- MegaETH has oversubscribed its $50 million token sale by more than six times.
- The project received pledges exceeding $300 million from 11,534 wallets.
- Allocations will be decided based on bidders’ social media, GitHub activity, and wallet history.
- The MEGA token already trades on futures markets at a $4.3 billion valuation.
- Early investors from a previous $10 million equity and token warrant sale have seen a 22-fold return.
The Ethereum-compatible blockchain MegaETH launched a $50 million token sale at 1 p.m. London time on Monday, attracting intense demand that surpassed expectations. The sale quickly became oversubscribed, with bids totaling over $300 million from 11,534 wallets.
According to the project’s terms, if oversubscription occurs, allocations will be determined through a special mechanism. This process will examine bidder profiles, including social media use, GitHub contributions, and wallet addresses, to assess past engagement with the MegaETH and Ethereum communities.
In addition, bidders who commit to locking up their tokens for one year may improve their chances of receiving an allocation, MegaETH stated. The token sale allowed bidders to set their purchase price between $0.0001 and $0.0999, with higher bids prioritized.
MEGA tokens are already listed on futures markets, valuing the project at approximately $4.3 billion. This creates an immediate paper gain of over 300% for purchasers at the current $1 billion token sale valuation.
While MegaETH has not yet specified the precise use of MEGA tokens, the project indicated they could serve to power the blockchain’s economic systems or act as a store of value. Earlier, the project raised $10 million in December by selling equity and token warrants on Echo, a platform for early-stage crypto investments.
Investors involved in that funding round have so far seen returns multiplying their investment by 22 times at the current futures market valuation.
For trading details, MEGA tokens can be found on futures markets here.
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