According to reports, the initial coin offering (ICO) of the Ethereum Layer 2 network MegaETH was "sold out" within minutes, with an oversubscription of approximately $400 million, as users rushed to obtain allocations of its MEGA tokens.
This Ethereum Layer 2 network launched the MEGA token auction on Monday, with a fundraising cap slightly below $50 million, but the auction received over $450 million in subscription commitments within just a few hours.
Overall, this ICO will allocate 5% of a total supply of 10 billion tokens, with a maximum bid amount of $186,282 and a minimum bid of $2,650, offering an option for a one-year lock-up period with a 10% discount.
Due to the oversubscription, when the countdown ends in two days, a "special allocation mechanism" will be used to determine each user's allocation. According to the auction FAQ, this mechanism will consider past participation in the MegaETH and Ethereum communities, as well as whether a lock-up period was chosen.
The project's white paper lists the token release date as January 2026. The token will be traded on announced centralized exchanges and decentralized exchanges operating on MegaETH, functioning as a standard ERC-20 token, but will also serve as "an economic engine for a pair of novel infrastructure features, including sorter rotation and adjacent markets."
Reports on X indicate that the token was oversubscribed within minutes. According to blockchain analysis platform Arkham, the cap was reached five times over within just two hours, with 819 addresses committing to the maximum bid.
Brian Q, an analyst at on-chain analysis platform Santiment, stated on Tuesday, "Such aggressive, synchronized buying could be a dangerous signal."
He said, "When too many participants move in the same direction at the same time, it can amplify speculative pressure, increasing the risk of a sharp reversal, and may reflect social momentum more than fundamentals."
However, he also noted that this could be driven by the project's grand promises. The creators of MegaETH, MegaLabs, have raised significant funds and received support from some of the most influential figures in the industry, including Ethereum co-founders Vitalik Buterin and Joe Lubin.
The project aims to achieve millisecond transaction speeds after launching its testnet in March.
Brian Q said, "Ultimately, MegaETH has garnered so much hype because it promises what everyone in cryptocurrency wants: a blockchain that is as fast and smooth as a regular application while still connected to the trusted Ethereum network."
Related: Ledn's Bitcoin (BTC) loan issuance surpasses $1 billion year-to-date.
Original article: “MegaETH Token Sale Oversubscribed by 8.9x, Securing $450M in Commitments”
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