The article critically examines the collapse of MegaETH's ambitious $500M pre-deposit fundraising initiative, highlighting key lessons for Web3 projects. It explores technical failures, such as smart contract inefficiencies and network congestion, alongside the regulatory complications surrounding USDM stablecoin, which exacerbated investor distrust. By dissecting these elements, the article provides insights into how inadequate stress testing, regulatory oversight, and governance structures can lead to catastrophic failures. Targeted at developers, investors, and blockchain enthusiasts, the article emphasizes transparency, risk assessment, and crisis management to avoid similar pitfalls. Keywords: MegaETH, pre-deposit, fundraising failure, Web3, technical failures, USDM stablecoin, Gate.
12/1/2025, 3:03:55 AM