Alpha Recap #13: MegaETH Tokenomics, USD.AI, and the New ERC-8004 Standard

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MegaETH: 53% of the Supply Will Be Distributed Based on Four Objectives

As MegaETH’s mainnet approaches, the outlines of the future MEGA token continue to take shape.

Namik, one of MegaETH’s co-founders, stated that after the TGE, 53% of the remaining MEGA token supply will be distributed progressively as each of the following milestones is reached:

• Ecosystem growth (TVL, USDm supply)
• MegaETH decentralization (Stage 2 plus data availability tiers)
• MegaETH performance (increasing throughput and reducing latency)
• Ethereum decentralization (the precise objectives for this KPI will be defined through a study conducted with the growthepie analytics infrastructure)

The concrete idea behind this mechanism is to avoid the well-known “low float / high FDV” issues observed across many token launches. Thanks to this model, dilution is theoretically constrained by a milestone-based system that reflects genuine long-term growth.

In addition, with the stated objective of rewarding the most aligned users, which MegaETH has emphasized so far, these unlocked tokens will be distributed to MEGA stakers, proportionally to the duration of staking.

USD.AI Unveils Its Native Token

USD.AI has simultaneously announced the launch of its future token, CHIP, as well as the creation of a foundation responsible for overseeing its issuance and governance.

As a reminder, the protocol is built around two stablecoins. The first, USDai, is a liquid and DeFi-composable stablecoin collateralized by short-term US Treasury bills. sUSDai is its yield-generating staked version, whose value gradually increases. At this stage, it remains almost entirely backed by T-bills.

The CHIP token will have no direct economic role and is positioned exclusively as a governance instrument. Its holders will be able to vote on the protocol’s strategic decisions, notably treasury allocation and changes to its structure.

The initial distribution of CHIP will rely on two mechanisms. At the time of the TGE, 30% of the circulating supply will be allocated via an airdrop, while the remaining 70% will be distributed through an ICO. Users will have to choose between these two options, as a single address cannot participate in both channels.

Since the Allo program, which determines one of these two distribution mechanisms, is still ongoing, it remains possible to accumulate points, notably via Pendle YT.

What Does ERC-8004 Change in Practice?

ERC-8004 was deployed yesterday on the Ethereum mainnet. This standard positions itself as a new structural building block of the AI Agent Economy, alongside the x402 standard recently introduced by Coinbase. In practice, the two approaches are not competing but fully complementary, each addressing a distinct layer of agent-based infrastructure.

Until now, accessing an AI Agent almost systematically required relying on a centralized off-chain intermediary, limiting transparency, verifiability, and composability.

ERC-8004 fundamentally changes this dynamic by introducing a decentralized, transparent, and participatory trust layer. In practice, each AI Agent is assigned an on-chain identity via an ERC-721 compliant NFT, combined with an evolving trust score.

This score sits at the core of the system. It is established based on votes emitted by other AI Agents, according to predefined criteria such as response time, availability, and measured performance, notably in terms of yield when the Agent offers such a service. All of this information is recorded in a public registry, accessible at any time by any ecosystem participant.

In concrete terms, this marks the first time that AI Agents can interact directly with one another in a native way, without external intervention. Ethereum thus becomes the coordination layer for these entities, enabling them to collaborate within a secure, transparent, and fully composable framework at the scale of the entire ecosystem.

It remains to be seen whether this standard will succeed in materializing an economy built around tokens capable of capturing this new source of value, or whether, like the x402 protocol, it will remain a purely technical advancement.

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