MegaETH's public auction for its MEGA token, launched on October 27, 2025, on the Ethereum mainnet, saw overwhelming demand, with bids reaching nearly $300 million against a $50 million cap, representing approximately 6x oversubscription. The sale, originally planned for 72 hours, quickly hit its maximum limit, pushing the hypothetical fully diluted valuation close to $6 billion as accredited investors competed for allocations.
Bids totaled around $296 million at the top price of $0.0999 per token, despite the supply being fully spoken for, and the auction remained technically open for verified participants. Allocation is not first-come, first-served; instead, MegaETH will assess all bids after the window closes on October 30, with final determinations by November 5, based on social and onchain criteria alongside lockup elections.
Participants, restricted to accredited investors using USDT on Ethereum, could opt for a one-year lockup of their entire allocation in exchange for a 10% discount, mandatory for U.S. investors and optional for others. Settlement includes a withdrawal option until November 19 for allocated bidders, with refunds for unallocated participants starting the same day, and final disbursements expected by November 21.
Tokenomics reveal that only 9.5% of the total 10 billion MEGA supply is allocated to the team, while 70.3% is reserved for ecosystem, staking rewards, and reserves, and 14.7% for venture capital. In a related move, MegaETH repurchased about 4.75% of its token supply from early investors, aiming to consolidate ownership and align with long-term goals.
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