MegaETH Weekly Report — Week 20 (May 11 – May 17, 2026)

MegaETH activity accelerated this week: 18.39M total transactions, up +5.8% WoW (18.39M vs 17.37M), even as participation breadth softened to 7.1K average daily unique wallets (down from 7.8K). The week’s shape was defined by a Thursday–Friday throughput surge (both in TPS and failures) and a major DApp leaderboard reshuffle driven by a sharp DeFi breakout and a smaller-but-meaningful GambleFi jump. Network-level reliability stayed broadly stable at 0.5% failed transactions, but a few venues and one unlabeled contract concentrated outsized revert volume.

Network Activity

Volume built steadily from a relatively even start into a clear late-week peak. Monday through Wednesday were consistent but slightly softer (2.57M → 2.52M → 2.44M), with fail rates holding at 0.3% each day—an unusually “clean” three-day stretch for the network’s current baseline. Thursday and Friday then broke the pattern: 2.75M and 2.88M transactions, with failure rates rising to 0.7% and 0.8% respectively. Saturday cooled off (2.59M, 0.2% fails), while Sunday held volume (2.64M) but saw failures re-accelerate to 0.5%.

Throughput corroborated this rhythm. Average TPS climbed from the high-20s early week (29.7 / 29.2 / 28.4) into 33.4 on Friday, and peak TPS tagged 39.6 on the same day. Thursday was nearly as sharp (31.9 avg TPS, 39.1 peak), implying the week’s volume increase wasn’t just more blocks—it was more sustained load. Min TPS stayed tight (27.1–28.4), suggesting no major demand troughs despite the decline in unique wallets.

Gas usage aligned with the late-week acceleration, but with one notable wrinkle: Wednesday—despite being the quietest day by transactions—posted the week’s highest peak gas at 15.9 Mgas/s. That looks like bursty execution rather than broad demand, consistent with intermittent high-intensity contract interaction rather than a market-wide rush. By Thursday/Friday, gas averages rose to 10.3 and 10.8 Mgas/s, matching the sustained TPS lift.

Key network numbers (WoW and weekly shape): 18.39M tx (+5.8%), 7.1K avg daily wallets (-9.3%), 2.88M busiest day (Fri), 33.4 peak avg TPS (Fri), 0.5% weekly failure rate (flat WoW).

For more context across the week, see the main dashboard and network views on miniblocks: https://miniblocks.io/dashboard and https://miniblocks.io/network-heatmap.html.

DApp Leaderboard

This week’s leaderboard story is less about the incumbent at #1 and more about the sudden emergence of a second heavyweight. World Markets remained the top DApp by transactions at 1.19M (+7% WoW), but Euphoria exploded to 893K (+853% WoW), turning what was previously a one-leader field into a two-engine week for application-layer activity.

The second defining shift was the sharp rise of GambleFi: Ferdy.bet reached 202K weekly transactions (+2457% WoW). While its absolute volume is still well below the top two, the scale of the jump is large enough to matter for the network’s composition—especially in a week where unique wallets fell even as total transactions grew (more on what that implies in Reliability & Health).

The rest of the top 15 reflects a rotation away from several DEX venues and a modest lift in gaming:

• Offshore Protocol held steady growth at 182K (+7%).
• Kumbaya slipped to 58.7K (-12%).
• Pump Party fell to 39.8K (-17%).
• TopStrike rose to 24.0K (+158%).
• gTrade | Gains Network improved to 20.9K (+26%).
• DEX-labeled venues generally declined: Prism (-26%), GMX (-28%), KyberSwap (-68%), Canonic (-15%).
• CurrentX moved from essentially zero to 2.6K (+51480%), small in absolute terms but notable as a “newly active” footprint.

Competitive landscape highlights: 1.19M (World Markets, +7%), 893K (Euphoria, +853%), 202K (Ferdy.bet, +2457%), 182K (Offshore Protocol, +7%), -68% (KyberSwap decline).

If you’re tracking category composition beyond the top 15, the full catalog is the cleanest jump-off point: https://miniblocks.io/dapps.

Notable Contracts

Two non-registry contracts dominated the week’s “unlabeled” surface area, and they help explain how transactions can rise while wallets fall.

1. StrategyExecutor — 1.26M txs, 0 failed
   The contract labeled StrategyExecutor at 0x681e908b8ab57c49c74d770f369754ccc3e1ae09 cleared 1.26M transactions with zero failures. That profile—very high frequency, extremely clean execution—looks like systematic automation (strategies, keepers, or routing), and it fits the week’s macro pattern: higher throughput without a corresponding rise in unique wallets.

2. drand - DrandOracle — 201K txs, 2 failed
   The DrandOracle at 0x08366085a9ff9a5870f3cebd9fc2af456572783c posted 201K transactions with only 2 failures. High-volume oracle interaction can amplify activity across multiple apps without showing up as “new users,” and it often clusters around periods of heightened on-chain execution.

