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<h3>what happened?</h3>
<p>MegaETH has announced a full refund of funds deposited by users during its previous pre-deposit bridge program. The reason cited was a chaotic execution process, including smart contract setup errors, restricted KYC access, and multi-signature approval mistakes, resulting in a user experience that significantly deviated from expectations. The original plan was to exchange USDC for USDM to ensure a 1:1 exchange rate upon mainnet launch, but this failed to materialize, leading to the decision to restart the process.</p>
<h3>Market sentiment</h3>
<p>The community generally acknowledged the team's initiative in taking responsibility, and while some users expressed disappointment, they accepted the refund decision. The project team issued a public apology and emphasized that they will reopen the USDC<>USDM bridge in the future to improve liquidity and ensure smooth user participation when the mainnet launches.</p>
<h3>Trading Guide</h3>
<p>MegaETH has announced a full refund of pre-deposits, and the USDM bridge will be restarted before the Frontier mainnet beta launch. This refund involves approximately $400-500 million, executed through audited smart contracts, emphasizing compliance and user experience, demonstrating the project's high regard for product quality. After the USDM bridge restarts, it will support a 1:1 exchange rate between USDC and USDM, with pre-loaded collateral to ensure liquidity, indicating thorough preparation for the mainnet launch.<p><b>Bullish View</b>: MegaETH has received investment support from leading institutions and key figures, and proactively corrected its mistakes and issued full refunds, demonstrating the team's sense of responsibility and long-term development commitment. The USDM bridge restart plan is clear, extending the narrative to the Layer 2 and stablecoin sectors, possessing potential for sector rotation.</p><p><b>Bearish View</b>: Technical execution errors (such as website crashes and multi-signature errors) and changes in deposit limits expose operational risks to the project. Details regarding compensation and incentives have not yet been announced, and the recovery of community confidence in the short term remains to be seen.<p><b>Potential Risks</b>: The mainnet launch is far off (target December 2025), and there are uncertainties regarding regulation, liquidity, and technological iterations during this period. Continuous monitoring of the team's progress and compliance updates is necessary.</p></p>
<p style="margin-top: 20px; text-align: left; opacity: 0.4; padding: 0 42px"><small>Updated at 11-29 08:18</small><br><small>AI-generated summary, not investment advice</small></p></div>

<h1>MegaETH fully refunds pre-deposit and restarts the USDM bridge.</h1><h2> Core Information</h2><p> <strong>Refund amount</strong> : Approximately $400-500 million, covering all funds from the pre-deposit activity on November 25.</p><p> <strong>Reason for refund</strong> : MegaETH acknowledges that the pre-deposit campaign was executed &quot;carelessly,&quot; including technical issues such as website crashes, multi-signature errors, and changes to the deposit limit.</p><h2> Refund mechanism</h2><ul><li> <strong>Execution method</strong> : Refund via a new, audited smart contract.</li><li> <strong>Timeline</strong> : The refund process will officially begin after the audit is completed.</li><li> <strong>Compliance Focus</strong> : Emphasizing strict adherence to compliance requirements</li></ul><h2> USDM Bridge Reactivation Plan</h2><p> <strong>Restart timing</strong> : Before the Frontier mainnet beta version goes live (target time: December 2025)</p><p> <strong>Functional design</strong> :</p><ul><li> Supports a 1:1 exchange rate between USDC and USDm.</li><li> Pre-loaded collateral to ensure sufficient liquidity</li><li> Preparing for mainnet launch</li></ul><h2> Project Background</h2><p> MegaETH is an EVM-compatible Ethereum Layer 2 solution currently in the testnet phase, and has received investment support from Dragonfly and Vitalik Buterin.</p><h2> Impact on the community</h2><p> The project team stated that depositors&#39; contributions &quot;will not be forgotten,&quot; but details regarding specific compensation or incentive measures have not yet been released. This refund and restart reflects the team&#39;s emphasis on product quality and user experience.</p>
