Original source: MegaETH

Editor's note: Yesterday, MegaETH launched a pre-deposit event, but during the process, due to a temporary change in the hard cap and difficulties in user deposits, there were some discontent voices in the community. Subsequently, MegaETH's official account responded on social media, apologized, and stated that withdrawals would soon be opened, emphasizing the safety of user funds.

Below is MegaETH's review of the event and response to the community:

The situation that occurred previously is unacceptable to us. A series of minor technical issues compounded, leading to a user experience that did not meet expected standards.

We understand that some users may wish to withdraw their funds, especially those who deployed funds based on the expectation of a $250 million cap. Therefore, we will launch a withdrawal page in the coming days and simultaneously release detailed explanations regarding the pre-deposit bridging event. User funds have never been at risk, and we sincerely thank everyone for their support.

Event Review

Given the scale of participation, we believe it is necessary and transparent to restore the events that transpired, so we can collectively plan the next steps. Although the assets have always been safe, this is not an excuse—we hold ourselves to a higher standard.

Here is a complete retrospective of the events:

Preparation Phase

First, we need to clarify all the steps involved in the event:

1. Pre-deposit website

→ Operated by MegaETH

→ Sends KYC validity verification requests to the Sonar API

2. Pre-deposit contract

→ Operated by MegaETH through a Safe multi-signature wallet (4/6)

→ Responsible for setting sales time, cap parameters, and Sonar sales unique identifier (SaleUUID)

→ Only accepts valid signed deposits from the website, preventing bot operations

3. Sonar system

→ Operated by Echo

→ Responsible for verifying KYC information for specific sales

Problem Source

Here are the issues that arose during the operation of the event:

• SaleUUID matching anomaly

The SaleUUID stored in the pre-deposit contract did not match the system, causing transaction initiation failures.

Correcting the erroneous value required executing a multi-signature transaction (coordinating 4 out of 6 signers), which consumed a lot of coordination time.

• Sonar throttling mechanism and system downtime

Sonar began intercepting access requests due to incorrectly configured traffic limits (thresholds set too low).

Users were unable to complete fund deposits.

After discovering the issue, it took 23 minutes to locate the root cause and deploy a fix.

• Random restart mechanism

After resolving all server issues, the system randomly restarted according to a pre-set automation mechanism (this design aims to ensure fairness).

However, after the system restart, the fundraising cap was instantly reached.

• Sudden influx of funds

The $250 million cap was quickly filled by users continuously refreshing the pre-deposit website.

The team decided to raise the cap to $1 billion at the next full hour (about 40 minutes later), requiring another 4/6 multi-signature transaction to adjust parameters.

The team had completed the signature collection and was ready to submit at the scheduled time.

However, the operator executing the cap increase transaction was unfamiliar with the functions of the Safe wallet.

• $500 million cap and suspension decision

At this point, more users frequently refreshing the website discovered they could resubmit deposits, while users following official channels were unable to perceive the cap adjustment in time.

The team initially attempted to set a new cap of $400 million to balance the advantages of early depositors, but by the time the transaction was confirmed, deposits had exceeded the expected scale.

Ultimately, a cap of $500 million was successfully set (this cap is currently full).

Given the rapid changes in the hour leading up to the final adjustment, we decided to suspend the originally planned cap expansion to $1 billion. Due to unresolved issues in the KYC verification process that hindered user participation, we will no longer continue to raise the fundraising limit.

This article is from a submission and does not represent the views of BlockBeats.

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