MegaETH TGE today - the structural case for MEGA and the USDe X USDm flywheel MegaETH is launching with a token design that has gone against the standard structure we’ve seen from other blockchains, and I think it's worth understanding if you live in the crypto ecosystem. That closely mirrors what made HYPE works real revenue capture, aggressive buybacks, low effective float applied to a general-purpose Ethereum L2 instead of a perp DEX. Whether the chain itself succeeds is a separate and much harder question. Five things I think are underappreciated: **1. The float is low, but the overhang isn't predatory.** VCs are capped at 14.7%. Team and advisors are 9.5%, both with 1-year cliffs and 3-year linear vests after. A whopping 53.3% allocated to KPI-gated commitment rewards only emits when the network hits measurable milestones: TVL, USDM supply, decentralization stage progression, even Ethereum-aligned metrics. Which means the unlocks happen only when the network and ecosystem achieve significant milestones.…