MegaETH’s USDm stablecoin pre-deposit launch hits ‘turbulence’ amid outages and cap flip-flops
MegaETH's USDm stablecoin pre-deposit launch faced major turbulence due to outages and a multisig error that prematurely reopened deposits.Summary
The pre-deposit launch for MegaETH's USDm stablecoin on Tuesday was chaotic, marked by outages and fluctuating deposit caps. The process began with a $250 million cap, but the third-party bridge provider failed immediately, causing an hour-long outage. When service resumed, the cap filled in under three minutes, leading MegaETH to announce a planned increase to $1 billion.
However, a critical error occurred when the cap-increase transaction was queued with an incorrect 4-of-4 signature threshold instead of the intended 3-of-4. This mistake allowed anyone to execute the transaction, causing deposits to reopen about 34 minutes early. Deposits quickly surged past $400 million as MegaETH tried to reset limits to $400 million and then $500 million.
Ultimately, MegaETH abandoned the $1 billion expansion plan, apologizing for the "turbulence" and promising a retrospective. The team stated they would introduce a withdrawal option for users dissatisfied with the rollout.
(Source：The Block)