MegaETH Weekly Report — Week 17 (Apr 20 – Apr 26, 2026)

MegaETH extended its steady throughput regime while materially broadening participation. Weekly volume rose to 16.36M transactions (+4.3% WoW), but the bigger shift was the demand-side: average daily wallets reached 4.6K (+44.8% WoW) with a new weekly peak at 5.8K. Reliability also normalized sharply—network failure rate printed 0.1% (down from 0.7% last week), removing a meaningful source of friction from the prior week’s profile. Under current market conditions, the combination of “more wallets, similar TPS, fewer failures” reads as genuine expansion rather than a transient throughput spike.

Network Activity

This week’s cadence was consistent: a strong midweek plateau, a modest Friday softening in transactions despite a wallet high, and a quieter weekend that still held near the week’s floor without any degradation in execution. The network’s busiest point came early—2.43M transactions on Tuesday—then stayed near that band through Thursday (2.41M–2.43M). Monday established the baseline at 2.31M, and by Friday the network eased to 2.30M while wallets continued rising, culminating in the weekly high of 5.8K unique wallets.

The weekend was “lower, not broken”: Saturday and Sunday posted 2.24M and 2.23M transactions respectively, with wallets at 4.3K–4.7K—down from Friday, but still comfortably above last week’s daily levels. Importantly, the week’s reliability remained tight throughout; Saturday’s failed transactions dropped to 455 (effectively 0% on the rounded series), and the rest of the week held at 0.1%–0.2%.

From a throughput perspective, the chain stayed in its familiar operating range. Average TPS ran 25.8–28.2, peaking at 31.9 on Thursday; gas throughput was similarly stable with average 7.8–8.1 Mgas/s and one notable peak at 11.0 Mgas/s on Monday. The key takeaway isn’t raw capacity—it’s that this capacity was used by a broader set of wallets than last week, with fewer execution failures and without the “spiky” pattern that often accompanies single-venue contention.

DApp Leaderboard

The DApp leaderboard saw meaningful rank-order shifts at the top, but it also underscored a broader structural point: mapped DApps account for a small slice of total network transactions this week, implying that a large share of activity is flowing through unlabeled contracts and/or automation-heavy venues (expanded in Notable Contracts).

At the top, Kumbaya led with 57.0K weekly transactions, up +299% WoW (from 14.3K). Avon followed at 35.4K (+343% from 8.0K), making lending the week’s other standout category by growth. Crossy Fluffle held third at 31.4K (+31%), suggesting steadier, repeat traffic rather than a sudden burst.

Below the top three, Ferdy.bet reached 10.2K (+56%), keeping GambleFi active but not dominant. The sharper negative mover in the visible set was GMX, sliding to 641 weekly transactions (down from 2.2K, -71%). Given the week’s overall wallet expansion, this looks more like activity rotating across venues than a network-wide pullback.

A note on DApp-level failures: Kumbaya (1% failure rate) and GMX (4.7%) both showed elevated revert shares relative to the network’s 0.1%. With volumes at these scales, that pattern is commonly consistent with competitive routing, automated strategies, or access/condition gating rather than a broad reliability issue—especially since network-wide failures were low and stable all week.

Notable Contracts

This week’s transaction economy was dominated by a few high-volume contracts outside the DApp registry, and they strongly shaped both the “why” behind the week’s wallet expansion and the distribution of failures.

1. Exchange-like flow concentrated in one venue.
   World Markets - Exchange (0x5e3ae52eba0f9740364bd5dd39738e1336086a8b) processed 1.38M transactions with 8.9K failed. Even without mapping it to a cataloged DApp, that scale is large enough to influence network-level narratives by itself: it can explain a substantial portion of observed failures this week, and it signals where a lot of execution demand is concentrating.

2. Automation-heavy execution stayed clean.
   StrategyExecutor (0x681e908b8ab57c49c74d770f369754ccc3e1ae09) recorded 1.06M transactions with 0 failed. A profile like this—very high volume, no failures—often corresponds to programmatic flows that are well-specified and consistently valid on-chain. In a week where wallets expanded materially, this also fits the picture of more users (or agents) interacting via automation layers.

3. Support infrastructure remained active.
   drand - DrandOracle (0x08366085a9ff9a5870f3cebd9fc2af456572783c) handled 200K transactions with 0 failed, indicating sustained oracle consumption—often a quiet but important ingredient for apps that rely on external randomness or periodic updates.

Additional notable addresses (compact take):

• MegaETH - USDm (0xfafddbb3fc7688494971a79cc65dca3ef82079e7): 31.9K txs, 81 failed — steady stablecoin contract activity alongside the week’s TVL rebound.
• CommitReveal (0x6ca22286d318250c823e38f741da26878e96fc4d): 19.5K txs, 48 failed — a pattern consistent with time/condition-based reveals where some attempts naturally miss eligibility windows.

Reliability & Health

From a network health standpoint, Week 17 was a clean recovery from the prior week’s elevated failure regime. Total failed transactions fell to 13.9K (from 103K), and the network failure rate improved to 0.1% (from 0.7%). Just as importantly, failures were not “bursty”: every day printed 0.0%–0.2%, and Saturday’s 455 failed transactions was the low watermark of the week.

Where failures did appear, they were concentrated in a small number of contracts rather than broadly distributed across the network. The most visible example is the high-volume World Markets - Exchange contract (8.9K failed). That kind of concentration often aligns with competitive transaction submission (bots, routing, MEV-style contention) or intentional reverts as part of access controls and throttling—especially in weeks where overall network failure is low.

On the DApp side, elevated failure rates existed but at relatively small absolute volumes: Kumbaya at 1% (584 failed) and GMX at 4.7% (30 failed). Given the week’s broader stability, these read as localized execution dynamics rather than systemic health concerns.

Market & Ecosystem Context

Two ecosystem signals stood out this week: a material TVL rebound and continued stablecoin scale that remains well below the “stretch” milestones.

MegaETH TVL ended at $99.9M, up +13.1% vs 7 days ago ($88.4M). The move was not gradual; the step-change occurred late week, with TVL rising from $90.0M (Apr 24) to $99.3M (Apr 25) and then $99.9M (Apr 26). That kind of jump aligns with discrete deposits or re-allocations rather than organic yield drift, and it matches the on-chain picture of more unique wallets engaging without an outsized increase in total transactions.

Stablecoin supply sits at $79.5M total ($66.0M minted, $13.5M bridged). In “Road to TGE” terms, USDm circulation is $63.4M / $500M and USDm deposited in apps is $21.6M / $125M—still far from the supply/deposit trigger. Meanwhile, the “fees per app” track remains off pace (no apps above $50K today), even as activity in venues like Kumbaya and World Markets - Exchange stayed active. For context and ongoing milestones, see https://www.megaeth.com/token.

Overall, broader market sentiment improved from last week’s extremes but remained cautious for most of this window; against that backdrop, the late-week TVL step-up and higher wallet counts look constructive, though still early relative to the larger program thresholds.

Week Ahead

Watch whether the TVL step-up holds (and whether it translates into sustained DEX/lending transaction growth rather than a one-off reallocation), particularly as wallet counts have already re-rated higher week-over-week. Also monitor whether high-volume unlabeled contracts—especially World Markets - Exchange and StrategyExecutor—continue to dominate transaction share, or whether more activity becomes attributable to cataloged DApps as the ecosystem matures. Finally, given the sharp reliability improvement, any re-emergence of clustered failures would be notable; for now, the baseline is stable and the burden of proof has shifted back to application-specific contention rather than network health.