The sale of the MegaETH token supported by Vitalik Buterin is starting.

Ethereum's (ETH) new scaling project MegaETH is launching a MEGA token auction on October 27, starting with a valuation of only 1 million dollars. This project stands out as one of the most ambitious scaling solutions in the Ethereum ecosystem. The auction will be conducted through Sonar, a platform newly owned by Coinbase, featuring 500 million MEGA tokens, which corresponds to 5% of the total supply.

When the opening price hits, it will be set at 0.0001 dollars, and the token price is expected to gradually increase based on high demand. The duration of the auction has been announced as 72 hours. The maximum token price for participants will be limited to 0.0999 dollars, which translates to a market value of 999 million dollars. The minimum bidding limit has been set at 2,650 dollars, while the maximum bid is capped at 186,282 dollars. Sales transactions will be conducted on the Ethereum mainnet using the USDT stablecoin.

Participants can receive a 10% discount if they lock their tokens for one year. In a statement made during the auction process by MegaETH's co-founder Namik Muduroğlu, it was expressed that traditional airdrop models are not sufficiently motivating for communities. “We want the community to be joined by those who truly believe in our vision,” Muduroğlu said, highlighting the project's aim to maintain a wide participation and prioritize early supporters with its “bimodal distribution model.”

The auction will be structured to allocate resources primarily to existing MegaETH community members in the case of excessive demand. Furthermore, it is guaranteed that at least 5,000 participants will receive the 2,650 dollar base share in the auction. MegaETH’s innovative sales model, starting with a 1 million dollar valuation, is drawing attention in the market. While some analysts believe this valuation is a mistake, the project team emphasizes that the figure is a “correct and conscious choice.”