TLDR:

• MegaETH processes over 100,000 TPS with sub-10ms block times, settling all activity directly on Ethereum mainnet.
  
• iTRY, a Turkish Lira stablecoin backed by money market funds, launches with a real-time 45% APY yield loop strategy.
  
• Kumbaya XYZ holds $51M of MegaETH’s $89M TVL, with USDM capturing 74% of the network’s $84M stablecoin market cap.
  
• 53% of $MEGA token supply unlocks only after hard KPIs are met, with USDM revenue funding active protocol buybacks now.

MegaETH ($MEGA) is gaining attention as the first real-time Ethereum Layer 2 in history. The network delivers sub-10-millisecond block times and over 100,000 transactions per second.

All activity settles directly on Ethereum. The protocol currently holds approximately $89 million in total value locked.

With 2.26 million transactions in 24 hours and zero artificial incentives, MegaETH is building momentum. The network positions itself as a high-throughput onchain settlement layer for real applications.

iTRY Launch and Live DeFi Protocols Drive Activity on MegaETH

One of the most anticipated developments is the launch of iTRY, a Turkish Lira stablecoin. As noted by researcher Nick Research on X, iTRY is backed by money market funds and offers around 45% APY.

The yield strategy works through a real-time loop: lock iTRY, mint wiTRY, borrow USDm, and compound yield. This carry loop removes traditional lock-up barriers for yield seekers.

The broader stablecoin market on MegaETH is already well-established. USDM, issued through Ethena, captures over 74% of the $84 million stablecoin market cap on the network.

Kumbaya XYZ contributes $51 million of the $89 million total TVL on its own. That concentration shows real capital deployment rather than distributed incentive farming.

Bluechip DeFi protocols went live on the network from day one. Aave V3, GMX, and World Markets launched alongside a Chainlink Scale integration.

That integration provides access to nearly $14 billion in flagship assets, including wstETH and LBTC. This confirms that major DeFi infrastructure views MegaETH as production-ready.

Perpetuals trading activity is rising sharply on the network as well. Weekly perps volume climbed 900% to reach $45 million over seven days.

The sequencer operates at cost, which keeps transaction fees among the lowest in crypto. These factors together are drawing active traders to the platform.

$MEGA Tokenomics Link Supply Unlocks to Hard Performance Milestones

The $MEGA token structure stands out for its milestone-based unlock mechanism. There are no points programs, no emissions, and no manufactured TVL incentives in the design.

Instead, 53% of total supply unlocks only after the network hits hard KPIs. Token release is directly tied to real, measurable growth.

Foundation revenue from USDM activity flows into direct $MEGA buybacks, which are already active. This buyback mechanism provides consistent demand without depending on market speculation.

Protocol revenue-backed buybacks at this stage of development remain uncommon. It adds a self-sustaining element to the overall token economy.

The token generation event remains tied to milestones rather than a fixed calendar date. This approach shifts builder incentives toward long-term throughput growth.

The network currently runs at 10 gigagas per second, supporting complex smart contracts at scale. That throughput level makes MegaETH suitable for applications requiring fast, reliable execution.

The MegaMafia ecosystem is expanding into DeFi, gaming, and culture. Brix recently secured $5.5 million from Turkish institutional investors ahead of the iTRY launch. Active addresses reached 3,230 in 24 hours, reflecting genuine user engagement on the network.

TLDR:

• ETH net taker volume turned positive at +$102M, snapping months of consistent sell-side dominance.
  
• Sell pressure peaked at -$568M when Ethereum set its all-time high just below $5,000 this cycle.
  
• Comparable buying pressure was last recorded in 2022 when ETH traded near the $1,000 price level.
  
• Since March, buy-side volumes have steadily grown, pointing to a possible shift in market positioning.
  

ETH derivatives sentiment has undergone a notable change in recent weeks. After prolonged and consistent selling pressure throughout this market cycle, buy-side volumes are finally gaining ground.

Data from derivatives exchanges shows that net taker volume has turned positive, recording +$102 million in a single day.

This marks a clear departure from the heavy sell-side dominance seen at previous ETH price peaks. Analysts are now watching whether this shift holds and supports a broader recovery for Ethereum.

