MegaETH Auction Explodes with 6x Oversubscription as Valuation Nears $6 Billion
Investors pile into MegaETH offering as demand massively outpaces supply
The numbers don't lie - six times the available allocation got snapped up by hungry investors chasing the next big crypto play. When the dust settles, this auction positions MegaETH as a potential heavyweight with an implied valuation knocking on $6 billion's door.
Market Momentum Defies Traditional Finance Skeptics
While Wall Street analysts scratch their heads about 'speculative mania,' the crypto faithful keep building. This overwhelming demand signals strong conviction in MegaETH's technology roadmap and execution capabilities. The auction results scream one thing loud and clear: institutional money continues flowing into quality crypto projects despite the usual chorus of naysayers.
Another reminder that in crypto, the market votes with its wallet - and traditional valuation models often get left in the dust.
MEGA token eligibility, settlement mechanics, and design
This overwhelming demand is being channeled through a tightly controlled auction process. Participation is exclusively open to verified accredited investors, both in the U.S. and internationally, who must bid in USDT on the Ethereum mainnet.
MegaETH said each participant is restricted to a single wallet address, a measure designed to prevent Sybil attacks and promote a more equitable distribution, at least within the accredited investor pool.
Notably, investors can elect to lock up their entire token allocation for one year in exchange for a 10% discount. This lockup is mandatory for U.S. participants and optional for others, creating a clear incentive for long-term alignment.
Final allocations are not determined on a first-come, first-served basis. Instead, MegaETH will assess all bids after the window closes on October 30, with a final determination expected by November 5. The project has indicated it will weigh “social and onchain criteria” alongside the lockup election, suggesting a nuanced approach that may reward long-standing community advocates and historically active Ethereum users.
Once allocations are set, a settlement phase begins that gives committed buyers some flexibility. Allocated bidders can withdraw their full bids until Nov. 19 if they decide the price or terms no longer make sense. Any user choosing to exit cedes their potential share to those who remain in the pool. Refunds for unallocated participants start the same day, and those who keep their bids intact are expected to receive their discounted purchase and returned excess capital on Nov. 21
According to its whitepaper, only 9.5% of the total 10 billion MEGA token supply is allocated to the team, a notably modest figure by industry standards. The vast majority of the supply, 70.3%, is reserved for the ecosystem, staking rewards, and reserves, while venture capital investors hold 14.7%.
