If you were online today, you witnessed one of the wildest moments in recent crypto history. The MegaETH pre-deposit event was supposed to be simple. But instead, it turned into a rollercoaster of bugs, misfires, multisig drama, and a full timeline of unexpected twists.
Before we dive into the mess, a small personal note. We already have a decent allocation from last month. So we were not in panic mode trying to rush into today’s window. Not because we didn’t want to. Life just happens. Kids are still jetlagged after our seven-week Asia trip. We are moving into a new house. And sometimes you just can’t join every single farm, even when you want to. But trust me, we were watching the whole show unfold in real time.
What MegaET tried to launch
The idea was easy. Users could bridge USDC from Ethereum into USDm on the new MegaETH mainnet, called Frontier. They planned a pre-deposit event with a 250 million cap. First come, first served. Clean and simple.
Well, in theory.
The moment things went sideways
At launch time, nothing worked. The website went down. A third-party API stalled. Users got errors everywhere. People kept refreshing. Some even thought it was a phishing site because absolutely nothing responded for almost an hour.
Then out of nowhere things started working. And the full 250 million cap was hit in under three minutes. That should have been the end of it.
But this is the MegaETH pre-deposit story. Of course it didn’t end there.
The cap increase that broke everything
The team posted that they would reopen deposits and raise the cap to 1 billion to give more people access. They clarified early depositors would not be diluted. That helped calm everyone a bit.
But behind the scenes, something wild happened.
They queued the transaction to increase the cap. And they accidentally signed it 4 out of 4 on their multisig. That meant anyone could execute it. Not the team. Anyone.
So someone did.
A community member, chud_eth, executed the cap increase more than 30 minutes before the team planned to go live. Chaos followed immediately. People rushed to deposit. The contract started filling fast. Now the team had to regain control.
The scramble to stop deposits
The team tried to patch the mistake. First they queued a transaction to set the cap to 400M. But deposits had already pushed above that level. So they canceled and built another transaction. This time they aimed for 500M. They executed quickly and capped it there.
The limit hit again. Hard stop.
After that, the team queued another attempt to move to 1B. But before anything could happen, they changed their mind. They announced there would be no 1B cap after all. And that users would be able to withdraw if they no longer wanted to participate.
The final outcome
No billion-dollar cap. No extended deposit window. Just a brutal day filled with bugs, delays, contract mistakes, early execution, and a full speed deposit rush that lasted minutes.
To their credit, the team confirmed all contracts are audited and secure. They also said they will publish a full retrospective soon. But still, the MegaETH pre-deposit event will be remembered as one of the most chaotic launches of the cycle.
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Final thoughts
We didn’t join today’s wave, but we watched the whole thing unfold. This is a good reminder that even top teams can have off days. And sometimes skipping an event because you are dealing with real life is not the worst thing. Markets always give another chance. Airdrops always return in cycles. And MegaETH will still be here tomorrow. Curious how this will affect my allocation value in the upcoming weeks.
Let’s see what they share in the retro. Because this one deserves a long explanation.
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