Weekly Recap: MegaETH Finally Launches its Token

Happy weekend, Defiers!

Long-awaited launches, a return from exile, and a record nobody wanted.

MegaETH's MEGA token launched at a $2 billion valuation, with stablecoin deposits subsequently flooding in to double the network's DeFi TVL.

Meta quietly stepped back into crypto via USDC creator payouts in Colombia and the Philippines, four years after shelving Libra.

Meanwhile, April set a grim new benchmark: 28 exploits, $635 million stolen, the worst month DefiLlama has ever logged.

Finally, Pumpfun pledged half its revenue to buying back and burning PUMP, and Bitcoin reclaimed $78,000 to kick off May.

Enjoy!

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Top Stories This Week

MegaETH Token Debuts at $2 Billion Valuation

Ethereum Layer 2 network and ‘real-time’ blockchain MegaETH's long-awaited MEGA token began trading on Thursday. MEGA briefly traded above $0.22 in early price discovery before falling to roughly $0.15.

The network’s DeFi TVL has doubled after the token launch.

DeFi Sets New Hack Record as April Logs 28 Exploits with $635M Stolen

DeFi protocols and crypto infrastructure suffered 28 separate exploits totaling $635.2 million in April, the highest monthly incident count ever recorded by DefiLlama and roughly four times the $167 million stolen across the entire first quarter.

Bitcoin Pushes Above $78,000 as Risk Assets Shake Off Hawkish Fed

Bitcoin rallied above $78,000 on Friday, clawing back some of late April's losses in the first trading session of May as crypto markets steadied after a three-day streak of institutional outflows.

Meta Launches Stablecoin Payouts In Colombia And The Philippines

Meta has begun rolling out stablecoin payouts for creators, marking the social media giant's return to digital currencies four years after shelving its Libra project. Creators in Colombia and the Philippines can now opt to receive payouts in USDC on either the Solana or Polygon networks.

Pumpfun Announces 50% Revenue Buyback-and-Burn Model

Solana memecoin launchpad pumpfun has burned approximately $370 million worth of previously bought-back PUMP tokens, and is pivoting to a programmatic buyback-and-burn policy funded by 50% of all future revenue for one year.

Trending

• Crypto Markets Catch a Breath After Three-Day Slide
• MegaETH Token Debuts at $2 Billion Valuation
• Anchorage Digital Partners with M0 on US Stablecoin Issuance Stack
• Polymarket Taps Chainalysis to Police Insider Trading
• PayPal Elevates Crypto to Core Business in Strategic Reorganization
• Circle Launches Gas-Free 'Nanopayments' on Mainnet Across 11 Blockchains

That’s it for today — have a great weekend! If you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe