Days after rebranding from the MegaETH Foundation, the organization behind the Ethereum L2 is restructuring around first-party products, co-founder Shuyao Kong confirmed on X.

The cuts mainly hit early chain development, wallet development and ecosystem support. The core founders and engineering team stay, and $30M from the existing treasury is set aside for new products, starting with a public AI inference marketplace planned for December 2026.

MegaETH TVL has fallen from a peak above $245M in May 2026 to roughly $12M.

The MEGA token listed on April 30, 2026. The pivot gives the network a product the team controls directly, but a smaller team and reduced ecosystem support may make it harder to attract outside builders.