Key Highlights

• Performance-driven MEGA Token debuts with constrained initial circulation
• Major cryptocurrency exchanges simultaneously list MEGA Token with notable market interest
• Token distribution mechanism links supply unlocks to verified network performance metrics
• Rapid USDM stablecoin expansion drives ecosystem momentum during token introduction
• Novel tokenomics framework prioritizes achievement-based rewards over traditional vesting schedules

MegaETH initiated its MEGA Token generation following successful completion of its inaugural network performance benchmark. The platform verified that ten operational applications achieved required engagement levels connected to its proprietary USDM stablecoin. Following this validation, the team executed a week-long launch sequence before activating market trading.

The token architecture establishes a hard cap of 10 billion MEGA tokens. MegaETH designated more than half the total supply—53.3%—toward achievement-based incentive programs instead of conventional time-locked distribution. This framework creates direct linkage between token availability and quantifiable platform engagement metrics.

The MEGA Token serves multiple functions within the Layer 2 infrastructure, including governance participation, gas fee payments, and network staking mechanisms. Token holders gain access to accelerated decentralized trading capabilities throughout compatible protocols. The design philosophy establishes correlation between platform utilization and token utility through concrete performance indicators.

Trading Platform Debuts and Initial Market Response

Leading cryptocurrency venues such as Binance, KuCoin, and Bitget activated MEGA Token spot markets in unified timing. Market operations commenced simultaneously following the token creation event across multiple platforms. This coordinated rollout enhanced immediate liquidity availability for traders.

Market entry occurred with restricted token circulation owing to the achievement-gated release schedule. Initial assessments indicated minimal floating supply compared to maximum allocation, facilitating measured price formation. Pre-market indicators positioned valuation around $0.22 per token, with actual market capitalization dependent on accessible supply.

MegaETH documented substantial expansion in its USDM stablecoin circulation throughout the launch window. Total supply surged from approximately $62.9 million to surpass $300 million in mere weeks. This acceleration demonstrates increasing platform adoption and reinforces the token’s economic foundation.

Platform Architecture and Market Position

The MegaETH infrastructure functions as an Ethereum Layer 2 solution engineered for real-time decentralized applications. The system incorporates USDM—created in partnership with Ethena—to facilitate onchain transactions and liquidity mechanisms. This integration aligns token economics with application deployment and stablecoin circulation.

MEGA Token allocation encompasses incentives for testnet contributors, protocol developers, and engaged community members. Qualification criteria encompass application interaction, validator node participation, and wallet transaction history. The project additionally distributed tokens via public sale rounds priced at $0.09 per unit.

Competition from mature Layer 2 solutions with substantial liquidity pools and established user bases presents ongoing challenges. Current metrics reveal modest fee generation and intermediate engagement patterns. Nevertheless, the performance-linked distribution approach represents an innovative framework potentially influencing subsequent token deployment strategies.

The token activation coincides with variable sentiment across cryptocurrency markets. Previous funding rounds established project valuation estimates approaching $1.8 billion. Post-launch market dynamics will reveal alignment between trading prices and earlier valuation benchmarks.

MegaETH pursues expanded application integration through continuous incentive initiatives and ecosystem development efforts. Active yield farming programs and developer grants remain operational to boost participation rates. Sustained token performance ultimately hinges on persistent network utilization and broadening application ecosystem.

Coinbase will disable trading for Dai on May 4, 2026, as part of its latest asset review. 

The Ethereum-based stablecoin will be converted to USDS for users who leave DAI on the platform after the deadline. Coinbase reminded users that Dai trading will be disabled on Coinbase.com and the Coinbase mobile app on May 4.

The exchange also said send and receive support for DAI will be temporarily disabled from May 4 to May 6.

DAI is an Ethereum-based stablecoin linked to the MakerDAO ecosystem. Coinbase said any DAI left on the platform by May 4 will be converted to USDS at a 1:1 rate.

Users urged to move DAI before May 4

Coinbase advised users who do not want the conversion to move their DAI to a compatible self-custody wallet before the deadline.

The exchange said users in selected EEA regions will not have their DAI migrated. This means affected users may need to act before trading and transfer limits take effect.

