MEGA, the organization behind the Ethereum Layer 2 network MegaETH, has reduced its workforce by 20% to focus on developing artificial intelligence products. The blockchain, wallet, and ecosystem teams were affected, while the founders, early employees, and core engineering team remain committed to the project. The organization has committed $30 million from its treasury and plans to launch an AI inference marketplace in December, allowing customers to access services from multiple model providers. The strategy comes after a sharp decline in decentralized finance activity, with the network’s total value locked falling from a peak above $245 million to approximately $8.8 million. The MEGA token has also lost more than 70% of its value this year, and the new marketplace’s success will depend on attracting customers, AI providers, and sufficient computing resources.
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