The Ethereum layer-2 network, MegaETH, has generated massive buzz this Monday. Its Initial Coin Offering (ICO) attracted $350 million in preliminary deposits in just five hours. This overwhelming interest pushed the MegaETH hypothetical valuation to an impressive $7 billion. The ICO was oversubscribed in just five minutes after opening.
The public sale offers 5% of the total 10 billion token supply. Despite the $7 billion figure, the MegaETH team clarified a crucial point. This is a valuation resulting from the oversubscription. The actual final fully diluted valuation (FDV) will be set at $999 million once allocations are confirmed. Interested users had to complete KYC processes, with over 100,000 pre-registrations. They now have 72 hours to place their bids.
The analytics firm Arkham Intelligence closely monitored the activity. It reported that 819 addresses committed the maximum amount of $186,282 in USDT each. This occurred within the first two hours of the sale. Final allocations will not be proportional. They will be determined by evaluating users’ past engagement in the MegaETH and Ethereum communities, using both “social and on-chain” methods.
The significant interest does not come from nowhere. MegaETH has gained substantial traction over the past year. Its testnet, launched in March, received very positive reviews. Users highlighted its main selling point: an extremely fast transaction execution speed. Some reports describe the experience as making Ethereum feel “instant.” This performance is vital for scaling the main blockchain.
Could Regulation Hinder the Launch’s Momentum?
The sale’s structure also reflects the current regulatory landscape. Participants from the United States face a strict condition. They must lock their acquired funds for a full year. This measure is not mandatory for international investors. However, opting for the lock-up might improve their chances of receiving an allocation.
Prediction markets like Polymarket show divided opinions. There is an 84% probability that the total funds raised will not exceed $1 billion. According to the MegaETH MiCA whitepaper, the token generation event (TGE) will occur at least 40 days after the sale concludes. This places the earliest date in mid-December. Nonetheless, the document itself also estimates a more likely launch in January 2026.
