MegaETH announced that it will return all funds deposited into its Pre-Deposit Bridge. The Ethereum Layer 2 scaling solution reversed a pre-launch campaign intended to preload collateral for USDm, the native stablecoin of the network’s upcoming Frontier mainnet.

The team said the execution of the event “was sloppy,” while noting that user expectations around an initial $250 million cap became misaligned with its goal of guaranteeing 1:1 USDm conversion at launch.

MegaETH announced that it will return all funds deposited into its Pre-Deposit Bridge. The Ethereum Layer 2 scaling solution reversed a pre-launch campaign intended to preload collateral for USDm, the native stablecoin of the network’s upcoming Frontier mainnet.

The team said the execution of the event “was sloppy,” while noting that user expectations around an initial $250 million cap became misaligned with its goal of guaranteeing 1:1 USDm conversion at launch.