Ethereum layer-2 network MegaETH started its initial coin offering auction on Monday—and it became oversubscribed in just five minutes. Now, approximately five hours later, it has attracted $350 million in pre-deposits at a “hypothetical” fully diluted valuation of $7 billion.

MegaETH has gained significant hype over the past year, following the launch of its testnet in March. Its primary selling point, especially as an Ethereum scaling network, is its fast transaction execution speed—with some users reporting that it makes Ethereum feel “instant.”

As a result, over 100,000 users completed know-your-customer procedures ahead of the MegaETH initial coin offering, also referred to as an ICO. Those users now have 72 hours to place a bid, and allocations will be revealed next week. Now several times oversubscribed, allocations will be determined by assessing past engagement with MegaETH and Ethereum communities, both via “social and on-chain” methods. 



The “hypothetical” $7 billion fully diluted valuation is only the result of the ICO’s oversubscription. Once allocations have been determined, MEGA will have an FDV of $999 million.

In the first two hours of the ICO, according to Arkham Intelligence, 819 addresses committed a maximum of $186,282 in USDT apiece to the MegaETH sale address.

Predictors on Polymarket believe there is a 27% chance that there will be up to $1.8 billion worth of commitments to the public sale. Meanwhile, others on the platform predict an 84% likelihood that it raises less than $1 billion.  

The ICO is selling 5% of the total 10 billion token supply. Those based in the United States will be required to lock up their funds for a year; this was also seen during the ICO for stablecoin blockchain Plasma due to U.S. regulations. The lock-up is optional for non-U.S. participants, but it may help gain allocation.

According to the MegaETH MiCA whitepaper, the token generation event will take place at least 40 days after the public sale concludes, which would be mid-December at the earliest. That said, the whitepaper also estimates the token will launch in January 2026.

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