NiftyNoon: MegaETH’s Public Testnet Launches: Is Ethereum Saved? 🐰🔷🛟
The highly anticipated MegaETH L2 has launched its public testnet with many celebrating the chain’s high throughput and speeds (March 24, 2025)
Nifty Thought:
The highly anticipated MegaETH L2 has launched its public testnet with many celebrating the chain’s high throughput and speeds. Given the apparent technical success of MegaETH thus far, many have been hoping the L2s success can finally “save” Ethereum and help support the chain’s otherwise very disappointing price action. While this sounds plausible in theory, the reality may be more nuanced. EIP-4844 has fundamentally altered the chain’s tokenomics to favor L2s over ETH mainnet. It seems unlikely that even a huge uptick in MegaETH usage will translate to more Ethereum burned. While the adoption of users on an Ethereum L2 may result in them wanting to buy some Ethereum directly, this outcome may not manifest given MegaETH’s rumored plans to launch its own fungible token. In that case, it’s is reasonable to assume value from MegaETH’s success would accrue to the MegaETH token first before it trickles down to any other related assets. Nonetheless, MegaETH remains an important asset to watch in the development of EVM.
Highlighted News:
🐰 Introducing the MegaETH public testnet:
https://x.com/megaeth_labs/status/1903099481874153880?s=46
🔍 TETHER CEO States Company is Working with one of the Big Four for an Audit:
https://x.com/rovercrc/status/1903163041480335482?s=46
🔷 Fidelity has filed with the U.S. SEC to register a blockchain-based tokenized U.S. dollar money market fund, initially built on Ethereum:
https://x.com/wublockchain/status/1903766015546204624?s=46
Project and Community News:
Ethereum's holders have now brought the available supply on exchanges down to 8.97M, the lowest amount in nearly 10 years: https://x.com/santimentfeed/status/1902851984182669545
Strategy announces pricing of its Strife Perpetual Preferred Stock ($STRF) Offering and upsizes the deal from $500M to $722.5M $MSTR: https://x.com/saylor/status/1903054771554075094?s=46
IMF Updates Crypto Classification in Global Finance: https://x.com/cryptic_web3/status/1903847938897391774?s=46
The digital euro is not just about creating a new form of money, says Chief Economist Philip R. Lane: https://x.com/ecb/status/19026932272429426PysQx2hEPvT6Q
Ethena is now the largest holder of BUIDL, with $832M holdings (56% of the total AUM) backing USDtb: https://x.com/tomwanhh/status/1903464550042579107
Total stablecoin market cap surpasses $230B for the first time ever, up over $5.1B in the past 30 days and $2.3B in just the past week: https://x.com/DefiLlama/status/1902868668750418155
@AIWayfinder will be allocating .25% of the $PROMPT token supply that is allocated to social mission campaign to yappers on Kaito Yaps: https://x.com/aiwayfinder/status/1902770103604645935?s=46
Alpha Vault for $GOLD Post-Mortem: https://x.com/meteoraag/status/1902903080875938007?s=46
LG’s NFT marketplace for TVs is shutting down: https://x.com/verge/status/1902732346836898124?s=46
The U.S. Treasury Department’s Office of Foreign Assets Control announced that “TORNADO CASH; Website tornado cash; Digital Currency Address - ETH” has been removed from OFAC’s SDN List: https://x.com/WuBlockchain/status/1903092159076765937
Today @uraniumdigital_ shares the closing of $6.1M seed round: https://x.com/uraniumdigital_/status/1902691594647798136?s=46
Dive into ‘Hwatu Harmony’: https://x.com/deekaymotion/status/1902352440974012772?s=19
Wintermute is currenly holding (presumably directional) 4,176,140 $HYPE currently valued at 70m~: https://x.com/mlmabc/status/1903834589342175520?s=46
BlackRock's Head of Digital Assets, Robbie Mitchnick ft. Joe Lubin The ticker is $ETH: https://x.com/ec265/status/1903078785227927790?s=46
@zothdotio has experienced a security breach: https://x.com/zothdotio/status/1903024419028734265
Quick Stats:
👾 Blur ETH Daily Volume: 983 ETH (▲ 73.94%)
🌊 OpenSea ETH Daily Volume: 769 ETH (▼ 8.19%)
🟠 BTC : $87,329.74 (▲ 3.54%)
🔷 ETH: $2,089.91 (▲ 3.88%)
🟣 Solana: $140.02 (▲ 6.71%)
🟪 Polygon: $0.22 (▲ 2.78%)
Top NFT Sales:
CryptoPunks #2967: 420.00 ETH
CryptoPunks #7060: 89.00 ETH
CryptoPunks #7018: 54.50 ETH
NFT Daily Winners:
🍭 Mocaverse: 2.95 ETH (▲ 27.43%)
🐱 Quantum Cats: 0.13 BTC (▲ 12.85%)
🐧 Pudgy Penguins: 10.57 ETH (▲ 7.53%)
😡 Mad Lads: 53.00 SOL (▲ 5.68%)
🦧 Bored Ape Yacht Club: 13.45 ETH (▲ 5.12%)
🚬 CryptoPunks: 39.99 ETH (▲ 4.03%)
🧦 Bitcoin Puppets: 0.04 BTC (▲ 3.81%)
🏴☠ Captainz: 0.78 ETH (▲ 1.69%)
🏳🌈 Chromie Squiggles: 3.98 ETH (► 0.00%)
NFT Daily Losers:
⛩ Azuki: 2.47 ETH (▼ 0.28%)
🐵 NodeMonkes: 0.04 BTC (▼ 0.75%)
👾 Tensorians: 3.29 SOL (▼ 1.05%)
👩🏻 Milady Maker: 3.51 ETH (▼ 2.50%)
💼 Ordinal Maxi Biz: 0.03 BTC (▼ 4.68%)
Notes:
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