MegaETH Raised 50 Million Dollars in Minutes

Ethereum-based new scaling project MegaETH raised 49.95 million dollars in just minutes during its MEGA token sale. The project began its public token sale on Monday, completing the sale in just a few minutes instead of the planned 72-hour duration, capturing the attention of investors.

In the sale, 5% of the total supply was sold, bringing the project's fully diluted valuation (FDV) to nearly 999 million dollars. Although MegaETH reached its maximum target of 50 million dollars, it witnessed overwhelming demand, with bids amounting to over 3 billion dollars in FDV. The sale allowed each participant to invest a maximum of 186,282 dollars and a minimum of 2,650 dollars, conducted via USDT stablecoin on the Ethereum mainnet.

Investors were offered a 10% discount if they locked their tokens for a year. In the technical documentation released by MegaETH, it was stated that 9.5% of the MEGA token supply is allocated to the project team, 70.3% is distributed among the team, ecosystem reserves, and staking rewards, while the investor share stands at 14.7%. The project also drew attention by repurchasing 4.75% of tokens from early investors earlier this month.

The MegaETH team positions the MEGA token as the economic engine for new infrastructure features such as sequencer rotation and proximity market. The success of this sale once again highlighted that the appetite for layer-2 solutions in the market remains strong.