<\/p>\n
The ICO conducted via Sonar will mark the chain\u2019s third community-focused raise.\n<\/p>\n
Upcoming Ethereum Layer 2 network MegaETH unveiled<\/a> the terms for its third community-led raise today, coinciding with the launch of MEGA pre-market perpetuals on Hyperliquid.<\/p>\n The raise will begin at an initial valuation of $1 million, with participants bidding on the valuation via an English auction capped at $999 million. If the raise is oversubscribed, which it is expected to be, the team will prioritize allocations to the \u201cexisting MegaETH community alongside those who illustrate long-term alignment through social activity, onchain behavior and lockup preferences.\u201d<\/p>\n The initial coin offering<\/a> (ICO) style raise will be conducted via Sonar, the ICO arm of Echo, which was founded by crypto investor Jordan \u201cCobie\u201d Fish, and acquired by Coinbase<\/a> earlier this week.<\/p>\n Soon after the raise announcement, Hyperliquid launched its pre-market perpetual derivatives market for MEGA, placing a more tangible valuation on the project and likely drumming up excitement amongst potential investors.<\/p>\n The MEGA pre-market quickly surged to a $6 billion valuation, and currently trades at a $5.2 billion fully diluted valuation (FDV). If the current pre-market price accurately reflects the MEGA launch price, Sonar ICO participants would immediately be up 5x on their investments, assuming the sale closes at the maximum valuation of $999 million.<\/p>\n At a $5.2 billion valuation, those who participated in the initial MegaETH Echo round would be up 23x on their investments, and those who minted the soulbound MegaETH NFT<\/a> collection, known as the Fluffles<\/a>, would be up almost 10x on their allocations, as the Fluffles are entitled to 2.5% of the total MegaETH supply.<\/p>\n The ICO conducted via Sonar will mark the chain\u2019s third community-focused raise. Upcoming Ethereum Layer 2 network MegaETH unveiled the terms for its third community-led raise today, coinciding with the launch of MEGA pre-market perpetuals on Hyperliquid. The raise will begin at an initial valuation of $1 million, with participants bidding on the valuation via […]<\/p>\n","protected":false},"author":2,"featured_media":408919,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-408917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=408917"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408917\/revisions"}],"predecessor-version":[{"id":408921,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408917\/revisions\/408921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/408919"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=408917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=408917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=408917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}