MEGA Cuts 20% of Workforce as MegaETH Foundation Restructures

MEGA cuts 20% of its workforce

MEGA, the project formerly known as the MegaETH Foundation, reduced its workforce by 20% on 13 November 2026. The cuts affected staff who built the Ethereum Layer 2 blockchain, its wallet, and the surrounding ecosystem. A Layer 2 is a secondary network that processes transactions to ease load on the main chain. Founders, early employees, and the core engineering team kept their roles. The foundation had rebranded to MEGA earlier the same week, signaling a change in direction.

Group commits $30 million to AI products

Alongside the layoffs, MEGA committed $30 million from its existing treasury to a set of new products. The spending centers on an artificial intelligence (AI) inference marketplace planned for December 2026. The marketplace is designed to run on the MegaETH network and let different inference providers work interchangeably. The step marks a pivot away from general blockchain infrastructure and toward AI products.

Token launch tied rewards to performance

MEGA launched its token in April 2026. The project tied 53.3% of the token's total supply to staking rewards based on key performance indicators. Co-founder Shuyao Kong framed the restructuring as part of a long-term bet on artificial intelligence.

"We believe cryptography and distributed systems will change how the world produces and accesses purified intelligence. We have a lot to prove, and a lot of work ahead.", 13 November 2026. — Shuyao Kong, Co-founder, MEGA

MEGA token trades below its April peak

The MEGA token traded at $0.048 at the time of publication, up 7.2% over the past 24 hours (CoinPaprika, 15 November 2026). That price sits about 77% below the token's all-time high of $0.21, recorded on 30 April 2026. The token carried a market value near $55 million and ranked around 310th among tracked crypto assets.