MegaETH TVL Surges 149% Since TGE — But 92% Is Locked in a Single Aave Deployment

MegaETH's total value locked has climbed from $305.44M at token generation event to $760.67M — a 149.04% gain — but the headline number carries a significant caveat: roughly $700M, or 91.9% of all TVL, sits in a single Aave protocol deployment.

The concentration risk is hard to ignore. Strip out that one protocol and MegaETH's broader DeFi ecosystem looks considerably thinner than the top-line figure suggests.

Meanwhile, the MEGA token itself has shed 30.05% since TGE, dragging FDV down by the same margin. The divergence between surging TVL and a falling token price points to a classic post-launch dynamic: liquidity is being deployed into the ecosystem, but speculative demand for the native token has cooled sharply.

Source: [Aave Price | AAVE Price Today, Live Chart, USD converter, Market Capitalization | CryptoRank.io](https://cryptorank.io/price/aave)