The MegaETH Foundation, which manages MegaETH’s development and incentive design, announced its first MEGA buyback on Friday, funded entirely by net rewards accumulated from the USDm issuer through April.
The team did not disclose the size of the first buyback.
MegaETH is an Ethereum layer 2 scaling network focused on fast consumer apps and is closely linked to USDM, a stablecoin whose supply grew from about $63 million to $439 million post-launch. Revenue from USDM will be used to buy MEGA tokens, connecting usage directly to demand.
The Foundation said future MEGA buybacks will be automated, programmatic, and executed onchain, marking the start of a long-term buyback system for the MegaETH economy.
The goal is to keep value inside the ecosystem by recycling USDm-related rewards back into MegaETH instead of sending them to outside stablecoin issuers.
The Foundation also said future buybacks will follow a set schedule rather than being decided manually, and will depend on market conditions and USDm supply, which can change over time.
MegaETH launched its MEGA token last Thursday after completing a seven-day countdown tied to onchain performance milestones.
MEGA was trading at approximately $0.13 at press time, up about 6% in the last 24 hours, per CoinGecko.
Source: https://cryptobriefing.com/mega-token-first-buyback-completed/
