Aave’s deposits to MegaETH surpassed $575 million on Friday, as capital continued to flow into the Ethereum Layer 2 network a day after the highly anticipated capital increase. $MEGA token launch.
This figure represents a sharp jump from the approximately $355 million in total DeFi deposits that MegaETH was hosting at the time of Thursday’s TGE, when Aave was already responsible for the majority of the network’s total value (TVL).
MegaETH, which markets itself as a “real-time” blockchain capable of processing more than 100,000 transactions per second with block times of less than 10 milliseconds, launched its mainnet on February 9, while Aave was deployed on day one. As part of that arrangement, MegaETH promised a five-year revenue guarantee of at least $10 million to the Aave DAO.
The Aave market on MegaETH mainly revolves around USDM, the network’s native stablecoin, built with Ethena and backed by USDtb. The proceeds generated on USDM flow back to the MegaETH Foundation, which uses them to buy back $MEGAthus linking credit activity directly to the token’s economy.
Capital inflows have accelerated alongside MegaETH’s Terminal Points Season, an eight-week campaign that started on April 28 and runs through June 23, rewarding users for depositing into and using ecosystem apps.
$MEGA opened trading Thursday at around $0.22 before falling roughly 30% to $0.15 on early price discovery, well below the $6 billion fully diluted valuation the pre-market perpetuals listed on Hyperliquid last October.
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