MegaETH Backer MEGA Cuts 20% of Staff in Restructuring

Cointime update: MEGA, the team behind Ethereum layer-2 network MegaETH, has laid off 20% of its staff as part of a restructuring to pivot toward a new direction, co-founder Shuyao Kong said on November 14. The company, renamed from the MegaETH Foundation this week, has committed $30 million to develop new products, starting with an AI inference marketplace scheduled to launch in December.