MegaETH Testnet: step by step guide

MegaETH is a high-speed L1 blockchain, fully EVM-compatible, built for hyper-performance and scalability. The team recently launched their testnet, instantly catching the attention of the crypto community with bold claims and impressive tech. In this guide, we'll walk you through how to participate in the MegaETH testnet and potentially qualify for a future airdrop.

In February 2024, MegaETH closed a seed round with top-tier VCs, including Dragonfly, Figment, Robot Ventures, and more. While the exact numbers haven’t been disclosed, rumors suggest the raise exceeded $10M. The team is focused on building a strong community, and the testnet launch triggered a wave of interest from early adopters and airdrop hunters alike.

On-Chain Insights

Recently LayerHub listed MegaETH, so you can access advanced analytics and statistics of the MegaETH Testnet. LayerHub provides detailed metrics on transactions, user activity and other important indicators, which makes the platform transparent and understandable for ecosystem members.

Ecosystem Page on LayerHub

To make it easier for users to discover opportunities in the MegaETH ecosystem, LayerHub has launched a dedicated Ecosystem Page. This page showcases projects building on MegaETH, along with activities users can complete. With sorting and tag filters, it's now easier than ever to navigate the growing ecosystem and find tasks worth doing.

MegaETH Metrics and User Engagement

Thanks to LayerHub’s integration, users can seamlessly monitor crucial MegaETH metrics, analyze trends, and evaluate their engagement levels in various ecosystem activities. Let's explore the metrics.

Transaction count and Wallets by Active Days

Undoubtedly, MegaETH has achieved impressive numbers in just a few weeks of public testing. The total number of transactions for such a short period of time amounted to almost 300M, with a peak of 95M transactions per day. However, the average number of active wallets per day is not that high for such a project, it stays around 700K.

Thanks to LayerHub, we can dig deeper and look at key metrics regarding wallets. For example, more than 92% of wallets have less than 5 transactions and more than 90% have been active for less than one day.

Wallets by Number of Interacted and Created Contracts

Since the testnet was launched, a little over 515k contracts have been created in total. But the statistics among wallets can be surprising.

From all active users, only 17% have interacted with contracts, from which 53% have interacted with less than 5.

Only 2% of all wallets created a contract, from which 45% created only 1.

How to get into top 10%

So, based on the resulting metrics and numbers, the following criteria for getting into the top 10% of the leaderboard can currently be identified:

• Interact with more than 3 contracts.
• Create more than 1 contract.
• Complete more than 3 transactions.
• Be active for more than 3 days.
• Hold more than 0.15 $ETH.

But it is important to realize that testnet has just launched and the number of interested users will only grow. Therefore, you can use Wallet Checker to monitor the active promotion of the leaderboard and the activity of your wallets.

Let’s get started

Wallet Configuration

Configure your wallet:

• Network Name: MEGA Testnet
• RPC URL: https://carrot.megaeth.com/rpc
• WebSocket URL: wss://carrot.megaeth.com/ws
• Chain ID: 6342
• Currency Symbol: ETH
• Block Explorer URL: https://www.megaexplorer.xyz/

Testnet Tokens

• MegaETH Faucet: maximum 0.005 testnet $ETH per wallet address every 24 hours.
• Gas.zip: claim 0.00002 $ETH Every 24 hours.

Launch and Trade Tokens on GTE

Launch a token (via Takeoff) consider the following:

• 80% of each token’s supply is set aside to be sold on the bonding curve.
• The remaining 20% is reserved to see the token’s AMM pool in case of it bonding.
• Tokens bond once all of the 80% of supply on the bonding curve is sold out.
• Once bonded, tokens will start trading on their respective AMM pool immediately. Long migration periods are a thing of the past.

Go to GTE and connect your wallet. Than navigate to Takeoff tab.

Fill in all the necessary information about your token and sign the transactions. 

Also, users can swap tokens on the home page:

After the token swap, we can go to the Earn tab.

• When you provide liquidity to a pool, you earn fees from every trade executed within it.
• The GTE AMM uses a constant-product model, meaning you’ll deposit equal amounts of each token into the pool, maintaining a balanced 50/50 ratio.
• In the future, more mature tokens will be traded in GTE’s fully on-chain CLOB.

Choose the pool that suits you, fill in the fields and sign the transactions. Users can also create their own pool.

Mint cUSD on CAP

Just log in to CAP, enter your wallet address and get test cUSD.

Borrow and Lend on Teko

Go to the Teko page and mint all test tokens.

Then, we can use the borrow function. Go to the Borrow tab, choose your collateral and how much you want to borrow.

Navigate to Earn tab and choose the amount to deposit or expand to see more info on the lending pool risk profile.

Discover or Launch Memes with XL

Go to XL and connect your wallet. Then choose the token you like and buy or sell it.

Users can also create their own token by going to the Create Meme tab:

Fill out all required information and sign the transactions.

Other activities

Follow the ecosystem page on the LayerHub to try out the functionality of each project and stay up to date.

Conclusion

Participating in the MegaETH testnet offers a unique chance to get hands-on experience with a high-speed, EVM-compatible blockchain built for next-level scalability. By interacting with testnet dApps, engaging with smart contracts, and staying active on-chain, you're not only testing the network but also positioning yourself for potential airdrop rewards down the line.

To secure a spot in the top 10% of users:

• Interact with more than 3 contracts.
• Create more than 1 contract.
• Complete more than 3 transactions.
• Be active for more than 3 days.
• Hold more than 0.15 $ETH.

Don't forget to use LayerHub to monitor real-time Onchain statistics, track your wallet ranking via Wallet Checker, and explore the growing MegaETH ecosystem through the dedicated Ecosystem Page. There, you’ll find new projects and tasks that can help boost your Onchain activity and overall testnet performance.