MegaETH raises $50 million in minutes as MEGA token sale tops 3x demand
Ethereum L2 protocol MegaETH's public MEGA token sale sold out in minutes, raising nearly $50 million.Summary
The public auction for the MEGA token, the native asset of the Ethereum Layer 2 protocol MegaETH, concluded successfully within minutes of launching, raising the maximum allowed amount of $49,950,000 by selling 5% of the total supply. This sale valued the project's fully diluted valuation (FDV) at $999 million, although demand was reportedly over three times that amount, suggesting an implied FDV of over $3 billion at the time. The sale, conducted in USDT on the Ethereum mainnet, had minimum and maximum individual bids set, and participants could receive a 10% discount by locking their tokens for one year. The MEGA token allocation includes 9.5% for the team, with 70.3% reserved for the team, ecosystem, and staking rewards, and 14.7% for VC investors. The protocol positions the token as the economic driver for its novel infrastructure features, including sequencer rotation and proximity markets.
(Source：The Block)