MegaETH will return all funds from its pre-deposit bridge campaign, admitting the execution was “sloppy.”

The pre-deposit event, intended to preload liquidity for its USDm stablecoin ahead of the Frontier mainnet launch, was plagued by multiple technical and operational failures.

This story is an excerpt from the Unchained Daily newsletter.

That included an incorrect SaleUUID causing transaction failures, strict rate limits that blocked many users, a misconfigured multisig transaction that was executed prematurely, and chaotic cap changes that led to deposits far exceeding intended limits.

“Execution was sloppy and expectations weren’t aligned with our goal of preloading collateral to guarantee 1:1 USDm conversion at mainnet,” said the MegaETH team. 

“The refund process requires a new smart contract, currently under audit. Refunds shortly after.”