MegaETH opens a pre-deposit round for USDm before launching the mainnet

MegaETH will launch a pre-deposit round for the stablecoin USDm on Tuesday, November 25th, marking an initial step in asset distribution before the project launches its mainnet.

USDm is issued on the Ethena platform via Ethena’s Whitelabel system, with a structure that MegaETH states will allow stablecoin reserve yields to help offset sequencer operation costs when the chain goes live.

The pre-deposit program has a total limit of 250 million USD, but no individual deposit cap, and deposits will be processed on a “first come, first served” basis.

However, participation is strictly limited. Users must have completed KYC verification in MegaETH’s recent MEGA token sale last month — an event that attracted over 1.39 billion USD in maximum subscription value. Residents from many regions, including the US, UK, China, and Russia, are completely excluded.

Only USDC on Ethereum is accepted, and deposits will be locked until the mainnet launches. Participants in the pre-deposit “will be counted toward the Rewards Campaign,” according to MegaETH’s FAQ.

MegaETH describes itself as a real-time Ethereum-secured Layer 2 built to support ultra-low latency and high throughput applications — designed around stable and predictable sequencer operation costs, a goal USDm aims to achieve.