The delisting forms part of Coinbase’s regular asset reviews. The exchange checks whether listed tokens continue to meet its standards.

Additionally, Coinbase will also suspend trading for Chrono.tech’s TIME token on May 11 at 2 p.m. ET. The suspension will apply to Coinbase Simple Trade, Advanced Trade, Coinbase Exchange, and Coinbase Prime.

Coinbase has also disabled trading for TrueFi’s TRU token ahead of its May 10 migration deadline.

These updates show that Coinbase is continuing to adjust supported assets across its main retail and institutional trading platforms.

Exchange adds new listings and futures

Coinbase has also expanded other parts of its platform. It launched perpetual futures tied to AI infrastructure and compute firms on April 29.

The listed markets include Advanced Micro Devices, Arm Holdings, Intel, Micron Technology, and SanDisk.

The exchange also added support for Gensyn and Virtuals Protocol on Coinbase and the Coinbase app.

Coinbase said it will add support for MegaETH’s MEGA token. Spot trading for Wrapped Ronin is also expected to go live on April 30.

The latest updates come as Coinbase balances new product launches with asset removals. The DAI deadline remains the key date for stablecoin users watching the May delisting schedule.

Key Highlights

• Pre-market trading shows GPUS climbing 8.08% following Q1 revenue announcement

• First quarter 2026 revenue reaches $44M, representing 76% year-over-year increase

• Newly integrated subsidiaries contribute significantly to quarterly performance

• Artificial intelligence infrastructure and blockchain initiatives fuel expansion

• Multi-segment business model delivers enhanced revenue stability

Shares of Hyperscale Data (GPUS) experienced an uptick during pre-market hours following the disclosure of robust preliminary revenue figures. The stock climbed to $0.1404 before regular trading commenced, representing an 8.08% increase. This upturn came after the previous session’s close at $0.1312, which had reflected a 2.09% pullback.

Hyperscale Data, Inc., GPUS

Impressive Revenue Acceleration Fuels Pre-Market Rally

Hyperscale Data disclosed preliminary first-quarter 2026 revenue totaling approximately $44 million. This marks a substantial 76% climb from the $25 million registered during the comparable quarter in 2025. The impressive expansion demonstrates enhanced performance across multiple operational divisions.

The revenue tally benefited from fresh income channels originating from recently integrated subsidiaries. Gresham Worldwide generated roughly $10 million in the period after completing its bankruptcy restructuring in the fourth quarter of 2025. This integration provided meaningful support to consolidated financial metrics.

Additionally, Ault Lending secured approximately $10 million via a litigation settlement connected to historical ownership stakes. The organization plans to book this sum as revenue during the first quarter. These exceptional items played a notable role in amplifying reported growth figures.

Broad Business Portfolio Ensures Revenue Consistency

Hyperscale Data preserved steady income generation from its established operational divisions throughout the quarter. Crane services delivered around $11 million in revenue, while cryptocurrency mining operations added approximately $5 million. These core businesses furnished reliable support complementing newer income sources.

The company also recorded roughly $4 million from hospitality and property holdings. These divisions enhanced portfolio diversification and helped mitigate earnings fluctuations associated with trading operations. This varied revenue structure promotes operational stability through different economic conditions.

Trading activities at Ault Lending continue generating earnings variability. This segment encompasses unrealized profit and loss movements related to equity security valuations. Therefore, quarterly earnings patterns may experience fluctuations despite consistent operational revenue streams.

Strategic AI Infrastructure Investments Drive Future Trajectory

Hyperscale Data maintains its commitment to expanding artificial intelligence capabilities and technological infrastructure. The organization concentrates on AI-powered data facilities, robotics platforms, blockchain networks, and integrated financial technology solutions. These strategic priorities target building a cohesive and expandable enterprise framework.

Leadership emphasized that strengthening coordination among operational divisions remains central as consolidation activities advance. The organization observes encouraging momentum throughout AI-enabled platforms and digital infrastructure offerings. This progress reinforces its extended-term expansion agenda within evolving technology sectors.

The organization had previously established full-year 2026 revenue projections ranging from $180 million to $200 million. Given first-quarter achievements, management is evaluating whether to uphold or enhance these forecasts. A comprehensive assessment is anticipated following the publication of finalized first-quarter financial statements in May 2026.

