According to CoinMeta, the megaeth Foundation announced this week that it has renamed itself mega and has laid off 20% of its staff in order to advance business restructuring and strategic transformation. Co-founder Shuyao Kong stated that the layoffs affect employees involved in the development of Ethereum’s Layer network, wallets, and ecosystem. Founders, early employees, and the core engineering team will continue to push forward with project development. Previously, when announcing the name change, the megaeth Foundation pledged to invest $30 million in developing new products, including AI. megaeth launched its mega token in April of this year, with 53.3% of the token supply tied to staking rewards based on key performance indicators (KPIs).