Ethereum Layer 2 protocol MegaETH’s public token sale appears to have been a runaway success.
MegaETH’s public auction of its MEGA token, which kicked off Monday morning and was scheduled to last 72 hours, sold out within minutes, raising $49,950,000, the maximum allowed. Selling 5% of the project’s total supply pushed MEGA’s fully diluted valuation to $999,000,000, according to the sale’s website.
Although the sale was capped at roughly $50 million, the offering was more than three times oversubscribed at an FDV of more than $3 billion at the time of publication. MegaETH instituted a maximum bid of $186,282 and a minimum of $2,650 per individual.
The sale is being conducted using Tether’s USDT stablecoin on the Ethereum mainnet. Buyers are able to lock up their allocations for one year to receive a 10% discount, according to an FAQ. Only verified accredited U.S. persons and verified non-U.S. persons are considered as eligible participants, with only one wallet address permitted.
According to a recent whitepaper, the MEGA token includes a modest 9.5% allocation to the project’s team, with the protocol positioning the token as the economic engine for a pair of novel infrastructure features, including sequencer rotation and proximity markets.
In total, 70.3% of MEGA’s 10 billion supply is reserved across the team, ecosystem reserves, and staking rewards, and about 14.7% allocated to MegaETH’s venture capitalist investors. Earlier this month, the Layer 2 blockchain project announced it would repurchase approximately 4.75% of its token supply from early investors.
Earlier this month, MegaETH bought back 4.75% of its stake from undisclosed early investors.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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