In accordance with Odaily, MegaETH announced on the X platform that it will refund all funds raised through its pre-deposit bridge. The decision follows a failure to meet the goal of 1:1 USD peg on the mainnet due to a haphazard execution. The refund process will require a new smart contract currently undergoing audit, with refunds to be issued as soon as the audit is completed. Additionally, MegaETH stated that USDm remains a key component of its economy and will be supported by multiple Frontier applications. The team plans to reopen the USDC-to-USDm conversion bridge before the Frontier mainnet launch to enhance liquidity and simplify user onboarding.
MegaETH to Refund Pre-deposited Funds via New Smart Contract
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