Author | @0xChefGoose

Compiled by | Odaily Planet Daily (@OdailyChina)

Translator | Dingdang (@XiaMiPP)

Editor’s Note: As a highly anticipated infrastructure project, the public offering of MegaETH has now concluded. Official data shows that MegaETH's public sale has raised $1.3 billion (with a cap of $50 million), oversubscribed by 27.8 times. The core application of MegaETH is MegaMafia, an accelerator program supporting native on-chain applications, which is key to MegaETH's unique identity. Cap Money is the first project to launch a points program on MegaETH, and this article provides a data-driven assessment of the potential of participating in this project.

The focus of this article is not to introduce @capmoney_, but rather a bold, and possibly erroneous, speculation—some conjectures about the first points program on MegaETH. Cap is an innovative stablecoin protocol—this part I can explain in more detail later, or you can check out @phtevenstrong's recent video (there's a link in the original post).

@capmoney_ is the first project included in MegaMafia (@megaeth's accelerator program), which has officially launched on the Ethereum mainnet and introduced its own points program.

As for why it launched on Ethereum, we can look directly at the explanation from founder @Benjamin918_:

Cap Frontier Program: Cap's Points Program

This points program is called the Cap Frontier Program and has been officially running since August 18. It has gone through three phases:

Epoch #1: Launched on August 18

Epoch #2: Launched on September 1

Epoch #3: Launched on October 13

So, how much is a point worth? Let's look at some public data:

According to the Dune data dashboard, as of the writing of this article, Cap has distributed 115,947,711,804 points (caps).

• Epoch #1 started on August 18 and has been running for about 71 days
• An average of about 1.633 billion points is distributed daily
• The project is planned to continue until January 18, 2026 (it may end earlier depending on internal metrics)
• Based on this, approximately 83 days remain

Assumption: If the points program continues until January 18, 2026, and the daily distribution rate remains unchanged, the final expected total will be about 250 billion points.

Simulated Valuation Scenarios:

This table shows the logic for estimating the value of points under different conditions:

• Rows: represent how much total token supply will be airdropped to points program participants. Generally, a generous airdrop ratio is between 20%-30%.
• Columns: represent the fully diluted valuation (FDV) at the time of token listing.

Note: The author states that they are not sure about the reasonable valuation range, so a wider range is provided for "smarter people" to use as a basis for speculation.

So how much can the points actually be worth?

The conclusions are in the image below.

To be honest, this number may not be very large—because the number of points they are distributing is simply too high. But we can look at the potential "hope (hopium)" and "placebo (copium)" from different scenarios.

Based on the current data, looking at it from another angle:

• To enter the top 1% of the points leaderboard requires about 150 million points
• To enter the top 10% requires about 5.9 million points

I personally believe that as the launch of the MegaETH mainnet approaches, the attention and total value locked (TVL) of @capmoney_ will continue to rise, and this growth will be more significant after the mainnet launch.

So the question arises: Should I invest in Cap?

I currently rank in the top 1% of the points program, so I have my biases. But if you ask me if it's worth participating? I would say—yes, it is worth it. Here are the reasons:

• Strong team with excellent execution
• Good creativity and product mechanism
• More than half of the points program's duration remains (not too late)
• High community interest, current TVL has exceeded $350 million
• Access to the MegaETH ecosystem, which may provide additional exposure opportunities in the future. Cap users may enjoy a higher chance of winning in future public sales
• The project is still relatively "niche," with lower competition (underfarmed)

Even if you can't get into the presale this week, you can take a step ahead—start laying the groundwork in the MegaETH ecosystem, starting with Cap.

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