MegaETH token sale oversubscribed by 8.9x with $450M committed

The initial coin offering (ICO) for the Ethereum layer-2 network MegaETH reportedly sold out within minutes, achieving an oversubscription of approximately 8.9 times its $50 million raise cap, with total commitments reaching over $450 million in just a few hours. The ICO allocates 5% of the 10 billion MEGA token supply, with bids ranging from $2,650 to $186,282, offering a 10% discount for a one-year lock-up. Due to the massive oversubscription, a "special allocation mechanism" will determine final allocations based on past community engagement and lock-up selection. While the project promises millisecond transaction speeds and infrastructure features like sequencer rotation, some analysts caution that the aggressive, synchronized buying might signal speculative pressure or FOMO rather than conviction. MegaETH, developed by MegaLabs and backed by figures like Vitalik Buterin and Joe Lubin, aims to be a fast, smooth extension connected to Ethereum's trusted network, with the token launch scheduled for January 2026.

(Source：Cointelegraph)