MegaETH Weekly Report — Week 18 (Apr 27 – May 3, 2026)

MegaETH expanded meaningfully this week: 19.62M total transactions (+19.9% WoW) alongside a step-change in participation, with average daily wallets up to 14.0K (+206.6% WoW). That growth came with a clear cost in execution friction—failed transactions rose to 277K and the network failure rate moved to 1.4% (from 0.1% last week). The week’s arc was defined by a mid-week wallet surge (Thursday), a high-throughput Saturday, and a noticeable concentration of activity in a handful of high-volume, non-registry contracts.

Daily Transactions — 4 Weeks

Network Activity

The week started in a familiar “steady-state” range: Monday–Wednesday held around 2.32M–2.43M daily transactions, but with wallets climbing each day from 4.6K to 9.7K—an early signal that usage was broadening even before the major throughput jump. Tuesday was the low point by volume at 2.32M, but it wasn’t weak operationally; the network was simply quiet and clean, with negligible failed transactions relative to later days.

Thursday was the inflection point. Transactions rose to 2.98M, but the more important move was in users: unique wallets spiked to 39.7K, far above anything seen last week (prior peak: 5.8K). That surge coincided with the week’s largest gas burst—peak throughput reached 53.7 Mgas/s—suggesting the network wasn’t just seeing more users, but more compute-heavy or more bursty execution.

Friday carried the higher baseline (3.12M), and then Saturday delivered the week’s defining load test: 4.01M transactions, with average TPS at 46.6 and peak TPS hitting 220.8. Sunday cooled back to 2.44M, but stayed above the early-week wallet baseline, implying the week’s participation gains weren’t purely a one-day anomaly.

Unique Wallets — 4 Weeks

DApp Leaderboard

Within the tracked DApp set, the leaderboard reshuffled in a way that matches the broader “DeFi-forward” posture implied by the week’s participation spike.

Kumbaya led by a wide margin at 127K weekly transactions, up +123% WoW. It also posted a 7.1% failure rate (9.0K failed), which is consistent with high-intent DEX flows where competition, routing races, or bot pressure can inflate reverts without necessarily implying degraded app performance.
Prism was the biggest climber among incumbents: 9.8K weekly transactions, +301% WoW, with a 3.5% failure rate (339 failed). This kind of growth, paired with elevated failures, often reads like increased routing/aggregation attempts rather than simple “casual” usage.
GMX expanded sharply from a small base: 7.8K weekly transactions, +1123% WoW, with a 2.6% failure rate (207 failed). Even at this scale, the direction matters—GMX moved from “barely present” to a meaningful part of weekly DEX-related activity.
On the gaming side, Showdown grew to 8.2K, +159% WoW, while Crossy Fluffle fell to 8.6K, -73% WoW—one of the clearest week-over-week rotations away from last week’s gaming footprint.
The most notable drop was in lending: Avon fell to 1.2K weekly transactions, -97% WoW (from 35.4K). Given the broader rise in wallets, this looks less like “network demand fell” and more like activity shifted away from that specific venue (or away from whatever drove last week’s unusually high baseline).

A key context point: even the #1 DApp’s 127K weekly transactions are small relative to 19.62M network-wide transactions. This week’s growth story is therefore not “one DApp took over,” but rather “network throughput expanded while a large share of execution concentrated in non-registry contracts,” alongside a visible pickup across several DEX-related DApps.

Top DApps — 24h Transactions

Notable Contracts

This week’s on-chain narrative was driven primarily by a small number of very high-volume contracts outside the DApp registry—important both for attribution (what’s really generating load) and for explaining the failure spike.

