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first_img The on-chain lottery protocol Megapot will close its official application on December 1

On-chain lottery protocol Megapot announced that it will close the official application megapot.io and the Telegram application on December 1, shifting its focus to the enterprise-level lottery platform Prizerail, which operates independently of the protocol. Public information shows that the project has received support from Dragonfly and Coinbase Ventures. Megapot stated that the protocol itself will not change, remaining fully on-chain and permissionless, and applications or tokens built on this protocol can continue to operate. As of October 29, the official website and Telegram mini-program have stopped ticket sales; the liquidity supporter program, registration rewards, referral rewards, and guaranteed bonuses have all ended, and the points program is suspended. Bonuses that have been earned can still be claimed, and users can currently withdraw their balances without identity verification.Megapot explained that after December 1, on-chain lottery bonuses and referral fees can still be claimed through Basescan or third-party applications; guaranteed bonuses belong to off-chain projects and must be claimed before that date, with bonuses in the form of free lottery tickets available for claim in USDC. Accounts logged in with email, X, or Telegram must withdraw funds before December 1, after which the accounts will be unavailable; users who connect their wallets independently will still own their lottery tickets and bonuses. Liquidity providers can continue to provide liquidity or withdraw at any time, and the team stated that no new supporter programs will be launched. The data interface is currently considered deprecated, and the team will no longer maintain it, with services set to stop later.Regarding the reasons for the adjustment, Megapot stated that most applications use lotteries as rewards for deposits, transactions, and referrals, with the majority of the protocol's transaction volume coming from this usage. To serve larger-scale applications, the team launched the enterprise brand Prizerail, which generally requires compliance with U.S. regulations, provides legal memorandums to payment service providers, and does not wish to be associated with betting. The team stated that they have communicated with legal advisors and will provide the above capabilities independently of Megapot. Among the 20 potential clients generated after the introduction in Singapore, 19 chose Prizerail, and only 1 chose Megapot. There are already dozens of independent applications on the protocol, which have paid out over $1 million in bonuses, with ticket sales increasing threefold in the past three months, and the liquidity pool in the past month not relying on incentives for the first time.

first_img MegaETH ecosystem MNX launched, introducing futures for private AI companies such as OpenAI

According to CoinDesk, the cryptocurrency exchange MNX, developed by the prediction market platform Manifold Markets, officially launched on Tuesday, offering futures contracts linked to the valuations of private AI companies such as OpenAI, Anthropic, DeepSeek, and Moonshot. The platform is built on the MegaETH blockchain and completed a $6.4 million funding round in June, led by Village Global.Compared to existing products from OKX and Bitget, MNX's contracts expire at the end of 2027 and do not charge periodic funding rates; the perpetual contracts offered by Bitget and OKX have no expiration date. Max Killberg from Village Global stated that AI is driving one of the largest investment cycles in history, but the financial infrastructure surrounding it remains quite underdeveloped. The organization hopes to build financial markets around AI rather than just betting on another prediction market.Stephen Gruggett, co-founder of Manifold Markets, indicated that MNX's model is better suited for private companies like OpenAI and Anthropic, which have infrequent equity trades and are difficult to price. Traders can use up to three times leverage, with prices determined by trading activity on the MNX platform rather than external price sources.If the company is still not publicly listed when the contracts expire, the exchange will use public valuations from funding rounds, investment funds, or secondary markets; MNX currently does not serve U.S. customers but plans to obtain the necessary licenses and intends to launch markets covering a broader range of the AI economy, including company revenue, employment, housing, AI supply chains, and computing power.
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