3. GamePlayerManager — 197K txs, 1.2K failed
   0x183afbbca127cbef02426abed18d983c85dce0ab recorded 197K transactions with 1.2K failed—material enough to register in weekly failures, but not large enough to be a network stability concern by itself. It does, however, align with the week’s modest gaming lift (TopStrike and other gaming footprints).

Other notable contracts (compact view):

• 0x5ff76e230be069360aa2a5f08ce5576f5f34fff7: 143K txs, 0 failed — sustained, clean high-volume activity.
• MegaETH - USDm (0xfafddbb3fc7688494971a79cc65dca3ef82079e7): 99.8K txs, 1.3K failed — elevated rejects relative to peers; worth monitoring.
• StrategyExecutor at 0x07e04e47ca503eb97665d10a2a8e76c2681a02ad: 72.1K txs, 9 failed — same label, much smaller footprint.
• EntryPoint v0.7 at 0x0000000071727de22e5e9d8baf0edac6f37da032: 35.1K txs, 5 failed — steady account abstraction activity.

Contract drivers to remember: 1.26M (StrategyExecutor 0x681e…), 201K (DrandOracle), 197K (GamePlayerManager), 99.8K (USDm), 35.1K (ERC-4337 EntryPoint).

For broader exploration: https://miniblocks.io/contracts and https://miniblocks.io/insights.

Reliability & Health

At the network level, reliability was stable: 83.0K failed transactions on 18.39M total yields a 0.5% failure rate, unchanged from last week (0.5%). The more important signal is when failures clustered: they were low and steady early week (0.3% Mon–Wed), spiked on Thursday (0.7%) and Friday (0.8%), then normalized Saturday (0.2%) before rising again on Sunday (0.5%). This pattern matches the TPS acceleration—more load, more competitive execution, more expected reverts.

On a per-DApp basis, the outliers were concentrated:

• TopStrike: 71.5% failure rate (17.2K failed) — this is the kind of profile commonly associated with highly competitive transactions (bots, race conditions, gating mechanics), not necessarily degraded UX.
• gTrade | Gains Network: 39.3% failure rate (8.2K failed) — similarly high; often consistent with strategy execution and rapid price/position updates.
• KyberSwap and Prism: 18.1% and 17.8% failure rates — elevated, but on much smaller volumes.
• World Markets: 1.2% (14.2K failed) — notable mainly because it’s applied to the week’s largest DApp by volume.

One contract stands out as a concentrated revert source: 0xf8183d13fea78fcc20ed5f184597a8d055570e6e logged 14.2K transactions with 10.3K failed. That kind of ratio is typically consistent with intentional rejection behavior (gating, allowlists, or anti-bot throttles) or highly adversarial submission (spam/MEV competition). It’s worth tracking mainly because it can inflate “failure rate” optics during otherwise healthy weeks.

Health readout: 0.5% network failure rate (flat WoW), 0.8% worst day (Fri), 71.5% (TopStrike) and 10.3K failed (0xf818… contract) as the two most concentrated revert hotspots.

Market & Ecosystem Context

Broader market conditions leaned increasingly risk-off through the week. That posture fits the on-chain split MegaETH showed: transaction throughput rose while unique wallets fell, which is often what you see when activity is driven more by automated execution and a smaller set of power users than by broad-based user expansion.

On the capital side, MegaETH TVL ended at $713.3M versus $789.2M seven days prior (a -9.6% weekly move). That decline isn’t large enough to treat as a standalone “TVL event,” but it does matter in context: this week’s biggest winners by transaction count—Euphoria and Ferdy.bet—can add substantial transactional load without necessarily adding sticky TVL, especially if the dominant behavior is rapid iteration rather than net deposits.

Stablecoin supply on MegaETH stands at $685.4M total ($275.3M minted, $410.1M bridged). In the “Road to TGE” view (https://www.megaeth.com/token), the $500M USDM criterion still reads 0% with $0.0M circulating and $0.0M deposited in apps, even though the on-chain MegaETH - USDm contract itself was active this week (99.8K txs). Separately, the “Live Mafia Apps” counter sits at 6/10 qualified apps; among those listed, Kumbaya and Showdown both drifted down WoW (-12% and -7%), so there’s no clear signal this week that the app-activity mix is pushing that milestone forward.

Context that matters this week: TVL -9.6% over 7d, stablecoin supply $685.4M, “Live Mafia Apps” at 6/10, and the USDM progress line remaining at 0%.

Week Ahead

Watch whether Euphoria can sustain anything close to this week’s 893K transactions, or whether Week 20 was a one-off step change; that will heavily influence whether total network transactions keep rising without wallet growth. Reliability-wise, monitor if Thursday/Friday-style failure spikes reappear—especially around the same high-failure clusters (TopStrike and contract 0xf8183d13fea78fcc20ed5f184597a8d055570e6e). Finally, keep an eye on the unlabeled automation footprint led by StrategyExecutor (0x681e…): if that remains dominant while unique wallets stay pressured, the network’s growth narrative will continue to be “execution intensity” rather than “user expansion.”