MegaETH Layer-2 ICO Hits $360M Commitments, Oversubscribed Quickly
The Ethereum Layer-2 network MegaETH launched its initial coin offering on October 27, quickly raising $360.8 million with the token priced at $0.0999.
- The sale was oversubscribed in five minutes, creating a hypothetical fully diluted valuation of $7.2 billion, though the official valuation will be $999 million based on a $49.95 million raise cap.
- A total of 500 million MEGA tokens are being sold, representing 5% of the total 10 billion supply through a 72-hour English Auction.
- Over 100,000 users completed KYC procedures prior to the sale, and 819 addresses committed the maximum individual amount of $186,282 in USDT within the first two hours.
MegaETH will allocate tokens based on participants' engagement with the MegaETH and Ethereum communities. US-based participants must lock their tokens for one year, while others have optional lockups.
- The MegaETH testnet launched in March 2025 aims for transaction speeds of 100,000+ per second with block times under 10 milliseconds.
- The project secured $20 million in seed funding in June 2024.
The Token Generation Event is anticipated in January 2026, amidst other significant DeFi fundraising activities and upcoming token unlocks totaling over $650 million across altcoins.