In short
- MegaETH has attracted $350 million in pre-deposits at a “hypothetical” fully diluted valuation of $7 billion, just hours after opening its initial coin offering.
- The “hypothetical” fully diluted valuation is merely the result of the ICO’s oversubscription. Once allocations are finalized, MEGA will have an FDV of $999 million.
- The Ethereum Layer-2 scaling network received a lot of hype this year, thanks to a vibrant testnet that received generally positive performance reviews.
Ethereum layer-2 network MegaETH launched its first coin offering auction on Monday – and it was oversubscribed in just minutes. five minutes. Now, about five hours later, it has attracted $350 million in pre-deposits at a “hypothetical” fully diluted valuation of $7 billion.
MegaETH has received significant hype over the past year, following the launch of its testnet in March. Its main selling point, especially as an Ethereum scaling network, is its fast transaction execution speed some users report that it makes Ethereum feel “immediately.”
As a result more than 100,000 users completed know-your-customer procedures prior to the initial offering of MegaETH coins, also known as an ICO. These users now have 72 hours to submit a bid, and the allocations will be announced next week. Now several times oversubscribed, the allocations will be certain by reviewing previous involvement in MegaETH and Ethereum communities, both via “social and on-chainmethods.
The “hypothetical” fully diluted valuation of $7 billion is merely the result of the ICO being oversubscribed. Once allocations are finalized, MEGA will have an FDV of $999 million.
In the first two hours of the ICO, according to Arkham Intelligence819 addresses have allocated up to $186,282 in USDT each to the MegaETH selling address.
Forecasters on Polymarkt believe there is a 27% chance that there will be up to $1.8 billion in public sale commitments. Meanwhile, others on the platform predict an 84% probability of it raising less than $1 billion.
The ICO will sell 5% of the total token supply of 10 billion. Those based in the United States will have to freeze their money for a year; this was also seen during the ICO for stablecoin blockchain Plasma due to US regulations. The lock-up is optional for non-US participants, but can contribute to obtaining allocation.
According to the MegaETH MiCA white paperthe token generation event will take place at least 40 days after the public sale is completed, which would be mid-December at the earliest. That said, the whitepaper also estimates that the token will be launched in January 2026.
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