MegaETH’s pre-deposit campaign for its USDm stablecoin became chaotic after launch-day technical failures, prompting the team to first discuss raising the cap from $250 million to $1 billion and then abandon that plan. Reports say the event was hit by a mix of website outages, overloaded KYC and bridge infrastructure, and multisig configuration issues; the team later said the situation was unacceptable and offered withdrawals to participants who no longer wanted to stay in. The episode matters because the pre-deposit was meant to help bootstrap liquidity and user access for MegaETH’s mainnet ecosystem, but instead exposed operational weaknesses in the project’s launch process. Coverage says the cap ultimately rose to around $500 million before MegaETH halted further expansion, then moved to refund all deposits while promising a postmortem and future fixes.

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