Unlabeled high-volume contract activity
Contract 0xc3c0a60ac1d63ce359711a52ce033d94ac4c1092 recorded 2.14M transactions with 136K failed. That single contract’s scale is large enough to shape the network’s daily rhythm—especially on the weekend when failures and peak TPS surged. Regardless of what it represents (new product, automation, or unlabeled infra), it’s the clearest “center of gravity” in raw execution this week.
High-throughput, low-friction execution
StrategyExecutor (0x681e908b8ab57c49c74d770f369754ccc3e1ae09) processed 1.29M transactions with 0 failed. At this scale, “0 failed” is operationally notable: it implies either highly deterministic calls or well-bounded execution paths, and it helped offset the week’s elevated failure profile elsewhere.
Exchange-like venue at scale
World Markets - Exchange (0x5e3ae52eba0f9740364bd5dd39738e1336086a8b) handled 957K transactions with 5.7K failed, aligning with the broader pattern of increased DeFi execution during a week when TVL and wallets surged.

Other contracts to keep on a short watchlist:

Prism - DEXAggregator (0x0be268ebb2114c39ca817fff66503d4785ed019a): 92.4K txs, 36.8K failed — unusually high failed volume consistent with routing/competition dynamics.
MegaETH - USDm (0xfafddbb3fc7688494971a79cc65dca3ef82079e7): 125K txs, 1.1K failed — elevated usage alongside broader stablecoin liquidity expansion.
0xea5df9b3872a80b05b878c09776a559bd8d4e6ac: 74.6K txs, 38.7K failed — a concentrated source of failed calls worth monitoring if it persists.

Reliability & Health

From a network lens, reliability was the main regression this week: the overall failure rate rose to 1.4% (from 0.1% last week) on 277K failed transactions. The failure profile wasn’t uniform—Saturday was the clear outlier at 4.3% failed with 172K failed transactions, matching the week’s peak throughput day (4.01M transactions) and the largest peak TPS (220.8).

This pattern—failures clustering on the highest-load day and around specific high-volume contracts—fits common “competition” dynamics more than generalized chain instability. In particular:

Kumbaya posted a 7.1% failure rate (9.0K failed) while also doubling activity WoW, consistent with more aggressive trading attempts and potentially more routing contention.
Prism (3.5% failure) and GMX (2.6% failure) both grew sharply WoW while maintaining moderate failure rates—suggesting expansion without runaway revert pressure.
On the contracts side, 0xc3c0a60ac1d63ce359711a52ce033d94ac4c1092 and Prism - DEXAggregator (0x0be268ebb2114c39ca817fff66503d4785ed019a) contributed substantial failed volume, pointing toward bot-like retries, racing conditions, or guardrail-style reverts.

Bottom line: the chain handled significantly higher throughput and participation, but the weekend spike exposed a “high contention” regime where a subset of flows produced a disproportionate share of failed transactions.

Failure Rate — Last 14 Days

Market & Ecosystem Context

Despite cautious broader market conditions through much of the week, MegaETH’s DeFi footprint expanded rapidly. TVL rose to $729.5M (today), up +630.1% versus $99.9M seven days ago. The TVL curve accelerated mid-week (e.g., $199.8M on Apr 29 to $688.1M on May 3), aligning closely with the Thursday wallet spike (39.7K) and the subsequent Friday/Saturday throughput expansion—consistent with capital arriving and then being put to work on-chain.

Stablecoin liquidity is now substantial: $694.6M total stablecoin supply on MegaETH, with $562.3M minted and $132.3M bridged. That backdrop supports the observed rise in exchange and routing activity (including the scale seen on World Markets - Exchange and the Prism aggregation surface).

On TGE gating progress (https://www.megaeth.com/token), “Live Mafia Apps” stands at 6/10, with both Kumbaya and Showdown listed among qualified apps—consistent with their WoW transaction growth. However, the $500M USDm criterion remains at 0% with $0.0M circulating, and the “$50K daily fees per app” requirement shows 0 apps above threshold today. In practice, this week moved the on-chain usage and liquidity prerequisites in a favorable direction, but it did not materially advance the explicit fee- or USDm-based triggers.

Week Ahead

Watch whether wallet counts hold anywhere near this week’s elevated baseline after the Thursday spike, and whether failure rates mean-revert from Saturday’s contention-heavy profile. The other key thread is attribution: if the unlabeled high-volume contracts remain dominant, identifying and tracking them will matter as much as the named DApp leaderboard for understanding where MegaETH’s load and user intent are actually coming from.