Explosive Interest in MegaETH Layer-2 ICO: $360M Pledged in Mere Minutes

Key Points

• The Ethereum Layer-2 network MegaETH’s token event was oversubscribed within five minutes, attracting $360.8 million.
• The oversubscription led to a hypothetical fully diluted valuation of $7.2 billion.

Impressive Valuation

The oversubscription resulted in a hypothetical fully diluted valuation of $7.2 billion. However, the official post-allocation FDV will be $999 million once the final distributions are calculated against the $49.95 million raise cap.

The public sale of MegaETH saw a remarkable response, with more than 100,000 users completing know-your-customer procedures ahead of the sale.

In the first two hours, Arkham Intelligence reported that 819 addresses had committed the maximum individual amount of $186,282 in USDT to the MegaETH sale.

Allocation and Engagement

Due to the overwhelming demand, MegaETH will determine final allocations by assessing participants’ past engagement with the MegaETH and Ethereum communities.

US-based participants are required to lock their tokens for one year, while non-US participants can choose optional lockups that may improve allocation chances.

MegaETH gained attention after its testnet launch in March 2025, which aims to achieve 100,000+ transactions per second with block times under 10 milliseconds.

The project had previously completed a $20 million seed funding round in June 2024.

The Token Generation Event is estimated to occur in January 2026, at least 40 days after the sale concludes.

The MEGA token launch will enter a market facing significant supply pressure from upcoming token unlocks totaling over $650 million across various altcoin projects.