MegaETH Raises $50 Million in Minutes as Demand for MEGA Rises
- MEGA Token Raises $50 Million
- Demand triples the supply available to the market
- MEGA's FDV reaches almost US$ 1 billion
MegaETH, a Layer 2 project built on Ethereum, saw its MEGA token sell out in minutes during the public auction held Monday morning. The offering, representing 5% of the total supply, raised $49,95 million, the maximum amount allowed for the sale, bringing the initially scheduled 72-hour window to a close early.
O auction success also reflected excessive investor interest. Demand exceeded the available supply by more than three times, which, considering the amount offered, would indicate a potential Fully Diluted Valuation above US$3 billion. The effective FDV at the end of the sale was US$999 million, as shown on MegaETH's official website.
The operation was conducted exclusively with the USDT stablecoin on the Ethereum mainnet. To participate, investors had to meet a series of eligibility requirements, including proof of accreditation for US citizens. International participation was also permitted, but limited to a single wallet address per investor.
MegaETH also offered the option of locking up allocations for 12 months, with a 10% discount for participants who accepted the condition. This mechanism sought to encourage long-term support for the MEGA token and reduce selling pressure after the distribution.
The new token will function as the protocol's economic unit, which proposes structural improvements to Ethereum's scalability. Among the points highlighted in the project's whitepaper are two components: decentralized sequencer rotation and proximity markets, both designed to improve speed and settlement.
MEGA's initial distribution includes 10 billion tokens, of which 70,3% will remain reserved for staking rewards, ecosystem development, and team development. Institutional investors who participated in previous rounds hold approximately 14,7% of the supply. Earlier this month, the project repurchased approximately 4,75% of the tokens previously allocated to private groups.
MegaETH is among the initiatives that seek to ensure greater decentralization and competitiveness in Ethereum's second-layer environment. The rapid market uptake of the MEGA token reinforces institutional appetite for projects focused on scalability and infrastructure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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