Watching the MegaETH drama is funny because we at Abstract actually know a thing or two about drama and have been through more than a dozen scandals
The accusations against the MegaETH team are identical to the ones that were thrown at Abstract: poor project support, favoritism, etc
But there is a difference between the projects
1. Community
That guy said the MegaETH team has poor community presence
In my opinion, the problem is also with the community itself
The network hasn’t produced a single solid NFT collection, the main memecoin is worth $100k, and not a single app has gained any meaningful traction
Cute bunnies on profile pictures are not enough
As for Abstract, we’ve been here for a year and a half and we’re still here in the depths of a brutal bear market
There’s a base of around 3,000 active users who actually engage with games and apps
I’m talking about highly active people. If you think that’s low, Monad has similar numbers with 50x more funding
Abstract’s official DAU is 60k addresses
Supertrip moved to Abstract from Base, Cambria is launching DUNGEONS exclusively on Abstract, the leading Thai exchange is partnering with Abstract, new apps are shipping, and network metrics are growing
For those telling stories about “Abstract is dead” - relax 😄
Shutting the project down is not even remotely on the table, we’re handling the bear market just fine
2. Team
One of our founders, Luca Netz, bought Pudgy Penguins with his own money for $2M and turned it into one of the top NFT projects in the space
Some might say Luca is busy with Pudgy right now - and that’s logical, since Pudgy is Igloo’s main product
Rest assured, if Pudgy thrives, Abstract will benefit too
Does MegaETH have such ideologically driven people on the team, obsessed with competition and success?
I don’t see them
3. Vision and product
MegaETH raised a 9-figure round and completely fumbled the product at launch
They still can’t decide what the project wants to be, and their main selling point - high TPS - turned out to be completely useless (never happened before, and here we are again)
Abstract has been following its roadmap and deep consumer crypto vision from day one
Euphoria, one of MegaETH’s flagship apps, raised $7.5M and has 100 daily users
Do I really need to remind you that Abstract has been running for two years on $11M? 😁
You can be sure that with new funding rounds, capital will be reinvested into growth
4. Conclusion
MegaETH is destined to meet the fate of a chain that got flooded with too much money - simulated activity and quietly cashing out easy money into the team’s pockets
Abstract is more likely to overtake Base than MegaETH is to come back after fumbling this hard on peak hype.
Abs (previous) team went a little bit too far with the shilling of shortlived assets and projects but it must be noted that they had a solid community presence
I’ve been lieing to myself thinking MegaETH had one but that’s not true and one of the feedbacks I received from permissionless projects for months aswell.
Even the most recognized teams had to fight really hard to get some recognition and in exchange they thought offering them a spot on the terminal was god’s work. It was not, it was the bare minimum they could do.
Especially after spending so much time focusing on their incubotzr which give birth to mostly half-assed dapps.
Sorry but this is the reality. It might hurt some. Took me a while till I wanted to hear it too.