Ethereum scaling solution MegaETH plans to launch a public auction of its MEGA token on Oct. 27, offering 5% of the project’s total supply starting at a surprisingly low $1 million fully diluted valuation. The sale will be conducted on the crypto crowdfunding platform Sonar, which was recently acquired by Coinbase.
According to an announcement on Wednesday, the sale will run for 72 hours as an English Auction with a ceiling price of $0.0999 per token, or a maximum FDV of $999 million. There will also be a maximum bid of $186,282 and a minimum of $2,650 per individual.
MEGA’s opening price will start at $0.0001 and grow as more buyers purchase tokens. The project is unlocking 500 million tokens out of its 10 billion cap.
Several crypto industry observers initially thought the starting “$1M FDV” was a typo. The Block confirmed with the MegaETH team that the baseline FDV is correct.
In a blog post on X, founding contributor of MegaLabs Namik Muduroglu explained that traditional token airdrops “never made sense” as a way to align community members, inspiring the project to take a different approach.
“We want to build a community composed of people who show conviction in our thesis by purchasing and using the asset,” Muduroglu wrote. Notably, the project will also “prioritize existing MegaETH community” members if the English auction is oversubscribed.
“The bimodal allocation process ensures broad token distribution while prioritizing key contributors,” Muduroglu said. If oversubscribed, MegaETH core supporters will receive priority allocations, though at least 5,000 participants will receive the baseline allocation starting at $2,650.
The sale will be conducted through the USDT stablecoin on the Ethereum mainnet. Buyers can choose 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 will be considered as eligible participants, with only one wallet address permitted.
© 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.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
