MegaETH’s MEGA sale sells out in minutes at $3B valuation
MegaETH’s MEGA public sale sold out within minutes, was roughly 3x oversubscribed and implied a valuation above $3 billion, according to the sale page.
MegaETH’s public sale of its MEGA token sold out within minutes on Monday and drew roughly three times the available demand, according to the project’s sale page. The page also showed an implied valuation above $3 billion at the time of the sale.
The Ethereum Layer-2 project offered 5% of its 10 billion-token supply. The sale, conducted in USDT on the Ethereum mainnet, listed a maximum price of $0.099 per token. MegaETH’s info page showed more than $150 million in bids at the ceiling price and an implied fully diluted valuation of about $3.05 billion during the initial window.
Eligibility was limited to verified accredited U.S. persons and verified non-U.S. persons, with one wallet per participant. Individual contribution limits ranged from roughly $2,650 to about $186,282. Buyers could opt for a one-year lock-up in exchange for a 10% discount. The lock-up is mandatory for accredited U.S. investors and optional for non-U.S. participants, per the sale materials.
Project documents describe MEGA as the network’s economic unit, supporting features such as sequencer rotation and proximity markets. The team allocation is 9.5% of supply. In total, about 70.3% of tokens are reserved across the team, ecosystem reserves and staking rewards, with roughly 14.7% allocated to venture investors.
“Once the MegaETH mainnet goes live, eligible users (Fluffle holders and anyone who attempted to get allocation in the Echo or Public Sale) have an opportunity to receive additional tokens after actively using apps in the MegaETH ecosystem,” the site states.
The public sale follows earlier community rounds, including the Echo and Fluffle NFT offerings. Earlier this month, the project repurchased around 4.75% in equity and token-linked warrants from early pre-seed investors. Backers include Ethereum co-founders Vitalik Buterin and Joe Lubin, who participated in a $20 million seed round led by Dragonfly.
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