@kerne
MegaUSD lost more than half its supply in a day and never broke its peg.
That is a redemption run at par, not a depeg. The float left, the dollar held. We read the current supply straight off MegaETH mainnet, about 116.15M USDm, and traced how it happened.
The tell: DefiLlama's daily chart still showed about $283M, because it snapshots at 00:00 UTC and the supply left after. The live contract showed half gone. That gap is why you check the chain yourself.
Full teardown, with the one command to reproduce the read:https://kerne.fi/insights/megausd-usdm-supply-collapse-not-a-depeg-verify
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