By cryptoadmin MegaETH cofounder Shuyao Kong said the company is shutting down MegaMafia, its two year startup accelerator, after concluding that the program created substantial value for supported projects but returned little value to the network.
After spending the last two years building the MegaMafia, we’ve decided to sunset the program.
While it was a success in many ways, we believe that the program was built on assumptions that no longer hold.
Here are some reflections, and what’s coming up next.
> We had real…
— Shuyao Kong (@hotpot_dao) July 16, 2026
In a post on X, Kong said MegaETH will continue supporting existing MegaMafia projects, but there will be no third cohort or MegaMafia 3.0.
Across two cohorts, the program supported 20 teams that collectively raised more than $80 million through pre seed, seed and Series A funding rounds.
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MegaETH intentionally took no equity, governance rights or other economic interest in the projects because it expected founders to remain committed to the network and its technology.
However, Kong said most of the applications are no longer being built with MegaETH.
“In many ways, the MegaMafia was the best incubator of this cycle,” Kong wrote. “But very little of that value has trickled to Mega.”
MegaETH also spent millions of dollars supporting projects through market making, direct lending and other liquidity programs.
The company provided engineering resources, funded audits and helped teams restructure leadership, change product direction and merge with other projects.
Kong said MegaETH established the initial product vision for five teams and supported their development before helping them raise capital from major venture firms.
The program also organized five large events in New York, Brussels, Bangkok, Singapore and Seoul, connecting projects with investors and community members.
MegaETH will now redirect those resources toward OMEGA applications, products designed specifically around the network’s infrastructure, wallet and stablecoin.
The company also plans to place greater emphasis on developing its own consumer applications rather than relying on external teams to create products that may eventually generate value for the network.
Kong said building first party applications will give MegaETH direct relationships with users, faster product feedback and greater control over how value flows back to the protocol.