The cryptocurrency industry has seen a sharp spike in hacks in April, with losses topping $600 million in the worst month for crypto hacks in more than a year.

According to DeFiLlama, the total value hacked in April so far amounted to $629.7 million, the highest since $1.47 billion in February 2025. With KelpDAO’s $293 million hack and Drift Protocol’s $280 million exploit accounting for 82% of the monthly losses, decentralized finance (DeFi) has taken the unwanted crown as the most targeted sector over the past month.

Source: DeFiLlama

The concentration of losses in a handful of large DeFi incidents shows how a small number of attacks can still overwhelm broader security improvements across the sector. The causes of the hacks also revealed that the biggest risks are increasingly tied to bridges, privileged access and operational failures, rather than simple smart contract bugs alone.

Related: Russia-linked crypto exchange Grinex halts trading after $14M hack

April DeFi hack losses surge

One of the latest attacks involved the DeFi derivatives platform Wasabi Protocol, which at the time of writing had been drained of around $5.5 million across Ethereum, Base, Blast and Berachain networks in an ongoing exploit, according to Certik.

Recent attacks also include the move-to-earn crypto platform Sweat Economy, which reportedly lost $3.46 million, or about 65% of its liquidity pool, in under 30 seconds. The protocol later said stolen funds were frozen on MEXC shortly after the incident, with recovery efforts underway.

Source: Jussy

Aftermath Finance, a Sui blockchain-based decentralized trading platform, was also among the recent DeFi hacks, suffering an exploit on its perpetuals platform. According to Blockaid, the attacker drained about $1.1 million in USDC across 11 transactions in roughly 36 minutes.

Related: Andre Cronje says DeFi is ‘no longer DeFi’ as builders debate circuit breakers

Chainalysis says attackers are exploiting off-chain systems, not smart contract bugs

April’s spike in crypto exploits reflects a shift toward more sophisticated, multi-stage attacks targeting offchain infrastructure rather than smart contract vulnerabilities, Yaniv Nissenboim, head of security solutions at Chainalysis, told Cointelegraph.

“What connects these incidents is that well-resourced attackers are finding novel ways to exploit the seams between on-chain protocols and the offchain systems they depend on,” Nissenboim said.

These entry points include compromised remote procedure call (RPC) nodes, breaches of cloud key management systems and long-running social engineering campaigns, he said. In many cases, on-chain transactions still appear fully legitimate, even as infrastructure or human-access layers are already compromised.

Nissenboim said that real-time monitoring and automated safeguards are becoming critical, citing anomalies such as abnormal minting patterns and cross-chain inconsistencies that can be detected instantly. In one case, rapid detection helped prevent a second theft of roughly $95 million during the KelpDAO incident, he added.

According to Standard Chartered’s analysts led by Geoffrey Kendrick, KelpDAO’s incident is a sign of DeFi’s growing resilience rather than a fatal failure for the sector.

“While the recent KelpDAO theft and its impact on AAVE have raised questions around continued DeFi banking growth, we expect growth to remain on track as a maturing DeFi industry puts solutions in place to reduce vulnerabilities,” the bank said in a Wednesday research note seen by Cointelegraph.

Magazine: AI-driven hacks could kill DeFi — unless projects act now

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

AllUnity, a joint venture backed by DWS, Flow Traders and Galaxy Digital (GLXY), took its euro-backed stablecoin, EURAU, to the Solana blockchain, extending the token’s reach to a high-speed network often used for payments and trading.

EURAU, which debuted last July on Ethereum, is fully reserved and issued under a regulated e-money framework aligned with the European Union’s MiCA rules, the company said in an emailed statement. By adding Solana, AllUnity aims to offer faster settlement and lower transaction costs for euro-denominated transfers.

The setup allows businesses and developers to move euros onchain in seconds. Payments firms, for example, could send cross-border payouts to contractors in real time instead of waiting days for bank transfers, and the same mechanism can also support trading, lending or treasury management using a stable euro unit.

