Key Notes
- MegaETH's rapid oversubscription demonstrates strong institutional and retail demand for Ethereum Layer-2 scaling solutions amid growing DeFi adoption.
- US token holders face mandatory one-year lockups while international participants can opt for voluntary lockups to enhance allocation eligibility.
- The token generation event scheduled for January 2026 enters a market saturated with over $650 million in competing altcoin unlocks.
The Ethereum Layer-2 network MegaETH launched on October 27, and became oversubscribed within five minutes. The sale has attracted $360.8 million in commitments at the ceiling price of $0.0999 per token, according to the project’s sale platform.
The oversubscription created a hypothetical fully diluted valuation of $7.2 billion, though the official post-allocation FDV will be $999 million once final distributions are calculated against the $49.95 million raise cap.
100,000+ users KYC'd. Over 70,000 Twitter users. $MEGA Public Sale kicks off tomorrow at 1pm UTC/ 9a EST.
More dates and details to stay informed [thread] pic.twitter.com/pGSKoltpm4
— MegaETH (@megaeth_labs) October 26, 2025
The 72-hour English Auction is selling 500 million MEGA tokens, representing 5% of the total 10 billion token supply. According to Decrypt , more than 100,000 users completed know-your-customer procedures ahead of the sale.
On-chain analytics firm Arkham Intelligence reported that within the first two hours, 819 addresses had committed the maximum individual amount of $186,282 in USDT to the MegaETH sale address.
Allocation Based on Community Engagement
Because the auction reached its ceiling price with demand far exceeding supply, MegaETH will determine final allocations by assessing participants’ past engagement with the MegaETH and Ethereum communities through both social and on-chain methods, according to the project’s MiCA whitepaper.
US-based participants are required to lock their tokens for one year, while non-US participants can choose optional lockups that may improve allocation chances.
MegaETH gained attention following its testnet launch in March 2025, which aims to achieve 100,000+ transactions per second with block times under 10 milliseconds. The project completed a $20 million seed funding round in June 2024.
Some testnet users reported that the network’s transaction execution speed makes Ethereum feel instant, contributing to hype around the token sale amid current ETH market sentiment .
The Token Generation Event is estimated to occur in January 2026, at least 40 days after the sale concludes. The oversubscribed sale comes alongside other major DeFi fundraising events in 2025, including Andre Cronje’s recent $200 million DeFi round .
The MEGA token launch will also enter a market facing significant supply pressure from upcoming token unlocks totaling over $650 million across various altcoin projects.
next
