MegaETH token sale ends with $1.4B in bids, reaching $27.8B FDV
MegaETH's token auction concluded with $1.4 billion in bids, resulting in a $27.8 billion fully diluted valuation.Summary
The Ethereum layer 2 project MegaETH, reportedly backed by Vitalik Buterin and Joe Lubin, successfully concluded its initial coin offering (ICO) with nearly $1.4 billion in total bids, significantly oversubscribing its $50 million raise cap by 27.8 times. This massive oversubscription immediately boosted the hypothetical fully diluted valuation (FDV) of its token, MEGA, to approximately $27.8 billion. The project raised the initial $50 million in just five minutes after the ICO launched on October 27, restricting participation to verified individuals using Tether's USDT, with purchase limits and incentives for one-year commitments. The high interest was likely fueled by the network's novel infrastructure features, such as sequencer rotation, and high-speed transaction capabilities demonstrated in a recent testnet launch, attracting over 100,000 users who completed KYC.
(Source：Crypto Briefing)