MegaETH Ends MegaMafia Accelerator to Prioritize First-Party Applications

Key Takeaways:

• MegaETH ended the MegaMafia accelerator after concluding that supported startups generated limited long-term value for the network despite raising $80 million.
• According to cofounder Shuyao Kong, MegaETH invested millions through engineering, liquidity, audits, mentorship, fundraising support, and global community events.
• MegaETH will prioritize OMEGA applications and internally developed consumer products, aiming for stronger ecosystem alignment, direct user relationships, and sustainable value creation.

MegaETH has shut down its MegaMafia startup accelerator after concluding that the initiative no longer aligned with its long-term strategy. According to MegaETH cofounder Shuyao Kong, the program helped startups succeed but delivered limited value back to the network. The company will now concentrate on building products within its own ecosystem.

According to Kong, MegaMafia supported 20 startups across two cohorts. Those companies collectively raised more than $80 million through pre-seed, seed, and Series A funding rounds. Despite that success, many projects eventually moved beyond MegaETH, reducing the network’s long-term benefits.

MegaETH adopted an uncommon approach by taking no equity, governance rights, or financial interest in participating startups. Instead, the company expected founders to remain committed to its technology. However, Kong acknowledged that the expectation did not materialize for many supported teams.

MegaETH Reviews the Accelerator’s Impact

According to Kong, MegaETH invested millions of dollars beyond startup mentorship. The company funded market-making programs, provided direct lending, and supplied liquidity support for participating projects. Additionally, it financed engineering work, security audits, leadership restructuring, and product development.

Moreover, MegaETH helped establish the original product vision for five startups before supporting fundraising from major venture capital firms. The accelerator also hosted five large events across New York, Brussels, Bangkok, Singapore, and Seoul, connecting founders with investors and community members.

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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

Although the initiative produced well-funded companies, MegaETH concluded that much of the resulting value remained with those businesses instead of strengthening the network itself.

MegaETH Turns Attention to First-Party Applications

Consequently, MegaETH will redirect resources toward OMEGA applications built around its infrastructure, wallet, and stablecoin ecosystem. According to Kong, this approach creates stronger product alignment while improving how value returns to the protocol.

Additionally, the company plans to expand its portfolio of consumer applications developed internally. Kong explained that building first-party products provides direct user relationships, faster product feedback, and greater control over ecosystem growth. MegaETH will still support existing MegaMafia portfolio companies. However, the company confirmed there will be no third accelerator cohort or MegaMafia 3.0.

MegaETH’s new direction reflects a strategic shift toward internally developed products, with the company aiming to build a stronger connection between network activity and long-term ecosystem value.

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