Following its rebranding as MEGA this week, the MegaETH Foundation has laid off 20% of its staff to facilitate business restructuring and strategic transformation. MEGA co-founder Shuyao Kong stated that the layoffs affect employees involved in the development of the Ethereum Layer 2 network MegaETH, wallets, and ecosystem; founders, early employees, and the core engineering team will continue to drive project development. Previously, when announcing the rebranding, the MegaETH Foundation pledged $30 million to develop new products, including AI inference. MegaETH launched its MEGA token in April of this year, with 53.3% of the token supply pegged to staking rewards based on key performance indicators (KPIs). (The Block) https://wublock123.com/news/megaeth-foundation-rebrands-mega-cuts-20pc-staff-plans-30m-ai-investment-71938