Heavy Sell Pressure Shaped ETH Derivatives Throughout This Cycle

For most of this cycle, Ethereum has faced unusual and persistent selling pressure in derivatives markets. Net taker volume, which tracks the difference between buy and sell market orders on derivatives exchanges, remained almost consistently negative. This pattern became particularly visible during key price events in late 2024.

When ETH attempted to break above $4,000 in December 2024, net taker volume fell sharply to -$511 million. The sell pressure became even more extreme when Ethereum later reached an all-time high just below $5,000. At that point, sell-side dominance hit a cycle high of -$568 million in net taker volume.

Source: Cryptoquant

On-chain analyst Darkfost drew attention to this persistent trend in a recent post on Cryptoquant. The data showed that buyers repeatedly failed to absorb supply at key price levels throughout this cycle.

Sellers consistently overpowered buying activity, pushing net taker volume deep into negative territory during each rally.

That ongoing imbalance prevented Ethereum from sustaining breakouts, even during brief moments of upside price action.

Buy-Side Volume Climbs to Levels Not Seen Since the 2022 Bear Market

Since March, the dynamic in ETH derivatives markets has changed considerably. This change followed months of negative readings that characterized Ethereum’s derivatives activity.

Buy-side volumes have taken control, with net taker volume recording +$102 million in a single day. The last time Ethereum recorded comparable buying pressure was back in the 2022 bear market.

At that time, ETH was trading near the $1,000 area when similar buy-side activity appeared in the market. Market observers note this comparison carries weight given the scale of the current buying activity.

The return of strong buying interest at current price points to a change in how derivatives traders are positioned.

Darkfost noted in the post: “Since March, buy-side volumes have finally taken control, with +$102 million recorded today.”

The analyst added that buyers absorbing supply and chasing upside could signal the early stages of a recovery for Ethereum. The data stands in sharp contrast to the aggressive sell-side behavior that defined much of this cycle.

Traditional finance giants Charles Schwab and Citadel Securities are both considering entering prediction markets, with each separately weighing up how they wish to get involved in the fast-growing sector.

“I think at some point we likely will have prediction markets,” Rick Wurster, the CEO of the banking and investing titan Schwab, told investors during a call on Thursday.

He added that prediction markets weren’t “of tremendous interest” when he recently asked a group of Schwab clients about them, but it was an area the company would “take a hard look at, and it would be quite straightforward for us to offer.”

Prediction markets such as the popular Kalshi and Polymarket have exploded in use over the past few months, with both platforms seeing a record combined total monthly trading volume of $23.6 billion in March, according to Token Terminal.

However, Kalshi, Polymarket and other prediction market platforms have also caught the ire of some US state regulators, who have accused them in court of offering unlicensed sports betting.

Some federal lawmakers have also vowed to crack down on prediction markets, claiming the platforms weren’t doing enough to stamp out insider trading.

Wurster said Schwab’s potential offering would steer away from allowing bets on areas such as sports, politics and pop culture as it looks to position itself as a partner for building long-term wealth.

“Prediction markets that are not aligned to that are not something that we want to pursue,” he said. “If you look at the stats on the success of gamblers, they’re not strong, and people generally lose money.”

Citadel “keeping an eye” on prediction markets

Meanwhile, Citadel Securities president Jim Esposito said at a Semafor conference in Washington, DC, on Thursday that the company is “absolutely keeping an eye on developments” in prediction markets. 

“We’re not there yet, there’s not that much liquidity,” he added, but said that the market is likely to “ramp and scale,” and it was “certainly possible” that the market-making firm would potentially look to get involved.

Related: Democrats question CFTC chair on insider trading in prediction markets

Esposito said Citadel was “not looking at sports at the moment at all, I don’t see us entering that market,” but did signal an interest in some event contracts.

He added that Citadel could see its retail and institutional clients use some event contracts as a hedge for risks to their investments, such as contracts for elections, which have been known to move markets.

“That’s going to be some of the biggest risks to investors’ portfolios that they’re going to have to grapple with,” Esposito said. “Having a clean and distinct way to hedge certain risks, I think there’s a good use case and industrial logic to it.”

Magazine: Should users be allowed to bet on war and death in prediction markets?