The Decrypt News roundup with TylerD - May 1st

— Mega ETH token launch: Ethereum layer 2 debuted its Mega Token in what the host calls the biggest token launch of 2026. The chain targets 100,000 transactions per second and uses performance-based unlocking—53% of tokens only unlock when the network hits specific milestones rather than on a fixed schedule. First milestone was reached on April 23rd when 10 ecosystem apps each hit 100,000 on-chain transactions over 30 days.

— Calsheet rises to top-5 U.S. sportsbook: Prediction market platform Calsheet ranked as the 4th largest U.S. sports betting operator in March, ahead of BetMGM, Caesars, and Bet365. March Madness drove $13 billion in trading volume (up 15x year-over-year), with 86% tied to sports event contracts.

— Wasabi protocol exploited for $4.5 million: An attacker compromised the deployer admin key and drained funds across Ethereum, Base, Bearchain, and Blast. The pattern mirrors recent Drift and Kelp exploits—all centered on centralized admin control.

— DeFi security crisis: April saw over $770 million in losses across 30+ incidents, marking the worst month for crypto security since February 2025.

— Crypto becomes most-muted topic on X: Users are muting crypto more frequently than politics or Iran conflict news via X's snooze feature. Drivers cited include endless token launches, constant shilling, and low-quality promotional posts.

— Monitor Mega ETH execution: The chain's token release is tied to real network performance milestones rather than calendar vesting. Watch whether it hits future KPIs around stablecoin supply, network usage, and stability to assess the viability of its performance-based model.

— Centralized admin keys remain a critical vulnerability: Recent exploits (Wasabi, Drift, Kelp) all stemmed from single EOA admin control. Verify that any protocol you interact with has governance structures that distribute control or employ multi-sig wallets rather than relying on one account.