MegaETH ICO Crosses $1 Billion in Commitments – Crypto News – Crypto News
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MegaETH ICO Crosses $1 Billion in Commitments MegaETH ICO Crosses $1 Billion in Commitments

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MegaETH ICO Crosses $1 Billion in Commitments – Crypto News

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9 months ago

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The public token sale conducted via Sonar is oversubscribed by 20x, with just over nine hours until it closes.

MegaETH, a highly anticipated ‘real-time’ Ethereum Layer 2 blockchain, is set to wrap up its initial coin offering (ICO) at 9 am EST on Oct. 30, and despite the raise’s $50 million cap, more than $1 billion is competing for a MEGA token allocation.

According to a community-run dashboard, nearly 38,000 users have contributed to the sale with an average bid of around $25,000.

MEGA Sale Page

The ICO is being conducted via Sonar and is MegaETH’s third community-led raise, following an Echo round in 2024 and a soulbound NFT collection, dubbed the Fluffles, that dropped in February.

Participants can bid up to $186,282 at a valuation of their choice, up to a maximum fully diluted valuation (FDV) of $999 million. While the average valuation of each bid is unknown, it is safe to assume that the full $50 million will be sold at the maximum valuation, considering the demand.

The strong demand is partially catalyzed by the MEGA token’s strong pre-market performance. The token’s pre-market perpetuals on Hyperliquid are trading at $0.43, or a $4.3 billion FDV, which would give ICO contributors an instant 300% return.

MEGA Pre-Perp chart
MEGA Pre-Perp – Hyperliquid

Depositors can lock their ICO tokens for one year to receive a 10% discount, and all U.S.-based participants must opt for the lock-in.

Token allocations will be based on each participant’s onchain history and their perceived alignment with the MegaETH ecosystem, as reflected in activity and onchain holdings. Some users speculate that those who choose to lock their tokens are likely to receive a more generous allocation, but there is no evidence to confirm the rumor.

While ICO participants are lining up to bid on MEGA, Polymarket bettors are trying to predict the total amount contributed to the sale.

Total Commitments - Polymarket
Total Commitments – Polymarket

More than $33 million has been bet on the market so far, and it is currently in Polymarket’s top 20 active markets by total volume.

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