The move reflects growing interest in non-dollar stablecoins, especially in Europe, where firms seek digital assets that meet regulatory standards. While U.S. dollar tokens dominate the $300 billion stabelcoin market, euro-pegged tokens have seen rapid growth, doubling since the start of 2025 to almost $1 billion.

The S&P projected the market could reach 570 billion euros ($672 billion) by 2030. French Finance Minister Roland Lescure called for more euro-denominated stablecoins and urged EU banks to explore tokenized deposits.

AllUnity also highlighted that demand for regulated euro stablecoins is rising, and that expanding across multiple blockchains could help drive broader adoption in both finance and corporate payments.

“As demand for compliant euro stablecoins accelerates, Solana’s speed and scalability make it a natural environment for institutional-grade settlement and cross-border payments,” said Peter Grosskopf, CTO and COO of AllUnity.

AllUnity said several partners, including Bullish (owner of CoinDesk), Privy, Hercle and Transak, are preparing to use EURAU on Solana for payments, trading and fiat onramps.

Read more: Europe’s banks are going all in on crypto

MegaETH’s MEGA token went live on Thursday after the Ethereum scaling project completed a seven-day launch countdown. 

The token started trading on major exchanges after the network met its first ecosystem milestone. MegaETH confirmed the launch in a post on X, saying, “MEGA — Now Trading.” The team said all tokens would be distributed to users by 7 a.m. ET.

The token generation event started after MegaETH met its first key performance target. The project had said it would only launch MEGA after showing enough real onchain activity.

MegaETH meets first launch milestone

MegaETH said 10 “Mega Mafia” apps had gone live before the launch. These apps cleared the first KPI threshold required to trigger the final countdown.

The milestone focused on apps with real user activity linked to USDM, the protocol’s native stablecoin. USDM was co-developed with Ethena.

In addition, MegaETH has a fixed supply of 10 billion MEGA tokens. The project has tied 53.3% of total supply to performance-based staking rewards.

This structure differs from a standard time-based vesting model. MegaETH uses KPI-linked targets to release a large share of future token supply.

Major exchanges list MEGA

Trading opened across several exchanges after the token generation event. Binance said it would list MEGA for spot trading at 11:00 UTC with a seed tag.

KuCoin and Bitget also announced MEGA spot trading from the same start time. Other platforms have shared listing plans as well.

MegaETH is designed as a high-performance Ethereum scaling network for real-time onchain apps. Its native USDM supply was about $62.9 million last week.

That figure has since grown to over $300 million during the MEGA launch period. MegaETH co-founder Namik Muduroglu described the launch period as “very intense.”

The MegaETH Foundation has said it plans to use USDM revenue to accumulate MEGA tokens. This links network use, stablecoin activity, and token demand.

The United States has seized nearly $500 million in Iranian cryptocurrency assets as part of a sweeping economic pressure campaign against Tehran, Treasury Secretary Scott Bessent said Wednesday.

Bessent made the comments during an appearance on Fox Business’s “Kudlow,” where he outlined the scope of Operation Economic Fury, a campaign ordered by President Donald Trump in March 2025 aimed at cutting off Iran’s financial lifelines through asset seizures, bank account freezes and secondary sanctions on countries that continue to buy Iranian oil.

“We are freezing bank accounts everywhere. More importantly, we are making people less willing to deal with the regime,” Bessent said, adding that retirement funds and overseas real estate held by Iranian officials are also being targeted.

The $500 million figure is much higher than the $344 million in seized crypto assets previously disclosed. Last week, Bessent announced that the Treasury’s Office of Foreign Assets Control had sanctioned several crypto wallets tied to Iran, with stablecoin issuer Tether confirming it had frozen more than $344 million in USDt (USDT) at the request of US authorities.

Source: Scott Bessent

Cointelegraph reached out to the US Treasury and Tether for an explanation on the gap between the two figures, but had not received a response by publication.

Related: Iran views BTC as strategic asset, but USDt still dominates oil tolls: BPI

Iran’s economy under pressure

Bessent said Operation Economic Fury has taken a toll on Iran’s economy. One of the country’s largest banks collapsed in December, and its currency has fallen 60 to 70% against the US dollar. “They’re in the middle of a currency crisis,” he said.

