MegaETH to offer 5% of its total MEGA supply in English auction at baseline $1 million fully diluted valuation

Ethereum scaling solution MegaETH announced it will conduct a public English Auction for 5% of its total MEGA token supply on October 27th via the Sonar platform. The auction will start with a surprisingly low baseline fully diluted valuation (FDV) of $1 million, although the maximum FDV is set at $999 million with a ceiling price of $0.0999 per token. The project is unlocking 500 million tokens out of a 10 billion cap. MegaETH confirmed the $1 million baseline FDV is intentional, aiming to build a community that shows conviction by purchasing the asset, rather than relying on traditional airdrops. The sale, conducted in USDT on Ethereum mainnet, has minimum and maximum bids per individual, and participants can receive a 10% discount by locking allocations for one year. If the auction is oversubscribed, existing MegaETH community members will receive priority allocations.

(Source：The Block)