. Project co-founder Shuyao Kong confirmed this decision, noting that the program supported about 20 teams, which collectively raised approximately $80 million.
According to Kong, a significant portion of successful applications left the MegaETH ecosystem. This became a key factor in winding down the accelerator. The project now intends to focus on developing its own products rather than supporting third-party teams.
Situation Analysis
MegaETH's decision to abandon the accelerator signals that the project's ecosystem failed to retain talented teams. The departure of applications that raised $80 million points to potential issues with monetization or platform competitiveness. Amid fierce competition among L2 solutions such as Arbitrum and Optimism, MegaETH has likely decided to rethink its strategy, concentrating on internal developments.
In my view, this move may be justified if the project is preparing something innovative. However, losing startups that have already attracted significant investment could negatively impact trust in MegaETH from the community and investors. In the coming months, we will see how effective this pivot turns out to be.