Treasury has also intensified pressure by ramping up sanctions across multiple fronts. On Tuesday, OFAC sanctioned 35 entities and individuals tied to Iran’s shadow banking network. Separately, it targeted a Chinese oil refinery and roughly 40 shipping firms operating as part of Iran’s shadow fleet, which moves Iranian crude to buyers in China and elsewhere in violation of sanctions.

The actions also hit Iran’s missile and drone supply chain, with 14 individuals and entities sanctioned for procuring components for Shahed-series attack drones and ballistic missile propellants. Since February 2025, OFAC has sanctioned over 1,000 Iran-related persons, vessels, and aircraft as part of Operation Economic Fury.

Related: Binance.US cuts spot trading fees to near zero in push to undercut rivals

Iran weighs crypto tolls for Hormuz passage

Earlier this month, reports emerged that Iran was considering charging ships Bitcoin tolls for passage through the Strait of Hormuz, with empty tankers allowed free passage and loaded ones charged around $1 per barrel of oil. Forbes reported that Iran had already collected revenue from such tolls, though Tehran has not publicly confirmed the claims.

Separately, maritime risk firm Marisks warned that fraudulent actors were impersonating Iranian security services and contacting stranded shipowners, demanding payment in Bitcoin or USDt in exchange for clearance through the strait.

Magazine: Will the CLARITY Act be good — or bad — for DeFi?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

TLDR

• Ford’s Q1 operating profit reached $3.5B, crushing Wall Street’s $1.3B projection
• Quarterly revenue totaled $43.3B, surpassing the $42.7B consensus
• The automaker increased its 2026 operating profit outlook to $8.5B–$10.5B
• Shares surged 7% after hours before reversing, ending ~1% lower in regular session
• UBS downgraded its price target from $15 to $14, reducing its 2027 EPS outlook by roughly 10%

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Despite delivering a significant earnings beat that surpassed analyst expectations, Ford’s shares struggled to maintain momentum.

The Detroit automaker posted Q1 operating profit of $3.5 billion on top-line revenue of $43.3 billion. Wall Street had projected operating profit of only $1.3 billion with revenue of $42.7 billion. In comparison, the year-ago period saw Ford deliver $1 billion in operating profit on $40.7 billion in sales.

Earnings per share registered at $0.66, crushing the $0.19 consensus estimate — representing a beat exceeding 247%.

These figures incorporated a $1.3 billion tailwind from tariff benefits. However, even excluding that advantage, the core operational performance significantly exceeded projections.

Ford Motor Company, F

Shares initially spiked over 7% during extended trading, pushing above the $13 threshold. However, the momentum evaporated quickly. By Thursday’s session, Ford was changing hands in the $12.12–$12.24 range, representing a decline of approximately 1%.

The Truck Factor

The robust performance stemmed largely from favorable product mix. Ford CFO Sherry House emphasized that the company’s truck lineup appeals to affluent consumers, which provided a buffer against escalating cost pressures.

Premium off-road and performance variants accounted for nearly 25% of total domestic sales throughout the quarter. This upmarket shift helped neutralize challenges from tariffs, raw material price increases, and supplier cost inflation.

The company is also navigating aluminum supply chain constraints triggered by a fire at Novelis’ Oswego, New York facility last September. This continues to limit production capacity.

Inflationary pressures added $1 billion in incremental costs during the three-month period. Nevertheless, Ford successfully managed through these headwinds.

Quality enhancements are delivering additional benefits. The automaker remains on course to reduce quality-related expenses by $1 billion in 2026. JD Power positioned Ford at No. 4 in its 2026 U.S. customer service rankings — marking the company’s strongest showing in almost three decades.

Guidance and the UBS Cut

Ford elevated its full-year 2026 operating profit forecast to a range of $8.5 billion–$10.5 billion, up from the previous $8 billion–$10 billion band. For context, 2025 operating profit totaled $6.8 billion, declining from $10.2 billion in 2024.

The guidance increase was relatively conservative, and management specifically noted the outlook excludes potential impacts from a U.S. economic recession or escalating Middle East tensions.

This conservative stance may explain the lukewarm investor response.

UBS responded Thursday by reducing its Ford price objective to $14 from $15, while maintaining its Buy rating. The investment bank lowered its 2027 EPS projection by approximately 10% to $1.88, pointing to elevated commodity costs that are increasingly offsetting benefits from the Novelis situation.

UBS currently estimates Ford’s 2027 earnings foundation at $9.75 billion — roughly $1 billion below previous assumptions. The trajectory toward $2 in EPS has been delayed by one year.

The firm continues to see long-term potential from battery energy storage systems and higher-margin Pro software offerings, though that timeline has similarly been extended by 12 months.

Heading into Wednesday’s report, Ford shares were down 5% year-to-date while posting gains of 24% over the trailing 12 months. GM, which similarly exceeded Q1 expectations and lifted guidance, advanced 1.3% on Tuesday following its earnings release.

Ford currently trades at $12.24.

Key Takeaways

• RDDT shares have declined 36% year-to-date in 2026, putting pressure on Thursday’s Q1 earnings release.
• Wall Street consensus calls for Q1 revenue of $608 million with adjusted earnings per share of $0.57.
• Ad revenue projections show a robust 58% year-over-year increase to $567 million.
• Daily active user expansion is anticipated to decelerate to 16% from the prior year’s 30.7% pace.
• Analyst consensus price target of $223.34 suggests significant upside from current trading levels near $148.40.

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Reddit approaches its Thursday earnings release under considerable pressure from investors. The social media platform’s shares have tumbled 36% during 2026, despite maintaining impressive gains of approximately 326% since its March 2024 initial public offering at $34 per share.

Reddit, Inc., RDDT

The first quarter results are scheduled for release after market close on Thursday. Analyst consensus estimates point to adjusted earnings of $0.57 per share on total revenue of $608 million, based on FactSet data.

The platform exceeded expectations in its previous quarterly report, delivering revenue of $725.6 million — representing 69.7% year-over-year growth — alongside better-than-anticipated EBITDA performance. This strong showing raises expectations for the upcoming release.

For the current quarter, market watchers anticipate revenue expansion of approximately 55% compared to the year-ago period. This represents a moderation from the 61.5% growth rate Reddit achieved during Q1 of the previous year.

Daily active user metrics are drawing particular scrutiny from analysts. The company disclosed 52.5 million DAUs in its most recent quarter, reflecting 9.4% year-over-year growth. First quarter projections call for global DAU growth of 16% — marking a notable deceleration from the 30.7% expansion recorded in the comparable quarter last year.

This slowdown has sparked concern among market participants, especially as artificial intelligence-driven platforms including ChatGPT, Google AI Overviews, and similar services provide alternative pathways for users to access information without engaging directly with the platform.

Ad Revenue Projections Remain Strong

The advertising segment presents a brighter outlook. Analysts project Q1 advertising revenue of $567 million, representing a 58% surge compared to the year-ago quarter.

Jefferies analyst John Colantuoni, who maintains a Buy rating with a $250 price target on RDDT, observed in mid-April that discussions with advertisers indicated “resilient digital budgets” and “particularly strong trends” specific to Reddit’s platform.

The company is marketing itself as an irreplaceable resource that artificial intelligence cannot easily duplicate — a platform grounded in authentic human perspectives and community dialogue. This forms the foundation of the bullish investment thesis.

D.A. Davidson analyst Wyatt Swanson reinforced this perspective on April 21, stating that Reddit “remains incredibly under-monetized relative to peers” and has successfully established itself as a “human-first social platform.” He assigns a Buy rating with a $200 price target.

Industry Comparisons

Recent earnings results from comparable consumer internet companies provide useful context. Booking delivered 16.2% revenue growth in Q1, meeting analyst projections. Coursera reported 9.1% growth and experienced an 11.6% stock decline following its release.

Reddit has consistently surpassed Wall Street forecasts, and analysts have maintained relatively stable estimates over the past 30 days — suggesting confidence that no major deviations are anticipated.

During the past month, consumer internet equities have advanced an average of 16.2%. Reddit shares have climbed 19.5% over the same timeframe, indicating the market may have already incorporated some positive expectations ahead of the earnings announcement.

The consensus analyst price target of $223.34 implies approximately 50% potential upside from current trading levels around $148.40.